VANCOUVER, B.C., March 4, 2003 (PRIMEZONE) -- VendTek Systems Inc. (TSX Venture Exchange:VSI) (Other OTC:VNDKF) ("VendTek"), a leading provider of automated transaction technology, is pleased to announce that its subsidiary Now Prepay Corp. ("Now Prepay") has reached distribution agreements with the following providers:
-- Bell Prepaid Mobility (formerly Bell Solo) -- Telus Pay & Talk -- Rogers AT&T Wireless Pay as You Go -- Fido Prepaid -- Telus Talk and Surf (Internet, Prepaid LD, Prepaid Voice Mail)
Additionally, Now Prepay has developed it's own "clean" prepaid long distance card. The card provides highly competitive domestic and international calling long distance rates with no connect fee, no surcharging and no maintenance fees. As such, it should prove to be very popular across a wide customer demographic. In aggregate, these distribution agreements are significant in that Now Prepay can offer all major providers of cellular airtime and long distance prepaid products through e-Fresh enabled POS terminals. As a reseller itself, Now Prepay recognizes the importance of offering a comprehensive product mix of prepaid products. Few competitors can offer the range of options and services that Now Prepay does.
Now Prepay's terminals operate using VendTek's proprietary e-Fresh software. It facilitates the electronic delivery of PIN numbers for prepaid cellular, long distance and other financial products. Since electronic delivery of prepaid services requires no inventory at the retail point of sale, virtually endless product lines come at no cost to retailers.
Current prepaid forms such as plastic cards, or vouchers, are becoming obsolete. The trend is towards electronic inventory and delivery of all prepaid services. VendTek, through it's subsidiary Now Prepay is rapidly enabling service providers to move to this new format.
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.