VANCOUVER, British Columbia, Canada, March 20, 2003 (PRIMEZONE) -- VendTek Systems Inc. (TSX Venture Exchange:VSI) ("VendTek"), a leading provider of automated transaction technology, is pleased to announce that its subsidiary Now Prepay Corp. ("Now Prepay") has entered into an agreement with Datawest Solutions Inc. ("Datawest"), to provide a new value-added product via point of sale (POS) terminals.
The new product will enable retailers to sell prepaid cellular airtime to consumers via POS terminals. Using the value-added feature consumers will be able to buy minutes of cellular air time from all of the major cellular telecommunications providers with the simple purchase of a one-time unique number which they use to add minutes of airtime to their cell phone.
At present, Datawest operates over 2,700 Hypercom ICE 5500 terminals and has over 3,700 terminals on its switch. The solution will permit VendTek's e-Fresh(tm) software application for prepaid telecommunications products (including wireless service) and financial services to be offered on the over 2,700 Hypercom POS terminals that Datawest has deployed to retailers through independent sales organizations. Datawest has already certified the e-Fresh(tm) software on Ingenico and Verifone POS terminals enabling customers to use Now Prepay's application along with specific Datawest payment applications. e-Fresh(tm) is compatible with debit and credit card payment applications and does not compromise security or ease of use for the consumer.
Now Prepay President, Doug Buchanan, said: "This is a significant relationship for a number of reasons. We obtain certification for the most widely used brands of POS terminals, and we work with an established leader in the banking and payment technology solutions sector to accomplish this goal. The Hypercom customer base represents approximately 2,700 distribution points that could potentially license e-Fresh(tm) software and connect to the Now Prepay server."
"As a leading provider of electronic transaction processing services, Datawest offers a comprehensive line of payment solutions, including credit and debit card processing, cash back and convenience fee services. We are now broadening our suite of products by adding electronic prepaid services," said Michael Kelso, Datawest's Vice President, Payment Solutions Group. He continued, "We wanted to fulfill the demand for electronic prepaid services and provide our client base with a value-added service through the Now Prepay server and the e-Fresh(tm) software. This is a very large and growing market in Canada and we welcome the opportunity to work with Now Prepay as one of the leading innovators in the pre-paid product market."
Visit our new website www.vendteksys.com for additional information. 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(tm), which is a suite of software applications used to electronically distribute prepaid telecommunication products 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 Datawest (www.datawest.ca)
Datawest Solutions Inc. is a leading provider of innovative banking and payment technology solutions. Datawest's Banking Solutions Group is a key provider of outsourced banking technology to Canadian credit unions, integrated with advanced phone and Internet banking solutions, innovative technology for web-based experience management solutions, and customer relationship management (CRM) systems. The Payment Solutions Group manages Canada's largest ATM network and develops and delivers electronic payment products and services, including fast, secure ATM and POS systems and electronic funds transfer transaction processing, device management and monitoring. Drawing on its operational and applications expertise, Datawest also provides professional services for implementation of banking and payment systems in major financial institutions and other financial services organizations. Datawest is a public company traded on the Toronto Stock Exchange under the symbol "DS."
More information can be found on the corporate web site at www.datawest.ca.
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.