| September 5, 2007
-VendTek Systems Inc. (TSX-V:VSI) (“VendTek”
or “The Company"), a leading provider of
software for prepaid service distribution, is pleased
to announce that it has signed a software license agreement
with NetworkIP to provide its e-Fresh™ software
for the electronic distribution of prepaid products
and services in the United States.
NetworkIP, a leader in stored value solutions, handles
two million transactions per day, runs over four billion
minutes per year and is connected to over 100 carriers
worldwide. NetworkIP’s services include prepaid
platform, prepaid long distance, prepaid conferencing,
and prepaid VoIP.
NetworkIP will transition its customers from selling
traditional plastic cards and, instead, use the Company’s
e-Fresh™ software and server to distribute the
products electronically and activate gift cards and
prepaid credit cards. NetworkIP will also purchase its
electronic PINs from VendTek.
With e-Fresh, there is no physical product and none
of the costs associated with the physical cards, including
storage, transportation, and theft. Compared to the
traditional method of delivering prepaid services using
paper or plastic vouchers, distributing services electronically
allows substantial savings through reduced physical
distribution costs, theft, printing and packaging costs
and the elimination of inventory at the retail level.
Pete Pattullo, NetworkIP’s President and CEO said,
“When we were looking for a solution partner,
we needed to find a company with the best solution for
our customers. VendTek’s e-Fresh™ software
delivers the best solution for managing the volume of
transactions that we expect to process as we transition
away from physical cards. We look forward to working
with VendTek.”
Doug Buchanan, President and CEO of VendTek Systems
Inc. added, “This is a significant step in our
expansion into the U.S. market. Initially, we did not
anticipate that we would find a suitable license partner
in the U.S. NetworkIP is an ideal partner for us as
their entire business is focused on providing enhanced
prepaid products and services to their customers. We
expect to launch 2,500 locations.”
For further information, please contact Samantha Haynes
at 604-805-4653 or 1-800-806-4958.
About NetworkIP
Since 1998, NetworkIP has innovated patented and best-in-class
stored value technologies, systems and integrated services
that ensure reliability, minimize complexity and increase
profitability. A privately held company and a leader
in stored value solutions, NetworkIP sets industry standards
for quality, integrity and functionality. For more information
on how to enhance your valued connections, please visit:
www.networkip.net
About VendTek Systems Inc.
VendTek develops and licenses automated transaction
system software and supporting technologies that improve
the efficiency of product delivery, reduce costs to
clients and offer superior safety measures. VendTek's
customers and its subsidiary, VendTek Systems Technologies
(in China), are using e-Fresh™ software to build
electronic, prepaid services networks, which enable
consumers to purchase prepaid services via POS and self-serve
terminals connected to a central e-Fresh™ server.
This system creates significant value through improved
efficiencies compared to the traditional distribution
paradigm. e-Fresh™ 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
website www.vendteksys.com
The TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy
of this release.
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