VANCOUVER, B.C., June 9, 2003 (PRIMEZONE) -- VendTek Systems Inc. (TSX Venture:VSI) ("VendTek" or "The Company"), a leading provider of automated transaction technology, is pleased to announce that its subsidiary, Now Prepay Corp. ("Now Prepay"), has entered into an agreement to place e-Fresh POS terminals with Pioneer Petroleums ("Pioneer"), based in Burlington, Ontario.
Pioneer has 143 locations throughout Ontario and, initially, 64 Snack Express stores will have a Now Prepay e-Fresh(tm) software enabled POS terminal installed for the electronic distribution of prepaid cellular and long-distance. Under the agreement, Pioneer has purchased 64 POS Terminals and licenses from Now Prepay.
Pioneer Petroleums representative, Adeline Finlay commented, "We are looking forward to adding the Now Prepay POS terminals to our Snack Express locations throughout Ontario. As the largest independent gasoline retailer in Ontario, we like to add leading edge products to keep our customers coming back and provide services from industry leaders such as Now Prepay."
Now Prepay President, Doug Buchanan commented, "We are very exited about our relationship with Pioneer. Their Snack Express stores are ideal locations for the sales of prepaid telecom products, as our trial with them has proved."
In Canada, the market for cellular phone time recharges is expected to reach $800 million annually by 2004. Similarly, the market for prepaid long distance is expected to increase to $500 million by 2004. According to the Canadian Wireless Telecommunications Association there are 10.5 million Canadian cellular subscribers of which 2.6 million are prepaid users.
Visit our new websites www.vendteksys.com and www.nowprepay.com 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.
About Pioneer Petroleum
Based in Burlington, Ontario, Pioneer Petroleum (www.pioneer.ca) is Ontario's largest independent gasoline retailer. For further information, contact the company directly at 905-639-2060.
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