VANCOUVER, June 16, 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 its subsidiary Now Prepay Corp. ("Now Prepay") has entered into an agreement to place e-Fresh(tm) POS terminals into 10 stores of a major Canadian retailer.
The Retailer will test 10 Now Prepay Terminals in selected stores in Alberta and Ontario prior to considering a national deployment.
Now Prepay President, Doug Buchanan commented, "This will be a highly visible trial for the Now Prepay terminals and we look forward to feedback from the Retailer. We are certain their customers will benefit from additional products and services that the Now Prepay terminal can offer them, it's an added service that complements the current product offering of the retailer."
In Canada, the market for cellular phone time recharges is expected to reach $800 million annually by 2004. Similarly, the market for prepaid long distance is expected to increase to $500 million by 2004. According to the Canadian Wireless Telecommunications Association there are 10.5 million Canadian cellular subscribers of which 2.6 million are prepaid users.
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 use 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.