VANCOUVER, B.C., March 13, 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 sold 100 e-Fresh(tm) client licenses to Tangarine Concepts Corporation ("Tangarine") of St. Catharines, Ontario for the activation of their POS terminals with the Now Prepay Corp's server.
The client licenses allow Tangarine and their customers to connect their POS terminals with Now Prepay's e-Fresh(tm) server. This enables POS terminals to provide the re-sale of prepaid long distance and wireless services through the electronic network. Tangarine has built a Canadian coast-to-coast network of small to medium sized businesses using their systems.
Tangarine has approximately 3000 POS terminals installed to-date, and is growing at a rate of 200 terminals per month. They operate through a corporate and distributor network. In addition to providing merchants with a debit/credit transaction processing platform, activated merchants will now be able to sell their customers prepaid electronic products and services in real time, directly from electronic inventory that resides on Now Prepay's server. Products will initially include prepaid cellular and prepaid long distance time. Other services such as money transfer could be made available in the future.
"We are pleased to announce this important partnership with Tangarine. We expect Tangarine will be one of our key partners as we grow our Now Prepay business. e-Fresh(tm) distribution is growing rapidly for us in part due to the Now Prepay server enabling our customers to access more inventory that they would physically be able to stock. And, the reduction in shrinkage from theft and loss can be eliminated," said Paul Brock, President of VendTek Systems Inc.
"This is the natural evolution for distribution of prepaid products and Tangarine is enabling access to the large customer base. We see the cost savings and we realize the benefits it adds to our core business. Since we began working with VendTek in 2002 we have been anticipating full rollout of the software and access to the server. We enable our customers to benefit from technological advances that keep them among the leading edge of their peer groups," said Keith Turner, President of Tangarine.
Visit VendTek's 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. 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.
About Tangarine Concepts Corporation Tangarine operates as an equipment and software applications marketer for financial payment solutions, including bankcards and credit cards at the Point-Of-Sale (POS) with transactions processed through BCE Emergis and equipment supplied by Ingenico. Tangarine sells and supports its terminals directly and through distributors and offers purchase and placement options programs to its merchants. For more information on Tangarine please contact Keith Turner, President, at (905) 684 8867 or keith@tangarineconcepts.com
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.