FOR IMMEDIATE RELEASE

VERITEC GRANTS LICENSE TO ORC MANUFACTURING CO., LTD.
GOLDEN VALLEY, MINNESOTA, MARCH 10TH, 2004 - VERITEC, INC.
(NASDAQ- VRTC)


Veritec, Inc., of Golden Valley, Minnesota, has granted a license to ORC Manufacturing Co., Ltd., of Tokyo, Japan, to install Veritec's patented VeriRead and VeriWrite software in ORC's hardware. Coupled with the license is a grant of nonexclusive worldwide distribution rights (excluding Korea) for the flat panel display industry.

"This will give Veritec a strong presence in several new markets; particularly in Taiwan," stated Veritec CEO Van Tran. "The ORC F-500 reader is the premier camera available to read both the Vericode and data matrix symbols. Combining Veritec's superior technology with ORC's equipment and support will provide customers with the best combination of equipment and service available in the industry today."

Veritec is the pioneer of two dimensional technology which allows the storage of vast quantities of information on tiny, multi-faceted encoded symbols which provide superior methods of inventory control, parts tracking, security and secure data compilation.

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties readers are urged to consider statements labeled with the terms “believes”, “belief”, “intends”, “anticipates”, or “plans” to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s reports and registration statements filed with the Securities and Exchange Commission.

 
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