April 20, 2005 - VendTek Systems
Inc. (TSXV: VSI) ("VendTek" or "The Company"),
a leading developer of software for the prepaid service
distribution industry, is pleased to announce that its
wholly owned subsidiary Now Prepay has signed an agreement
with Moontaxi Media Inc. to distribute their Puretracks
music download products through Now Prepay's entire distribution
network.
On January 19, 2005 the International Federation of Phonographic
Industry (IFPI) said paid digital music downloads increased
tenfold, jumping from 20 million tracks bought from Internet
services in 2003 to 200 million in 2004, representing
2% to 3% of overall music sales. Analyst estimates pegged
the value of digital music downloads in 2004 at US $330
million, which is expected to double in 2005.
Doug Buchanan, President of Now Prepay said, "We
have 6,400 distribution points in Canada and are now able
to add another great product to our distribution lineup.
Puretracks represents the solution to the demand by consumers
to purchase music on a pay-per-title basis. It is a perfect
fit for VendTek's software for electronic delivery of
services and Now Prepay's network of retailers can offer
an extra product to their customers. Now Prepay is continuing
to add more terminals to their network on a daily basis
and new products are being added to provide retailers
with increased variety as these products and services
are being adapted to electronic delivery formats."
For further information, please contact Samantha Haynes
at 604.805.4653 or 1-800-806-4958 or investment@vendteksys.com.
About Puretracks (www.puretracks.com)
Puretracks is Canada's first digital music download service.
With a rapidly growing catalogue of more than 700,000
songs from all major record labels and a growing list
of independents, Puretracks allows music fans across North
America to search and download high quality Windows Media-format
digital music, from 79 cents a song. Puretracks provides
co-branded services to Bell Canada and Telus, Canada's
leading Telco's, as well as AOL Canada, and Standard Broadcasting.
Puretracks is owned and operated by Toronto-based Moontaxi
Media Inc. a leading North American online music distributor
dedicated to delivering high quality music content in
both streaming and download formats.
About VendTek and Now Prepay (
www.vendteksys.com / www.nowprepay.com)
VendTek Systems Inc. develops and licenses eFresh™
software and related technologies, which provides electronic
distribution of prepaid telecommunication and financial
services. VendTek is commercializing the eFresh™
software under license to create sustainable and recurring
revenues. VendTek's customers and its subsidiaries,
Now Prepay Corp. (in Canada) and VendTek Systems Technologies
(in China), are using eFresh™
software to build electronic, prepaid services networks
which enable consumers to purchase prepaid services
via POS and self-serve terminals connected to a central
eFresh™
server. This system creates significant value through
improved efficiencies compared to the traditional distribution
paradigm. eFresh™
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.
|
|
