TSX Venture Exchange: VSI
VANCOUVER, May 18 /CNW/ - VendTek Systems Inc. (VSI - TSX Venture) (the "Company"), a developer and licensor of software for the global prepaid and financial services markets, today announced that its wholly owned subsidiary, VendTek Systems Technologies (Beijing), has signed an agreement to co-develop an asset management software system with Nantian Electronics Corp Ltd. ("Nantian") a leading IT company in banking automation in China.
Nantian has been a leading IT company in the banking automation business in the Chinese market for approximately twenty years. Nantian specializes in providing reliable hardware and software products and solutions to the banking and financial industries.
VendTek and Nantian will develop a new software application that will be aimed at servicing one of the largest mobile operators in China. The solution will efficiently manage a micropayment network of hundreds of thousands of devices. These devices will use near field communications to transfer information between mobile phones and POS terminals.
VendTek will retain all rights to the new software outside of China and Nantian will retain all rights to the new software within China.
"The new software will serve as an additional module for our proprietary e-Fresh(TM) software. We expect to use the new module ourselves in North America and offer it to our existing license customers around the world," stated Doug Buchanan, President and Chief Executive Officer of VendTek.
The project is expected to be completed over three months. The Company expects to receive payments totaling 1,960,000 RMB (approximately $300,000 CDN) to assist in the development of the new software.
Nantian has been the leading IT company in the banking automation business in the Chinese market for about two decades. Nantian has specialized in providing the most reliable hardware and software products and solutions to the banking and financial industries. Nantian provides its clients with reliable hardware and software products as well as the flexibility of customized solutions that meet the demands from the ever changing market. For further information visit the company's website www.nantian-info.com.
VendTek is headquartered in Vancouver, British Columbia, Canada, and 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(TM) software to build electronic, prepaid services networks, which enable consumers to purchase prepaid services via point-of-sale terminals (POS) and self-serve terminals connected to a central e-Fresh(TM) server. This system creates significant value through improved efficiencies compared to the traditional distribution paradigm. e-Fresh(TM) 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 website www.vendteksystems.com.
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.
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.
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