Telecom expense management provider is recognized as one of the "most innovative" small companies of the year

Pittsford, N.Y., June 1, 2010 – Veramark Technologies, Inc. (VERA.OB), a leading provider of Telecom Expense Management (TEM) solutions, has been named a Finalist in the "Most Innovative Company of the Year – up to 100 Employees" category in The 2010 American Business Awards.

The American Business Awards is part of the Stevie Awards, one of the nation's premier business awards programs. This year, more than 2,700 entries from virtually every industry were submitted for consideration in 40 award categories. Finalists were chosen by business professionals nationwide during preliminary judging in April and May.

Finalists for the most innovative small company of the year award earned a "7" or higher on a scale of 1 to 10, based
on a rigorous scorecard system applied by a minimum of five expert judges. Veramark is one of only six companies that made the cut.

Veramark's score reflects its innovative approach to TEM-enabling technology, corporate culture and teambuilding, partnerships, marketing, product development, and relentless focus on customer satisfaction. Veramark's commitment to innovation is reflected by its investment in new and better solutions for telecom expense management.

"Veramark consistently invests more than 20 percent of revenue on research and product development. This investment has paid off by establishing Veramark on the cutting edge of telecom expense management technology and services. It's key to exceeding our customers' expectations," said Tony Mazzullo, Veramark's President and CEO. "It is nice to be recognized by the Stevie Awards for the results of this hard work."

"To keep up with the business impact of rapidly changing telecom technology and the challenges of expense management in today's economy, innovation is absolutely essential. Not only in our products and services, but in the way we collaborate with our customers and anticipate their future needs," added Tom McAlees, Senior Vice President of Engineering and Operations. "Here at Veramark, innovation is part of everything we do."

The Stevie Award winners will be announced on Monday, June 21 at the Marriott Marquis Hotel in New York City. More than six-hundred executives from across the U.S.A. are expected to attend. The event will benefit Oceana (oceana.org), the largest international organization focused on ocean conservation. The ceremonies will be broadcast on radio nationwide by the Business TalkRadio Network.

Details about The American Business Awards and the list of Finalists in all categories are available at http://www.stevieawards.com/aba/.

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