VSMR.OB VerifySmart(TM) Corp Completes Joint Venture Agreement
Hot News.
May 22, 2009 9:00:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesTAGUIG, 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
