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FOR
IMMEDIATE RELEASE
Veratad Technologies, LLC
Acquires Assets of Etal, Inc /
IDresponse
Englewood, New Jersey - August 24, 2006
- Privately held
Veratad Technologies LLC has
announced that it has acquired the
assets of Etal, Inc, a leading
provider of accurate and instant
online Age Verification and Identity
Verification technology solutions.
Under the terms of the agreement
Veratad has acquired, among other
assets, Idresponse, a privacy
based electronic transactional age
and identity verification technology
developed by Etal.
Pattie Dillon, founder of Etal,
has joined Veratad Technologies as
President to oversee the future
development of the company - "We are
all committed to identity
verification tools that emphasize a
concentration on privacy
considerations for our clients and
their customers for online and
offline electronic processes. We
believe we can offer significant
value by reducing customer
resistance to entry of their
personal information during
transactions. Unlike other
competitive verification solutions
that require exposure of sensitive
customer information to complete an
online transaction, Veratad will
offer a patent pending solution
that protects sensitive customer
information while offering merchants
increased online sales due to
enhanced customer confidence.
Veratad verifications can be
delivered in a matter of seconds
directly through multiple
verification platforms to commerce,
financial and government
institutions" said Dillon.
The acquisition of the
IDresponse
Verification Solutions will allow
Veratad to offer affordable methods
of age and identity verification
that defuse sensitive information
through the use an exclusive patent
pending privacy tool, "IDR Calc".
The technology replaces the need for
sensitive personal data such as the
entry of the last four digits of a
social security number, in order to
complete verification. IDR Calc is
not limited to Social Security
Numbers and may be used with other
types of numeric and alphabetic
compilations, such as EIN or phone
numbers as well as other unique
identifiers. The customer's name and
address combined with the simple
randomly rotated IDR Calc Question
Sets can assure accuracy. The
optional use of additional randomly
rotated questions is also available.
"The acquisition of Etal will
allow us to become a powerful force
in this emerging industry" said
Veratad's Managing Director John
Ahrens. "This transaction will
afford us a competitive advantage in
accurately and responsibly verifying
individuals in a non-intrusive
manner, respecting both our client's
need for compliance and the end
user's need for a level of
discretion pertaining to the use of
personal information."
Veratad will continue the original
Etal mission to protect children
online by restricting access to age
sensitive products with their COPA
compliant IDresponse Age and ID
Verification solutions. In addition,
the company plans to bolster efforts
to address the needs of other
markets requiring comprehensive Age
and ID Verification Solutions such
as ecommerce, financial
institutions, telecom, wireless and
payment processors all in an effort
to help customers reduce levels of
fraud and charge-backs as well as
facilitate age and ID compliance.
The company was formally located in
Olean, New York. The headquarters
have been relocated to Englewood,
New Jersey.
For More Information Contact:
Pattie Dillon
President
Veratad Technologies, LLC
Englewood, New Jersey
P: 201-510-6000 ext 141
F: 201-510-6036
pdillon@veratad.com
About Veratad Technologies, LLC
Veratad Technologies, LLC (
www.Veratad.com ) is a world
class provider of real-time online
Identity Verification and Knowledge
Based Authentication Solutions
designed to verify an individuals
identity and age while maintaining a
high level of consumer privacy.
At the center of Veratad's success
is a state-of-the-art privacy
processing platform which delivers
Veratad's AgeMatch/Age
Verification Solution,
IDMatch/Identity Verification
solution and IDMatch+Plus/Knowledge
Based Identity Authentication
Solution. Veratad also offers a
patent pending solution that
protects sensitive customer
information while offering merchants
increased online sales by enhancing
customer confidence. Veratad
verifications can be delivered in a
matter of seconds directly through
multiple verification platforms to
commerce, financial and government
institutions. Veratad also
provides a wide range of custom data
solutions. For more information
contact
info@veratad.com . Forward-Looking Statements
In addition to the historical
information contained herein, this
press release contains forward
-looking statements, such as
statements regarding the Company's,
and the combined companies',
anticipated future performance,
including the ability of the
combined companies to expand
verification and e-commerce
capabilities; to increase product
offerings and the size of the
distribution channel; as well as
statements containing the words,
"believes," "intends,", and similar
words. Such forward-looking
statements involve known and unknown
risks, uncertainties and other
factors which may cause the actual
results, performance or achievements
of the Company, or industry results,
to differ materially from any future
results, performance or achievements
expressed or implied by such
forward-looking statements. Such
factors include, among others: the
Company's limited operating history
and variability of operating
results; competition in the
electronic verification and commerce
market; the ability of the combined
companies to successfully offer the
market expanded verification and
privacy tools and e-commerce
capabilities and services and the
market's acceptance of such
offerings, and other risk factors
referenced in this release. |
