International VERIFACT Inc.
International Verifact Inc. (IVI), a publicly owned corporation based in North Toronto, designs, develops, manufactures, and markets customized electronic point-of-service terminals and related equipment. Its customers include banks, retailers, computer and health care industries in Canada and the United States.
In just over ten years of operation, a blue-ribbon clientele has been cultivated from Quebec to California. The company’s reputation has been enhanced by a high level of product quality, data security, and reliability, as well as ground-breaking research and development.
Founded in 1983, the company became a major player when, in 1985, a single contract with Lucky Stores Inc. of California marked it as North America’s largest supplier of debit card terminals and developer of electronic payment systems.
The staff is a dynamic team of highly trained engineers, software designers, and sales personnel, as well as manufacturing and administrative employees.
The V2000, introduced in early 1992, has set the standard for quality and value among debit/credit point-of-sale terminal systems. The V2000 and the creative new C2000 family of products will be the most important revenue producers for International Verifact for the foreseeable future.
While much of the revenue growth came from the use of Verifact products in the rollout of the Interac direct payment (debit) program, many important additions were also made to the North American customer base, especially in the United States where much of the company’s future growth is expected to occur.
Verifact has a strong and
debt-free balance sheet which gives the company the freedom to aggressively approach the
many new and emerging markets for intelligent debit/credit terminals. In the past year
Verifact made a number of turnkey production and assembly arrangements with major
companies so that it may concentrate on what it does best: matching the needs of customers
to the very latest in technology.
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| 1. George Whitton, Chairman and Chief Executive Officer. 2. International VERIFACT's product lines serves a broad range of customers who have come to expect reliability and up-to-the minute technology in electronic funds transfer and point-of-sale systems. |
In the past year International Verifact:
- increased sales dramatically through its partici-pation in the Interac direct debit program sponsored by Canada’s major banking and financial institutions;
- introduced four members of the new C200 family of products, all easily programmable through the industry standard ANST “C” based language;
- reinforced its reputation as the standard-setter in secure transactions;
- established a sales organization in the United States with headquarters in Scottsdale, Arizona;
- welcomed several new institutional shareholders;
- added more than $8 million to working capital as a result of the exercise of warrants issued in February, 1992.
