Veritec Signs Royalty Pact With Asian Nation

Veritec Inc., the Chatsworth marketer of machine-readable identification systems, said it has signed a royalty agreement with an unidentified Asian country that will result in $4.25 million to Veritec over four years.

Robert Anselmo, president and chief executive officer, said that country plans to use Veritec’s symbol to mark and identify components in manufacturing processes for use in industries that are unable to use the traditional bar code.

Anselmo declined to identify the country, but he said the agreement calls for a minimum royalty-type payment of $500,000 in each of the first two years, then $1.25 million in the third year and $2 million in the fourth.