TSX Venture Exchange: VSI
VANCOUVER, Jan. 26 /CNW/ - VendTek Systems Inc. (TSX-V: VSI, the
"Company") a developer and licensor of software for the global prepaid
and financial services markets, is pleased to announce that it has
closed the non-brokered portion of its previously announced private
placement of units (the "Units").
The Company completed the sale of 550 Units to BluMont Capital N.R.
Private Equity Fund L.P. ("the Fund") for gross proceeds of $550,000
(the "Non-Brokered Offering"). Each Unit consists of one 6% unsecured
convertible debenture of the Company having a principal amount of
$1,000 and 500 warrants, each warrant is exercisable to acquire one
common share of the Company (the "Warrants"). Subject to adjustment,
each Warrant is exercisable for three years from the closing to
purchase one common share at a price of $1.00. All securities issued
in connection with the Non-Brokered Offering will be subject to a
four-month and one day hold period under applicable securities laws.
Hugh Cleland, Portfolio Manager for the Fund, stated, "We are grateful
for the opportunity to provide growth capital to Vendtek as the company
enters a phase of accelerated international expansion. We are pleased
that this debenture will become a part of the portfolio of the
successor fund to the Northern Rivers Innovation Fund LP."
"We are pleased to close this portion of the financing. We are confident
that we will close the remaining $2.5 million of financing," stated
Doug Buchanan, President and Chief Executive Officer of the Company.
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.
This news release contains statements which are not current statements
or historical facts and are "forward-looking information" within the
meaning of applicable Canadian securities laws. All statements, other
than statements of historical fact, contained in this news release
constitute forward-looking information. Wherever possible, words such
as "plans", "expects" or "does not expect", "budget", "forecasts",
"projections", "anticipate" or "does not anticipate", "believe",
"intent", "potential", "strategy", "schedule", "estimates" and similar
expressions or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved and other similar expressions have been used to identify
forward-looking information. These forward-looking statements relate
to, among other things the Company's expectations regarding the closing
of the remaining portion of the financing, future growth (including,
without limitation, relating to international expansion), results of
operations (including, without limitation, future production and sales,
and operating and capital expenditures), performance (both operational
and financial), business and political environment and business
prospects (including the timing and development of new deposits and the
success of exploration activities) and opportunities.
Although the forward-looking information in this news release reflects
the Company's current beliefs on the date of this news release based
upon information currently available to management and based upon what
management believes to be reasonable assumptions, the Company cannot be
certain that actual results, performance, achievements, prospects and
opportunities, either expressed or implied, will be consistent with
such forward-looking information. By its very nature, forward-looking
information necessarily involves significant known and unknown risks,
assumptions, uncertainties and contingencies that may cause the
Company's actual results, assumptions, performance, achievements,
prospects and opportunities in future periods to differ materially from
those expressed or implied by such forward-looking information. These
risks and uncertainties include, among other things, market conditions,
agent's ability to secure investors for the financing, revenue growth,
operating results, the market demand for our products, product
development, and litigation as well other factors described in the
Risks Related to Our Business Section in our 2010 annual Management
Discussion and Analysis. There may be other factors that cause results,
assumptions, performance, achievements, prospects or opportunities in
future periods not to be as anticipated, estimated or intended.
There can be no assurances that forward-looking information and
statements will prove to be accurate, as many factors and future
events, both known and unknown could cause actual results, performance
or achievements to vary or differ materially, from the results,
performance or achievements that are or may be expressed or implied by
such forward-looking statements contained in this news release.
Accordingly, all such factors should be considered carefully when
making decisions with respect to the Company, and prospective investors
should not place undue reliance on forward-looking information. The
Company assumes no obligation to update or revise forward-looking
information to reflect changes in assumptions, changes in circumstances
or any other events affecting such forward-looking information, except
as required by applicable law.
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 email@example.com