February 28, 2006 -VendTek Systems
Inc. (TSXV: VSI) ("VendTek" or "The Company"),
a leading provider of software for prepaid service distribution,
is pleased to announce that its customer in the United
Arab Emirates, One Prepay LLC, has been awarded a contract
by Etisalat of the United Arab Emirates to provide electronic
voucher distribution services and is expected to launch
the eFresh™
based distribution in March 2006.
One Prepay will deploy eFresh™
and create a distribution network of retailers within
the United Arab Emirates. VendTek will be providing eFresh™
software for One Prepay's Server and POS (Point-of Sale)
terminals on a fee per transaction basis. Within the first
twelve months, One Prepay expects to generate a minimum
of 2,000,000 to 3,500,000 transactions monthly.
One Prepay is planning to offer PIN based prepaid products
including: Mobile, Long Distance, Internet, Utility
Bill Payment, Gift Vouchers, Loyalty Programs and many
other services via the eFresh™
based system.
Paul Brock, president of VendTek Systems Inc., said, "We
are extremely pleased with this progress and anticipate
the UAE being a very good market for VendTek. We expect
our partner One Prepay will capture a significant share
of the electronic distribution business in the UAE and
we anticipate this partnership will allow us to expand
our presence in the Middle East."
For further information, please contact Samantha Haynes
at 604.805.4653 or 1-800-806-4958 or investment@vendteksystems.com
For further information about One Prepay, please contact Mr. Elias M. Tayeh, Managing Director at
+9712 644 3838 or elie.tayeh@oneprepay.ae
About VendTek and Now Prepay (
www.vendteksys.com / www.nowprepay.com)
VendTek Systems Inc. develops and licenses eFresh™
software and related technologies, which provide 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 by completely eliminating
physical cards and vouchers. For further information
please visit the Company's websites www.vendteksys.com
and www.nowprepay.com.
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The TSX Venture Exchange has
not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
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