VerifySmart(TM) Corp Signs Authentication and Gateway Services Agreement with Ellick Corporation
Jun 5, 2009 8:30:00 AM
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View Additional ProfilesTAGUIG, METRO MANILA, Philippines, June 5 /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 an agreement with Ellick Corporation to provide VSC's VerifyGateway, VeriSmart Card and VerifyNGo suite of services. As part of this agreement, Ellick Corp. will provide VSC with VOIP and Contact Centre capabilities in Manila.
This agreement will provide Ellick Corp. with a secure and scalable transaction processing platform using VSCs proprietary technology. Under the terms of the agreement, Ellick Corp. will use the VSC solution to reduce fraud and chargeback rates associated with its high risk transaction volume across its customer base. In addition, Ellick Corp. will deploy the VeriSmart Card to its applicable customer base to provide a fraud free card processing solution. Under the terms of the agreement VSC will receive a per transaction verification fee, a VeriSmart Card distribution fee per card and a card reloading fee per reload. The terms of this agreement are applicable for a two year duration, renewable thereafter. Projected revenue is anticipated to be in excess of $3,200,000US 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 Ellick Corporation.
Ellick Corporation operates a major order processing and client services contact centre in Manila. The company provides services across key industry verticals including Health Care and Pharmaceuticals.
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 Ellick Corp. will use the VSC solution to reduce fraud and chargeback rates, that Ellick 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 $3,200,000 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
inquiry@verifysmart.com
www.verifysmart.com
SOURCE VerifySmart Corp.
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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: inquiry@verifysmart.com
www.verifysmart.com
