VerifySmart(TM) Corp Completes Joint Venture Agreement
May 22 2009 - 9:00AM
PR Newswire (US)
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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