| June 26, 2006 - VendTek
Systems Inc. (TSX-V: VSI) ("VendTek" or the
"Company"), a leading developer of software
for the prepaid service distribution industry, announces
the resignation of Mr. Paul Brock as President and CEO
of the Company. Mr. Brock is leaving for personal reasons
but will continue to act in the capacity of Chairman
of the Board and to assist the transition to the new
CEO.
Doug Buchanan, currently the President and CEO of VendTek's
wholly owned subsidiary Now Prepay Corp., has been nominated
and has accepted the position of President and CEO of
VendTek. Doug is one of the original founders of VendTek
and has been instrumental in the company's success.
Doug is responsible for the growth of Now Prepay Corp.
and has built a retail network of more than 9,000 customer
locations in Canada. Doug will use his experience to
develop a strategy for the ongoing growth of Now Prepay
and VendTek by managing both companies through a cohesive
strategy. Doug holds an MBA degree from Simon Fraser
University a Bachelor of Applied Science degree from
the University of British Columbia and a Diploma of
Technology from the British Columbia Institute of Technology.
The Board of Directors extends its gratitude to Mr.
Brock for his many years of service to the Company and
for building the Company to its present state. Mr. Brock's
vision for a software and licensing based business enabled
the creation of Now Prepay and under his leadership
eFresh™ entered
foreign markets and new customers were added.
"I have enjoyed many great years with VendTek and
I am very proud of what has been accomplished. I thank
all those who have supported me and the Company and
look forward to continuing to support the Company with
them." said Mr. Brock. "The Company's profitability
and revenue growth make it one of the more exciting
investment opportunities for investors in Canada. VendTek
is in very good shape and should continue building value
indefinitely. I know I leave VendTek in capable and
good hands."
For more information, or to receive news and updates
as they become available, please contact Samantha Haynes
at 604.805.4653.
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.
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.
|
|