TSX Venture Exchange: VSI
VANCOUVER, Sept. 22, 2011 /CNW/ - VendTek Systems Inc (TSX-V - VSI) (the
"Company" or VendTek"), a developer and licensor of software for the
global pre-paid and financial services market, is pleased to announce a
new SaaS partner in Ghana: Agoo Mobile LTD ("Agoo Mobile"). Agoo Mobile
has paid a deposit and VendTek expects to launch by year-end.
The population of Ghana is 25 million and of this 17.4 million are
mobile phone subscribers.1
Many more people in Africa use mobile phones than in any part of the
world. There are currently over 500 million mobile subscriptions and
mobile penetration has risen from just five percent in 2003 to well
over 50 percent today. Mobile phone usage in Africa has increased
dramatically over the past five years, but there is still potential for
enormous growth. Kenya, Ghana, Tanzania and Cote d'Ivoire have also
accounted for the change in the distribution of mobile connections. The
Ghana Business News report states that the increase in the number of
mobile cellular subscriptions over the last five years has defied all
predictions and Africa remains the region with the highest mobile
growth rate.2 Ninety five percent of mobile phone subscriptions in Africa are
VendTek's SaaS solution allows the Company to leverage its existing
operations, infrastructure and core competencies while at the same time
letting international customers focus on growing their business
quickly, without the distraction and effort of setting up a back office
system. The SaaS solution takes advantage of devices that can use the
internet to securely connect to the Company's North American servers.
These devices include POS terminals that use a cellular data
connection, mobile phones and PC's running eFresh PC software.
Depending on the extent of the services provided, VendTek is able to
charge a license fee to those customers using its SaaS offering in line
with its traditional licensing arrangements. The strategy further
benefits the Company by deepening the relationship between VendTek and
"We are very pleased to be working with Agoo Mobile," said Doug
Buchanan, President and Chief Executive Officer of VendTek. "This is
the third SaaS customer we have partnered with this year in Africa.
Africa is also a compelling market for the adoption of our new e-Wallet
Agoo Mobile was established to build out a network of distribution
points within Ghana for the electronic delivery of top up mobile
recharge. "This is part of the growing trend in the region to move away
from physical scratch cards. We are pleased to have selected VendTek as
our technology partner in this endeavor and we expect to reach 5,000
distribution points in 24 months." Said Kojo Bonsu, Chairman of Agoo
VendTek develops and licenses automated transaction system software and
supporting technologies. VendTek's customers, subsidiaries and its Now
Prepay division use e-Fresh™ software to build electronic, prepaid
services networks that enable consumers to purchase prepaid products
and services via POS and self-serve terminals connected to a central
server. This system creates significant value through improved
efficiencies compared to a traditional distribution model. e-Fresh™
reduces shrinkage and inventory requirements for vendors while
improving consumer access to prepaid products and services by
completely eliminating physical cards and vouchers. VendTek has
deployed its software around the world including Canada, United States,
Asia, the Middle East and Africa. For further information please visit
the Company'swebsites www.vendteksystems.com and www.nowprepay.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
1Mobile Number Portability: Ghana set to go http://www.ghanabusinessnews.com/2011/03/08/mobile-number-portability-ghana-set-to-go/
3 Africa Mobile Factbook 2011
SOURCE VendTek Systems Inc.
For further information:
Samantha White at 604-805-4653 or 1-800-806-4958 or email@example.com.