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March 24, 2008 - VendTek Systems Inc. (TSX-V:
VSI) ("VendTek" or "The Company"),
a leading provider of automated transaction systems
software, is pleased to report the results of its operations
for the first quarter ended January 31, 2008.
Highlights of the Company's first quarter results:
- Revenues increased 83% to $30.091 million from $16.414
million.
- Prepaid telecommunications revenue increased 85%
from $16.117 million to $29.823 million.
- Net income of $150,478 after a $77,000 tax provision.
- Nine consecutive profitable quarters.
- Increased number of daily transactions in the United
Arab Emirates to 126,000 compared to 112,000 for the
fourth quarter of 2007.
- Increased number of terminals in Canada to 12,989.
"We had another strong quarter and showed continued
growth in Canada and the United Arab Emirates. We expect
our revenues to grow more dramatically, once we add
revenues from the United States and Africa," said
Doug Buchanan, President and Chief Executive Officer
of VendTek.
"Our organic growth is very encouraging. This is
the fourth consecutive period that we have experienced
quarter over quarter revenue growth. We expect our margins
to improve as we add revenues from our U.S. and African
markets," said Nurez Khimji, Chief Financial Officer
of VendTek.
Mr. Buchanan and Mr. Khimji will discuss the financial
results on Tuesday, March 25th, at 7:30am (PDT). Access
to the conference can be obtained by dialing 416-644-3420
or 1-800-595-8550.
The complete statements are available at www.sedar.com.
For more information or to receive the complete statements
please contact Samantha Haynes at 604-805-4653 or 1-800-806-4958
or shaynes@vendteksys.com.
About VendTek
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 division, Now Prepay Corp. and its
subsidiaries 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 websites www.vendteksys.com
and www.nowprepay.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.
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