VANCOUVER, Canada, April 17, 2003 (PRIMEZONE) -- VendTek Systems Inc. (TSX Venture:VSI) ("VendTek" or "The Company"), a leading provider of automated transaction technology, is pleased to announce that its customer, Wireless Products Marketing Inc. ("WPM"), has launched their e-Fresh System into service and has purchased an additional 100 e-Fresh(tm) client licenses.
WPM has launched more than 20 terminals since the system was installed in mid-March. Now WPM has placed an additional order for more licenses to expand its network and allow greater electronic distribution using the e-Fresh technology.
"WPM's rollout demonstrates the speed with which our customers can launch the e-Fresh(tm) System and begin generating revenues," says Paul Brock, President of VendTek Systems Inc. "The system is extremely operator friendly and there are no adaptability issues to contend with."
"We are in the early stages of a soft launch and anticipate a full launch soon. All indications are the system is performing flawlessly," said Brian Partridge, CEO of Wireless Products Marketing.
According to Atlantic-ACM, the prepaid wireless segment will remain a hot spot in the US telecommunications industry for the next few years since more than a third of consumers who apply for wireless telephones are declined because of bad or nonexistent credit and rely on prepaid alternatives for their cellular airtime.
The estimated market in the US for prepaid wireless is US$4.4 billion in 2003 growing to US$10.0 billion by 2007 according to Atlantic-ACM.
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(tm), which is an electronic distribution software for prepaid telecommunication and financial services. Commercialization of e-Fresh(tm) 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(tm) 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(tm) reduces shrinkage and inventory requirements while improving consumer access to prepaid services since it is completely electronic and eliminates physical cards and vouchers.
About Wireless Products Marketing
Wireless Products Marketing Inc. ("WPM") is a Bloomington, Minnesota-based corporation founded in 1997. WPM distributes to convenience stores, specialty retailers, mass merchandisers, and provides electronic pin infrastructure for other distributors. In 2002, WPM activated 20,000 customers for Verizon in the Minneapolis / St. Paul area and generated over $3.5 million in sales revenue.
For further information, please contact the company directly at 952-346-1000.
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.