1) I do NOT think it's owned by Verizon. Sorry about that.
A few moments' research on the web reveals that Tracfone is owned by America Movil, the large Mexican phone company that has operations all over Latin America. Tracfone is an MVNO, a virtual operator that buys airtime from multiple carriers. They're technology agnostic -- around here Tracfone sells CDMA handsets that run on VZW's network, while in California they're GSM and run on AT&T's.
2) I think it's spelled "tracfone".
On their web site they capitalize it TracFone but I am as tired of FunKy CapItaliZation of trade names as AnyOne.
R's, John