Science & Technology
Science and Technology
Science and Technology
Tue, December 9, 2008
Mon, December 8, 2008 
GOLDEN VALLEY, Minn.--([ BUSINESS WIRE ])--Veritec, Inc. (Pink Sheets: VRTC) today announced the appointment of Jeffrey J. Hattara as its new President and Chief Executive Officer. Mr. Hattara succeeds Van Tran who will become the company's Executive Chairman of the Board. Mr. Hattara's appointment comes at a time when the company is preparing to launch a variety of new products for Identity, PhoneCodes, Mobile Banking and 2D-Barcode solutions using the company's patented technologies. Mr. Hattara has an extensive and proven background in global identity and e-payment solutions. Most recently, he was the President and CEO of Datacard Group, which provides the world's best selling secure ID and card personalization solutions. In addition, he has a long and substantial finance background in international business. Ms. Tran stated, "We are excited to have Jeff join our team. His experience and management skills are exactly what we need to take Veritec technologies onto the global stage as designed. In addition, his financial acumen will bring the desired fiscal and infrastructure oversight needed as we prepare for growth. The Board of Directors joins me in welcoming Mr. Hattara and also looks forward with great confidence to his leadership."
ABOUT MR. HATTARA
A native Chicagoan, Mr. Hattara earned his undergraduate degree in Accounting and Finance from the University of Illinois in Chicago and his MBA from Northwestern University, J.L. Kellogg Graduate School of Management, in Evanston Illinois. Before joining Veritec, he was most recently the President and CEO of Datacard Group in Minnetonka, Minnesota for the past four years. Prior to that he was the Senior VP and CFO for Datacard, VP and CFO for BMC Industries (NYSE) in Minneapolis, Minnesota, and before that had a long management career at USG Corporation in Chicago. There he held numerous corporate and operating finance positions, including serving as Director of Corporate Finance during an extensive period of capital market restructurings. While at USG, he also served as Head of Finance for USG International, the company's international component. Jeff and his wife, Bethe, have three children.
ABOUT VERITEC, INC.
Founded in 1982, Veritec offers a patented line of microprocessor-based encoding and decoding system products that utilize Matrix Symbology™ or 2-Dimensional Barcode technology owned by Veritec's wholly-owned subsidiary, VCode Holdings, Inc.
Veritec's encoding and decoding systems allow users to create and apply the unique identifiers to the products in the form of a coded matrix symbol called the VeriCode® which enable automated manufacturing control, as well as identification, tracking and collection of data via cameras, readers and scanners. The collected data is then stored in the 2-D barcode available for contemporaneous verification or other user-defineable purposes.
In 2003, Veritec introduces a new version of matrix symbology called the VSCode® to compete in the Biometric Identification markets that required robustness, security, larger data capacity and low cost. With a large data storage capacity of up to 4,500 bytes, the VSCode® can store biometric markers such as fingerprint minutiae along with other critical personal information.
In 2007, using the large data capacity of the VSCode®, Veritec introduced its new "multi-purpose-all-in-one" card, called the VSCard©. Using special banking software and the magnetic stripe on the card, the VSCard© functions as a banking debit card, and the VSCode® with biometric markers functions as a Bio-ID card. The front of the card has a picture ID along with the owner's information.
In 2007, Veritec also introduced its PhoneCodes technology. By transmitting information via the electronic media with a VeriCode®, the consumers simply use a mobile phone to perform banking transaction, purchase a ticket, send or receive a coupon, a receipt, or purchase a gift.
Information about Veritec technologies is available at [ www.veritecinc.com ].
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason unless otherwise required to do so by SEC Regulations.
