VANCOUVER, B.C., Feb. 20, 2003 (PRIMEZONE) -- VendTek Systems Inc. (TSX Venture Exchange:VSI) ("VendTek" or "The Company"), a leading provider of automated transaction technology, is pleased to announce that it has added inventory tracking through the addition of UPC bar codes to their customer's prepaid telecom product offerings. Customers of VendTek's subsidiary Now Prepay Corp. ("Now Prepay") are now able to track their electronic PIN inventory usage in real time. Customers such as the major cellular and long distance suppliers provided VendTek with the UPC codes and the Company's development team incorporated them into its e-Fresh(tm) software.
The most significant advantage of the UPC codes is instant recognition of which services and price points are most popular. Up-to-the-minute data such as purchasing times and demographics can then be used tailor marketing programs. Paul Brock, VendTek President, said; "We believe this is a key element in the electronic prepayment solution we offer as it makes our product compatible with existing inventory management systems. Further, we believe we are the first company in Canada to offer UPC barcoding with electronic voucher distribution."
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.
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. For more information, or to receive news and updates as they become available, please contact Samantha Haynes at 604.940.2239.
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.