TSX Venture Exchange: VSI
VANCOUVER, Jan. 7 /CNW/ - VendTek Systems Inc. (VSI - TSX Venture) (the
"Company"), a developer and licensor of software for the global prepaid
and financial services markets, announces that Peter Read, one of the
Company's founders and its Chief Operating Officer, will be retiring
from the Company in 2011. Mr. Read will commence his transition in
February while continuing to work for the Company throughout the year.
The Company has begun the process of recruiting a replacement for Mr.
"Since co-founding the company in 1988 I have had an amazing journey
with VendTek. We started out as a local manufacturing company and have
evolved into a leading international prepaid transaction software
supplier. Our key business initiatives are on track and I believe this
is the right time for me to step back from the business operations and
begin the next chapter in my life," said Peter Read.
"As one of the founders of VendTek, Peter has dedicated himself to the
formation and success of the Company. He has contributed greatly to the
development and growth of the Company and the Now Prepay divisions. It
would be hard to overstate the incredible impact that Peter has had on
VendTek and the tremendous contributions he has made over his many
years with us. We wish him well as he transitions to his new stage in
life," said Doug Buchanan, President and Chief Executive Officer of
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.
SOURCE VendTek Systems Inc.
For further information:
Samantha White at 604-805-4653 or 1-800-806-4958 or firstname.lastname@example.org