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.

About 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 and

Forward-Looking Information

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

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