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TANGARINE
CONCEPTS CORPORATION DEPLOYS LICENSES TO ACTIVATE
POS TERMINALS VIA NOW PREPAY CORP.'S SERVER
March
13, 2003 - VendTek Systems Inc. (TSX-V: VSI) ("VendTek"
or "The Company"), a leading provider
of automated transaction technology, is pleased
to announce that it has sold 100 e-Fresh client
licenses to
Tangarine
Concepts Corporation ("Tangarine") of
St. Catharines, Ontario for the activation of
their POS terminals with the Now Prepay Corp's
server.
The
client licenses allow Tangarine and their customers
to connect their POS terminals with Now Prepay's
e-Fresh server. This enables POS terminals to
provide the re-sale of prepaid long distance and
wireless services through the electronic network.
Tangarine has built a Canadian coast-to-coast
network of small to medium sized businesses using
their systems.
Tangarine
has approximately 3000 POS terminals installed
to-date, and is growing at a rate of 200 terminals
per month. They operate through a corporate and
distributor network. In addition to providing
merchants with a debit / credit transaction processing
platform, activated merchants will now be able
to sell their customers prepaid electronic products
and services in real time, directly from electronic
inventory that resides on Now Prepay's server.
Products will initially include prepaid cellular
and prepaid long distance time. Other services
such as money transfer could be made available
in the future.
"We
are pleased to announce this important partnership
with Tangarine. We expect Tangarine will be one
of our key partners as we grow our Now Prepay
business. e-Fresh distribution is growing rapidly
for us in part due to the Now Prepay server enabling
our customers to access more inventory that they
would physically be able to stock. And, the reduction
in shrinkage from theft and loss can be eliminated,"
said Paul Brock, President of VendTek Systems
Inc.
This
is the natural evolution for distribution of prepaid
products and Tangarine is enabling access to the
large customer base. We see the cost savings and
we realize the benefits it adds to our core business.
Since we began working with VendTek in 2002 we
have been anticipating full rollout of the software
and access to the server. We enable our customers
to benefit from technological advances that keep
them among the leading edge of their peer groups,"
said Keith Turner, President of Tangarine.
Visit
VendTek's 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. engineers, markets and sells e-Fresh,
which is an electronic distribution software for
prepaid telecommunication and financial services.
Commercialization of e-Fresh 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 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 reduces
shrinkage and inventory requirements while improving
consumer access to prepaid services since it is
completely electronic and eliminates physical
cards and vouchers.
About Tangarine Concepts Corporation
Tangarine
operates as an equipment and software applications
marketer for financial payment solutions, including
bankcards and credit cards at the Point-Of-Sale
(POS) with transactions processed through BCE
Emergis and equipment supplied by Ingenico. Tangarine
sells and supports its terminals directly and
through distributors and offers purchase and placement
options programs to its merchants.
For
more information on Tangarine please contact Keith
Turner, President, at (905) 684 8867 or keith@tangarineconcepts.com
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.
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