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TANGARINE CONCEPTS GOES LIVE WITH NOW PREPAY TERMINALS
AND ORDERS MORE CLIENT LICENSES
April
28, 2003 - VendTek Systems Inc. (TSX-V: VSI) ("VendTek"
or "The Company"), a leading provider
of automated transaction technology, is pleased
to announce that Tangarine Concepts Corporation
("Tangarine") has launched its Now Prepay
terminals into service and has ordered an additional
100 client licenses for immediate delivery.
Tangarine
has already launched more than 50 POS terminals
into operation with the Now Prepay software client.
These terminals are now generating daily transactions
and Tangarine is adding more terminals weekly.
Tangarine is offering the Now Prepay services
to its existing customer base allowing their more
than 2000 customers to sell electronic prepaid
services. This provides greater access to services
in a market as large as Ontario and enables their
customers to be on the leading edge of product
and service options.
"The
ease of integration and the value add of the Now
Prepay clients has prompted Tangarine to order
additional client licenses. The first clients
deployed have been well received by their customers",
said Paul Brock, President of VendTek Systems
Inc. " Tangarine is one of our most important
business partners and we are very happy with their
quick adoption of our products".
According
to the Canadian Wireless Telecommunications Association
there are just over 10 million Canadian cellular
subscribers of which there are approximately 2.6
million prepaid users. These numbers are forecasted
to grow to 16 million Canadian cellular subscribers
and 5 million prepaid users by 2004. The Canadian
market for cellular phone time recharges is expected
to reach $800 million annually by 2004. Likewise,
the market for prepaid long distance is expected
to increase to $500 million by 2004.
Now
Prepay is joining forces with POS terminal distributors
and transaction processing organizations to integrate
VendTek's e-Fresh software with debit card and
credit card processing software. The combined
applications will provide a value added application
to the channels presently served by physical cards
for prepaid telecom services. Given the anticipated
future discontinuation of costly physical cards
by Canadian Cellco's, VendTek, through Now Prepay,
is poised to capture a significant share of the
electronic distribution of prepaid services market
in Canada.
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.
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
Tangarine Concepts Corporation
http://www.tangarineconcepts.com
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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