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VENDTEK ANNOUNCES THAT ITS WHOLLY OWNED SUBSIDIARY, NOW PREPAY HAS DEPLOYED 3000 E-FRESH POS TERMINAL CLIENTS IN CANADA
February 19, 2003 – VendTek Systems Inc. (TSX-V: VSI) (“VendTek” or “The Company"), a leading provider of software for prepaid service distribution , is pleased to announce that its wholly owned subsidiary Now Prepay Corp. has now deployed 3000 e-Fresh POS terminal clients in Canada.
“This is a significant milestone for VendTek and Now Prepay. We've come a long way since December of 2002 when we changed our business and had zero terminals in the marketplace. These 3000 terminals are generating revenues for us on an ongoing basis that will continue indefinitely. Our success is due to strong commitment to the business and our ability to partner with leading POS terminal manufacturers, ISP's, retailers and other components of the supply chain who trust the names “Now Prepay” and
“e-Fresh”. We continue to focus on growing the number of terminal clients in the market as well as revenues,” said Paul Brock , President of VendTek Systems Inc.
The POS terminals have been deployed in a wide range of retail sites throughout Canada including several major retail chains. The Company has demonstrated continued growth in revenues with the ongoing deployment of terminals. The Now Prepay POS terminal clients and server create recurring transaction revenues from the sale of prepaid services. Now Prepay began selling services through POS terminals in December 2002.
For more information, or to receive news and updates as they become available, please contact Investor Relations at 1-800-806-4958 or 604-940-2239 or investment@vendteksys.com.
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.
The
TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or
accuracy of this release.
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