VANCOUVER, B.C., March 24, 2003 (PRIMEZONE) -- VendTek Systems Inc. (TSX Venture Exchange:VSI) ("VendTek"), a leading provider of automated transaction technology, is pleased to announce that its subsidiary Now Prepay Corp. ("Now Prepay") has sold 432 POS terminal e-Fresh licenses to four new channel partners.
The sales represent more than 400 new Now Prepay distribution points in British Columbia, Alberta, Ontario, and Quebec that e-Fresh(tm)software will be installed in.
Now Prepay President, Doug Buchanan, said; "Our Strategic Channel Partners each represent a unique market or business strategy to us. These license sales will allow our channel partners to deliver our Now Prepay products with their payment application in their customers' POS terminals throughout the provinces, further increasing Now Prepay's distribution base."
Visit our new website www.vendteksys.com for additional information. For more information, or to receive news and updates as they become available, please contact Samantha Haynes at 604.940.2239.
About VendTek and Now Prepay (www.vendteksys.com / www.nowprepay.com) VendTek Systems Inc. develops, markets, and sells e-Fresh(tm), which is a suite of software applications use to electronically distribute prepaid telecommunication products and financial services. Commercialization of e-Fresh(tm) under license is VendTek's strategy to create sustainable and recurring revenues.
VendTek's customers and its subsidiaries, Now Prepay Corp. and VendTek Systems Technologies (Beijing), are using e-Fresh(tm) software to build electronic, prepaid services networks which enable consumers to purchase prepaid services via POS and self-serve terminals connected to a central server. This system creates significant value through improved efficiencies compared to the traditional distribution paradigm. e-Fresh(tm) reduces shrinkage and inventory requirements while improving consumer access to prepaid services since it is completely electronic and eliminates physical cards and vouchers.
This release contains forward-looking statements within the meaning of the "safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company assumes no obligation to update any forward-looking information contained in this news release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.