Veritec Names Chairman, Declares Reverse Stock Split

Veritec Inc., the Chatsworth maker of product-marking codes similar to bar codes, has named New York attorney W. M. Starosolsky chairman and acting chief executive.

Also, Veritec said it has declared a 1-for-10 reverse stock split--raising its price per share by a factor of 10, while decreasing the number of shares outstanding by the same factor. The company said the reverse stock split is designed to attract more investors.

The company is still seeking a permanent chief executive. The job had been vacant following the collapse of a recent agreement with William V. Botts, who was named to the post but never served due to disagreements with the company. Starosolsky was named to the board of directors earlier this month as part of an agreement in which he helped the struggling company secure short-term financing, including a loan of up to $1 million at 10% annual interest from Mid America Venture Capital Fund Inc. The company said it is still seeking additional long-term financing.