Merchant account

TAGUIG, METRO MANILA, Philippines, Aug. 18 /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 the launch of its integrated and highly scalable e-commerce system along with its enhanced website.

AN EPIC PROBLEM

Globally, the number of payment transactions and money transfers conducted online, electronically, or through Credit/Debit cards has increased dramatically in a very few short years. In 2008, in excess of $10 Trillion was exchanged in various electronic forms across the world.

The credit/debit card technology that has been introduced in the last decade was developed to allow consumers the ease of purchases and transfers online. With the increase of electronic transactions, the instances of fraud have increased exponentially. Until now, there has been little effort made towards security, resulting in an ever increasing problem of ID theft and Credit/Debit card fraud that has reached in excess of $56 Billion annually.

THE SOLUTION

As an industry leader, VerifySmart(TM) Corp. has spent four years and millions of dollars to develop and is now marketing a solution to combat the problem that technology created. Our patent pending (PCT Approved) technology has been filed in 29 Countries based on strategic importance and wireless penetration rate.

The software operates through the use of a cellular phone for secured verification of monetary transactions. VerifySmart(TM) Corp. technology notifies the cardholder of the purchase through the cellular phone and empowers the cardholder to approve or decline his/her purchase. The result is a guaranteed transaction and acceptance providing safety and security for the cardholder and merchant, a first in the industry and providing a level of security unprecedented in other Credit/Debit cards.

Our industry changing transaction services model is non-invasive (requires no system changes) with instant identity verification that is inexpensive to implement and simple to use. The software has been developed to include debit card purchases, internet purchases, ATMs, passport, money transfers, remittances and mortgage verification.

An industry and global first, Verify Transfer is a suite of services that offers the following Transaction and Authentication based features:

     -  Seamlessly integrated with VSC's VeriSmart Card and VerifyNGo two
       factor authentication
    -  Provides virtual bank functionality and allows merchants full fund
       management control
    -  Merchants can issue and assign VeriSmart Cards to end users and load
       cards anytime, anywhere electronically (completely secured). Typical
       use includes payroll services and transactional fund disbursement in
       real time.
    -  Ability to garner interest in new markets via the foreign exchange
       module which enables merchants and end users a full view of their
       account balance and transaction history in two currencies
    -  Access to a full reporting and record management system allowing
       complete visibility of individual customer transaction history and
       macro roll up reports
    -  Unrivalled merchant and end user peace of mind enabled by utilizing
       the patent-pending VerifyNGo two factor authentication to complete
       funds transferred

ABOUT VERIFYSMART(TM) CORP.

VerifySmart Corp. has designed and developed a Proprietary Hardware/Software Solution that solves Credit/Debit Card fraud by using a proprietary two Factor Authentication.

The Company's Core Technology is designed to meet the needs of the Security challenged Transaction Processing Industry. Present day solutions, such as Verified by Visa, Chip and Pin and CVV Code (all of which can be compromised) have not reduced payment card fraud by any significant factor.

The VerifySmart solution has reduced fraud to zero in earlier production pilots. The Company's proven and highly scalable solution is gaining worldwide attention and placing VerifySmart at the forefront of the fraud prevention revolution.

Forward Looking Statements

This current report 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 current report which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.

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
       1-800-685-1584

   Questions or Feedback
       inquiry@verifysmart.com
       www.verifysmart.com

SOURCE VerifySmart Corp.

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