TAGUIG, METRO MANILA, Philippines, May 22 /PRNewswire-FirstCall/ -- VerifySmart(TM) Corp (VSC) (VSMR: OTCBB): VerifySmart(TM), a global leader in secure and fraud free payment processing services, is pleased to announce that it has met its required finance provisions under its Joint Venture Agreement with Verified Transactions Corp and Verified Capital Corp. All conditions of the JV by VerifySmart(TM) have now been satisfied and the parties have agreed by letter agreement that the Joint Venture Agreement is in full force and effect and that VerifySmart(TM) has now earned the right to participate as to its 70% JV revenue allocation. Recent positive developments in the area of accelerating revenue realization activities has allowed the company to scale back external funding requirements and reduce share dilution while still realizing its business objectives. All parties participating in the JV have agreed on the capital plan and non dilutive share benefits. The JV agreement has been amended and completed accordingly as per the 10Q filing which can be reviewed on Edgar. To date, the combined companies in the Joint Venture have received capital infusion of $1,500,000 since November 2008 and are surpassing all major milestones in terms of application development, infrastructure build out, approval on patent applications and pilot program launches. Results have surpassed initial expectations and interest from additional marketing verticals has been garnered. All VerifySmart(TM) developments and costs to date are fully paid and VerifySmart(TM) is confident that it has sufficient resources to allow it to pay its cost of developments and operations to achieve cash flow. About VerifySmart(TM) Corp. VerifySmart(TM) Corp. is a fully reporting issuer with the shares traded on the "OTCBB". The company's mandate is to market, sell and manage fraud prevention products and services as an exclusive licensee. An international company, VerifySmart's(TM) patent-pending technology is garnering world wide attention and rapidly gaining acceptance across a security challenged industry. Forward Looking Statements This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.. These statements include but are not limited to: The successful conclusion of any pending patent applications, or that such technology will gain acceptance in the security industry. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainty of financial estimates and projections, the competitive and regulatory environment for start up software companies, stock market conditions, unforeseen technical difficulties and our ongoing ability to operate a business and obtain financing. These forward-looking statements are made as of the date of this current report, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that our beliefs, plans, expectations and intentions contained in this current report are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the 2008 fiscal year, our quarterly reports on Form 10-Q and our other periodic reports filed from time-to-time with the Securities and Exchange Commission pursuant to the Securities Exchange Act. Corporate Headquarters Fort Legend Towers, Suite 2002 - 3rd Avenue corner 31st Street E-Square, Fort Bonifacio Global City, Taguig Metro Manila, Philippines Investor Relations Danny Gravelle Goal Capital LLC 1-949-481-5396 Questions or Feedback http://www.verifysmart.com/ DATASOURCE: VerifySmart Corp. CONTACT: Investor Relations, Danny Gravelle, Goal Capital LLC, (949) 481-5396; Questions or Feedback: , http://www.verifysmart.com/

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