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VANCOUVER - August 07, 2009 -VendTek Systems Inc. (VSI - TSX Venture) (the "Company") is pleased to announce that it has engaged KPMG to re-audit its 2006 and 2007 financial statements. KPMG is the Company’s current auditor, replacing the previous auditor of fiscal years 2005-2007. The Company’s Board of Directors believe that having KPMG audit the three years will provide more completeness and continuity to the final result.
The Company’s Board Chair, Martin Parent states: “We made the move to KPMG to gain access to their experience, expertise and credibility. We feel it makes the most sense for all stakeholders to have KPMG re-audit the 2006 and 2007 fiscal years.”
Doug Buchanan, President and CEO adds: “The 2008 audit has substantially progressed. The re-audit of fiscal years 2006 and 2007 has commenced. Upon completion of the audits, the 3 years of annual financial statements, the restated 2008 quarters and the first 2 quarters of fiscal year 2009 will be filed with the regulators in mid to late September along with an application to have the cease trade order lifted. We believe that we are nearing the end of this process.
“Regarding our ongoing business operations, our team has been continuing to execute on our plan and we have not lost any business or opportunities as a result of the process to restate our financials. Noteworthy achievements have been the continued growth of our installation base in Canada and the United States (and corresponding revenue growth), relationships with several more distribution partners in the U.S., new sales opportunities internationally and new distribution technologies introduced for our customers. Despite the global economic slow down, our business prospects continue to appear positive.”
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, 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.vendteksystems.com and www.nowprepay.com.
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.
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