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VANCOUVER - February 20, 2009 - VendTek Systems
Inc. (VSI - TSX Venture) ("VendTek") today
announces that further to its press releases on February
11, 2009 and February 19, 2009, the inventory investigations
by VendTek's management and a determination of any potential
restatement is ongoing, but that VendTek has now determined
that it is not able to file its annual financial statements,
management's discussion and analysis and CEO and CFO
certificates (collectively, the "2008 Annual Financial
Statements") by the filing deadline of March 2,
2009 as prescribed by National Instrument 51-102 - Continuous
Disclosure Obligations ("NI 51-102"). At this
time, VendTek expects to file the 2008 Annual Financial
Statements on or about March 13, 2009. The filing of
the 2008 Annual Financial Statements is dependent on
VendTek's ability to resolve its inventory investigations.
Accordingly, if such investigations are not resolved
when anticipated, the filing of the 2008 Annual Financial
Statements could be delayed further.
Until VendTek completes the filing of the 2008 Annual
Financial Statements, VendTek will comply with the alternative
information guidelines set out in National Policy 12-203
- Cease Trade Orders for Continuous Disclosure Defaults
for issuers who have failed to comply with a specified
continuous disclosure requirement within the times prescribed
by applicable securities laws. The guidelines, among
other things, require VendTek to issue bi-weekly default
status reports by way of a news release so long as the
2008 Annual Financial Statements have not been filed.
In addition, VendTek has made an application to the
applicable regulatory authorities for a management cease
trade order. There is no certainty that such order will
be granted. The applicable regulatory authorities may
issue a cease trade order against VendTek for failure
to file the 2008 Annual Financial Statements within
the prescribed time period.
For further information please contact Samantha Haynes
at 604-805-4653 or via email 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, 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.
Forward-Looking Information
This news release contains forward-looking statements
that are subject to risks and uncertainties that may
cause actual results or events to differ materially
from the results or events predicted in this release,
including those comments predicting the level of inventory
overstatement and its material impact on the financial
statements. Although we believe that the forward-looking
statements contained herein are reasonable, we can give
no assurance that our expectations are correct and that
the results, performance or achievements expressed in,
or implied by, forward-looking statements within this
disclosure will occur. All forward-looking statements
are expressly qualified in their entirety by this cautionary
statement.
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.
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