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GO PREPAID ORDERS 100
ADDITIONAL LICENSES FROM NOW PREPAY CORP.
June
2, 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 sold an additional
100 e-Fresh licenses to Go Prepaid Inc. ("Go
Prepaid").
Go
Prepaid has already deployed over 100 e-Fresh
clients and is continuing that deployment with
this latest purchase. Go Prepaid's customers with
e-Fresh Terminals are now able to sell the products
available on the e-Fresh based Now Prepay system.
"The
evolution of the prepaid voucher to electronic
format is becoming reality and the process is
being expedited by the retailers and consumers
demand for more variety with less overhead costs
to their business. Now Prepay and e-Fresh provide
this solution as well as ease of use, variety,
no inventory requirements, and other benefits,
" said 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.
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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