FOR IMMEDIATE RELEASE

VERITEC, INC. RANKS IN THE TOP 25 PERCENT OF DELOITTE TECHNOLOGY FAST 500 FASTEST GROWING TECHNOLOGY COMPANY LISTING

GOLDEN VALLEY, MINNESOTA, NOVEMBER 2, 2004 - VERITEC, INC.
(NASDAQ- VRTC)

Golden Valley, MN-November 2, 2004— Veritec, Inc., a Golden Valley, Minnesota based developer and provider of high data density bar coding for the manufacturing and security industries, has been recognized as one of the fastest growing technology companies in North America.

Deloitte & Touche, LLP, one of the country’s largest accounting and professional service firms, rated Veritec as the 120th fastest growing technology company as part of its prestigious “Technology Fast 500 Program for the US and Canada”, a ranking of 500 fastest growing technology companies.

Veritec, Inc., a publicly traded company under the symbol VRTC, is a pioneer in two-dimensional bar code technology and related software applications and was ranked number three in the 2004 Minnesota region Fast 50 program.

“We are pleased to be recognized among such an impressive group of companies, “ stated Veritec CEO, Van Tran, about the award. “Our growth has been driven by a market and industry that has demonstrated enormous change, and Veritec has been able to adjust to the needs of its clients while continuing to develop our core product line.”

The Deloitte Fast 500 measured growth in operating revenue over a five-year period, from 1999 to 2003.

“Achieving sustained revenue growth of 1,928% over five years is a tremendous accomplishment during a difficult period for the technology sector,” said Mark A. Evans, national managing partner of Deloitte’s Technology, Media & Telecommunications Group. “Veritec’s phenomenal growth puts it in select company.”

Fast 500 Selection and Qualifications

The Fast 500 list is compiled from Deloitte’s 19 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, entrants must have had 1999 operating revenues of at least $50,000 USD and $75,000 CD for the United States and Canada, respectively; and 2003 operating revenues must be at least $1 million USD or CD.

Entrants must also be public or private companies headquartered in North America and must be a “technology company”, defined as a company that owns proprietary technology that contributes to a significant portion of the company’s operating revenue; or devotes a significant proportion of revenues to the research and development of technology. Using other companies’ technology in a unique way does not qualify.

Veritec, Inc., which qualifies under both entry criteria, owns numerous patents related to two-dimensional bar codes and their application within various industries.

“I expect that our growth will continue on the same pace as we expand our technology further into security, identification and consumer fields”, states Tran. “We are at the threshold of global realization of the potential uses for our proprietary products and software.”

About Deloitte

Deloitte, one of the nation’s leading professional services firms, provides audit, tax, financial advisory services and consulting through nearly 30,000 people in more than 80 U.S. cities. Known as an employer of choice for innovative human resource programs, the firm is dedicated to helping its clients and its people excel. “Deloitte” refers to the associated partnerships of Deloitte & Touche LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, and Deloitte Tax LLP) and subsidiaries. Deloitte is the U.S. member firm of Deloitte Touche Tohmatsu. For more information, please visit Deloitte’s web site at http://www.deloitte.com/us. Fore more information on the Deloitte Technology Fast 50 program visit http://www.fast50.com.

About Veritec

Veritec, Inc., is a pioneer in two-dimensional matrix coding technology. As a leading developer of proprietary software that exceeds industry standards, Veritec manufactures high density, high-speed coding software and tracking systems that allow end users to produce and interpret coded data to protect, monitor and maintain products and services that range from design, manufacturing, shipping and delivery to secure identification cards, employee badges, access control systems, hospital ID tags, and border traffic control. For further information visit Veritec’s web site at http://www.veritecinc.com.

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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