TSX Venture Exchange: VSI
VANCOUVER, Sept. 19, 2011 /CNW/ - VendTek Systems Inc. (TSXV: VSI) (the
"Company" or "VendTek"), a developer and licensor of software for the
global prepaid and financial services markets, is pleased to provide an
update on its new operations in Brazil.
Brazil is a significant market opportunity for VendTek. The Company has
invested over $1.5 million to-date to establish its network in the
country. Over the last nine months, the Company has achieved a number
of key milestones including:
Contracts with the Brazilian wireless carriers to provide electronic
top-up services to a subscriber base of over 180 million people across
Contract with Santander bank to provide branchless banking and bill
payment services at our network locations - selected locations can act
as a bank branch using e-Fresh™ software
Established offices in two cities to facilitate the distribution of
prepaid products and SIM cards broadly
Launching the network in June, 2011
As of August 31st, 2011, the Company has grown its network to about 900 locations
primarily in the province of Sao Paulo. Since July, transactions
processed through the network have grown week over week by an average
of 15%. Dollar volumes processed through the network have grown to over
R$150,000 (C$ 87,000) per week.
"Our Brazilian subsidiary is now properly positioned for growth. We have
built our operations, secured supply contracts with the top carriers
and developed the technology and local integration capability to pursue
multiple distribution strategies. To date, we are pleased with our roll
out in Brazil. Noting the fact that we have a very new network in the
country, the key metrics of our locations compare very favourably to
our established network in Canada," said Doug Buchanan, President and
Chief Executive Officer of VendTek.
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's websites 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.
SOURCE VendTek Systems Inc.
For further information:
please contact Samantha White at 604-805-4653 or 1-800-806-4958 or firstname.lastname@example.org.