Veritec and PreVay Sign Collaborative Agreement to Launch Unique and Most Secure Visa Banking and Debit Card

Card Will Serve Both Banked and Un-Banked, Allowing Cardholders to Receive Paychecks Electronically Via Mobile Telephones; Need for Paper Checks Will Be Eliminated, With All Funds FDIC Insured

GOLDEN VALLEY, MN--(Marketwire - April 20, 2010) -  Van Tran, CEO of Veritec, Inc. (PINKSHEETS: VRTC), today announced the signing of a collaborative marketing agreement with PreVay, New York, NY, to begin marketing a unique VISA blinx On-Off™ banking and debit card that will allow employers to pay employees electronically, transferring FDIC-insured funds directly into their cards using Veritec's Mobile technologies, in addition to those of PreVay. The card will also allow both banked and un-banked employees to send funds to whomever they wish, using their combination payroll, bank and debit-card via mobile phone. Additional cards can also be ordered for friends and relatives. "PreVay's excellent reputation for maximum knowledge and experience in banking, payroll, debit and mobile-banking arenas provides us a first-class partner for launching and marketing this great new product," said Ms. Tran. PreVay's President, Irene Marmott, said "We believe our collaboration with Veritec and its patented and proprietary technologies will revolutionize the way payrolls are issued and mobile banking is done. We are excited about the future with Veritec and believe its proprietary technologies and security features will revolutionize traditional payroll issuance, as well as the banking and debit card market. PreVay, with its strategic partners, offers a governmentally-approved payroll solution in every state recognizing payroll cards."

Veritec, through its subsidiary Veritec Financial Systems, Inc. (www.vtfs.com) (www.blinxcard.com), processes debit, pre-paid and gift card transactions for debit card issuers and sponsoring organizations. Under the MTC™ and blinx On-Off™ card programs, card issuers and sponsors may provide Veritec's private branded debit or gift cards to individuals with or without an acceptable credit history. The blinx On-Off™ card features the ability to turn card use on and off, make real time money transfers, and to provide notifications of card use. Cardholders have security and convenience while traveling and managing their funds, as well as transferring amounts from card to card or account to account, in real time anywhere in the world. Veritec technology can be deployed on both a closed or open loop processing platform. Veritec's instant issued MTC™ and blinx On-Off™ card programs, on Veritec's mobile banking platform, are connected to Security First Bank of Fresno, California.

About Veritec, Inc.

Veritec, Inc. is a pioneer and developer of proprietary two-dimensional barcodes and mobile banking debit card solutions. The company's portfolio of products includes its proprietary VeriCode® and VSCode® symbology, BioID-VSCode® multi-purpose card solutions, and suite of products known as PhoneCodes™ for delivering electronic tickets, coupons and gift cards to mobile devices (www.veritecinc.com).

About PreVay

PreVay is a female-owned company, has been involved in the electronic funds payments business for over 20 years and have provided clients with electronic payment platforms including representation of NSF checks, ACH transfer services, remote deposit under the Check 21 Act; along with merchant account processing and gift card services. It also provides sales, marketing, business development and consulting services to clients.