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VANCOUVER – December 11, 2009 -VendTek Systems Inc. (VSI - TSX Venture) (the "Company") today announced the appointment of Mr. Garth Albright to the Company’s Board of Directors and its Audit Committee. The appointment is subject to the approval of TSX Venture Exchange.
Mr. Albright has more than 30 years of progressively senior experience in financial reporting, accounting, regulatory compliance, equity capital markets, investor relations, mergers and acquisitions, and IT operations. He has served as Chief Financial Officer and Corporate Secretary of Gemcom Software International Inc., the largest global supplier of specialised mining productivity solutions, since 2003. He previously held senior financial positions with a number of public and private companies including Peace Arch Entertainment Ltd., Cannect Communications Inc., Shoppers Drug Mart and Cominco Engineering Services Ltd.
Mr. Albright is a seasoned executive with a successful track record of leading global companies through significant periods of change, while driving profitability, growth and operational excellence. He is a Certified Management Accountant and a director of the British Columbia Technology Industry Association.
“Adding a seasoned financial executive like Garth as an independent director and member of the audit committee is an important step forward as we look at ways to enhance board oversight and independence going forward,” said Martin Parent, Chairman of VendTek Systems Inc. “Garth’s financial and public company experience, combined with his software industry expertise and relationships, will allow him to begin contributing to the future direction of the Company in the near term.”
“VendTek has built a solid foundation in the Canadian prepaid space, with solid growth opportunities both in the United States and internationally,” said Garth Albright. “I look forward to working with the current Board and leadership team leveraging my previous experience as the Company's moves to it’s next phase of growth."
VendTek today also announced that Mr. Stuart Wooldridge has resigned from the Board of Directors, effective immediately. The Board and management team would like to thank Mr. Wooldridge for his years of service and contribution to the Company.
For further information please contact Samantha White at 604-805-4653 or via email swhite@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.
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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