VANCOUVER, Canada, April 10, 2003 (PRIMEZONE) -- VendTek Systems Inc. (TSX Venture Exchange:VSI) ("VendTek" or "The Company"), a leading provider of automated transaction technology, is pleased to announce that VendTek has licensed its e-Fresh(tm) software to Nexus Gulf Telecom Equipment LLC ("Nexus") of the United Arab Emirates.
Nexus will be launching the e-Fresh(tm) system to sell prepaid services branded as ePay(tm). Under the terms of the agreement with Nexus, VendTek will receive consulting and setup fees as well as ongoing transaction-based revenues from the operation of the system.
Initially, 60 POS terminals will be installed to distribute prepaid cellular and long-distance phone time. The addition of prepaid pay-per-view and satellite services are planned for the near future.
The e-Fresh(tm) system can be customized to electronically distribute a wide range of products and services. As opportunities and demand for more applications increases, such as money transfer and electronic purse cards, VendTek may provide software revisions to allow expansion of Nexus sales and therefore increasing returns to VendTek.
"Nexus is part of the Al Mazroui Group of Companies," said Paul Brock, President of VendTek Systems, "they are well positioned to quickly capitalize on the electronic distribution opportunities in the region and we look forward to a strong partnership with them."
The e-Fresh(tm) enabled POS terminals distribute prepaid cellular airtime and long distance from Canada's national service providers. The electronic inventory is stored on a central server and distribution is through a secure network. The usage is similar to paying by a debit card where a keypad is used to select airtime minutes or dollar values. A receipt is printed containing a unique PIN number that is then dialed into a cell phone or telephone. The PIN numbers can be downloaded in real time, and don't need to be inventoried by the retailer. Consumers using e-Fresh(tm) terminals benefit from improved convenience and product selection.
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 and 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.