VerifySmart(TM) Corp Signs Authentication and Gateway Services Agreement with Crown Mutual Corporation
June 11 2009 - 3:48PM
PR Newswire (US)
TAGUIG, METRO MANILA, Philippines, June 11 /PRNewswire-FirstCall/
-- VerifySmart(TM) Corp. (VSMR: OTCBB): VerifySmart(TM) (VSC), a
global leader in secure and fraud free payment processing services,
is pleased to announce it has signed a 5 year agreement with Crown
Mutual Corporation to provide VSC's VerifyGateway and VerifyNGo
suite of services. This agreement will provide Crown Mutual Corp.
with a secure and scalable transaction processing platform using
VSCs proprietary technology. Under the terms of the agreement,
Crown Mutual Corp. will use the VSC solution to reduce fraud and
chargeback rates associated with its high risk transaction volume
across its customer base. VerifySmart(TM) will receive a per
transaction verification fee. The terms of this agreement are
applicable for a five year duration, renewable thereafter.
Projected revenue is anticipated to be in excess of $5,100,000 US
per quarter. This agreement represents another key milestone in the
realization of VSC's strategy to become the leading worldwide
authentication provider in securing financial transactions. 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. About Crown Mutual Corporation. Crown Mutual
Corporation (Incorporated 2001) leads the industry in debt recovery
and high risk transaction processing. Crown services multiple
clients in the high risk sector. 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,
including but not limited to: that Crown Mutual Corp. will use the
VSC solution to reduce fraud and chargeback rates, that Crown
Mutual Corp. will deploy the VeriSmart Card to its applicable
customer base, any fees that VSC may receive under the agreement,
and that projected gross revenue is anticipated to be in excess of
$5,100,000 per quarter. 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:
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, (949) 481-5396; Questions or Feedback: ,
http://www.verifysmart.com/
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