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GO
PREPAID ORDERS 100 POS TERMINALS AND LICENSES
FROM NOW PREPAY CORP.
March
18, 2003 - VendTek Systems Inc. (TSX-V: 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 received an order
for 100 POS terminals and licenses from Go Prepaid
Inc. ("Go Prepaid").
Recently,
Now Prepay and Go Prepaid entered an agreement
for the distribution of POS terminals incorporating
VendTek's e-Fresh electronic distribution technology.
Go Prepaid deployed 12 terminals to the first
of its more than 500 clients in the initial launch.
This
order represents a rapid integration of new installs
as Go Prepaid's clients are adopting the new technology
and are incorporating the new terminals into their
business. Ease of use and minimal space requirements
are a major component of the user friendliness.
"We felt confident that Go Prepaid's customers
would enjoy the benefits offered by the electronic
distribution of prepaid services. It's a natural
evolution of the physical voucher to move to electronic
format, and if one or two of the many benefits
are obvious to the retailer, the adoption time
is minimal, " commented Doug Buchanan, President
of Now Prepay Corp.
The
e-Fresh 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 number is downloaded in real time, is
single use, and doesn't need to be inventoried
by the retailer. Consumers using e-Fresh terminals
benefit from improved convenience and product
selection.
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.
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, which is a suite of software applications
use to electronically distribute prepaid telecommunication
products 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
Go Prepaid (www.goprepaid.com)
Go Prepaid has been specializing
in prepaid card distribution services since 1994.
The company provides a full range of prepaid card
solutions including long distance, payphone, wireless
and Internet services. The company owns a network
of vending machines in high traffic business travel
and consumer locations including airports and
tourist zones. Go Prepaid also supplies an extensive
list of key retail distribution partners.
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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