TSX Venture Exchange: VSI
VANCOUVER, March 25 /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 the British Columbia and Alberta Securities Commissions have revoked the cease trade orders in effect in such provinces prohibiting trading in securities of the Company.
The revocation follows the filing by VendTek, on February 24, 2010, of its audited consolidated financial statements for the year ended October 31, 2008, unaudited consolidated financial statements for each of the quarters ended January 31, 2009, April 30, 2009 and July 31, 2009, together with the corresponding management discussion and analysis and certifications of its Chief Executive Officer and Chief Financial Officer for each of those periods, pursuant to National Instrument 52-109. The audited consolidated financial statements for the year ended October 31, 2008, audited by the Company's current auditor, KPMG LLP, include restatements of the years ended October 31, 2007 and October 31, 2006.
Following the revocation of the cease trade order, the Company applied to the TSX Venture Exchange to resume trading in its common shares. Management will provide an update on the status of the application as additional information becomes available.
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 websites www.vendteksystems.com and www.nowprepay.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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