VANCOUVER, B.C., March 6, 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 a partnership with Terminal Management Concepts Ltd. ("TMC"), a leading application developer for Ingenico POS terminals.
Now Prepay currently uses the Verifone brand of POS terminal for their prepaid telecom applications. To be increasingly competitive, Now Prepay has moved to provide e-Fresh(tm)-enabled Ingenico POS terminals since Ingenico is the largest POS terminal provider in the world.
Now Prepay wished to develop its prepaid applications for other name brand terminals such as Ingenico without losing its first-to-market advantage. Given that TMC had developed applications for Ingenico POS terminals, a partnership to minimize development time was logical.
A partnership with TMC allows VendTek's e-Fresh application to exist on the Ingenico debit and credit card processing terminals seen in many retail outlets. Having e-Fresh on Ingenico terminals will increase Now Prepay's market potential significantly.
The bundled application (i.e., e-Fresh software on an Ingenico POS terminal) is currently being certified by major Canadian transaction processors.
Now Prepay President, Doug Buchanan, said; "To be a great prepaid solution provider for strategic sales channels and master distributors we need to supply e-Fresh software on a variety of platforms. Increasing POS terminal options removes a major barrier for retailers adopting electronic delivery of prepaid services."
"We are excited about working with Now Prepay to co-develop e-Fresh enabled platforms" added Rob Palin, President of TMC. "This partnership creates an excellent opportunity to blend leading-edge payment application technology with the e-Fresh product and provide immediate value for our customers."
VendTek President, Paul Brock, added, "By licensing VendTek's technology to TMCI we created a means to grow our Now Prepay market share faster and at lower total cost."
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. For more information, or to receive news and updates as they become available, please contact Samantha Haynes at 604.940.2239.
About Terminal Management Concepts Ltd. (www.terminalmanagement.com)
Terminal Management Concepts Ltd. ("TMC") provides innovative payment solutions for Point Of Sale (POS) terminals in Canada, the United States and internationally. Our mission is to convert the POS device from a cost of doing business to a revenue generator through provision of application software that enables value-added services and enhanced fee based revenue streams. TMC partners with industry leading hardware suppliers, transaction processors and value-added product and service providers to create best of breed POS solutions.
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.