VendTek Announces $3 Million Private Placement
12 Septiembre 2011 - 7:30AM
PR Newswire (Canada)
VANCOUVER, Sept. 12, 2011 /CNW/ -- TSX Venture Exchange: VSI
VANCOUVER, Sept. 12, 2011 /CNW/ - VendTek Systems Inc. (TSX-V: VSI)
("VendTek" or the "Company") a developer and licensor of software
for the global prepaid and financial services markets, is pleased
to announce that it plans to conduct a non-brokered private
placement of up to 5 million units (the "Units") at a price of
$0.60 per Unit to raise gross proceeds of up to $3 million (the
"Private Placement"). Each Unit will consist of one common
share in the capital of the Company (a "Common Share") and one-half
warrant (a "Warrant"). Each full Warrant will be exercisable
to acquire one additional Common Share for three years from the
closing of the Private Placement at a price of $0.75 per Common
Share. The Company has been advised by Privinvest Offshore SAL
(Holding) ("Privinvest Offshore"), the Company's largest
shareholder, that it currently intends to subscribe for at least
3,333,333 Units under the Private Placement. Privinvest has
indicated that it may have an interest in subscribing for
additional Units under the Private Placement. Privinvest
Offshore currently holds 12,012,500 Common Shares, representing
approximately 24.4% of the Company's issued and outstanding Common
Shares, as well as 585,000 Common Share purchase warrants and a
$750,000 principal amount convertible debenture of the
Company. Assuming Privinvest Offshore acquires 3,333,333
Units under the Private Placement and that 5,000,000 million Units
are issued as part of the Private Placement, immediately following
the closing of the Private Placement, it will hold 15,345,833
Common Shares, representing approximately 28.3% of the Company's
issued and outstanding Common Shares, as well as 2,251,666 Common
Share purchase warrants and a $750,000 principal amount convertible
debenture of the Company. The net proceeds from the sale of the
Units will be used for general working capital purposes, to
continue the Company's expansion plans for its Brazilian operations
and to advance its technology platform for mobile financial
transactions. The Private Placement is subject to regulatory
approval, and all securities issued in connection with the Private
Placement will be subject to a four-month and one day hold period
under applicable securities laws. 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 www.vendteksystems.com and
www.nowprepay.com. 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
completion of the Private Placement and the Company's expectations
regarding the use of proceeds from the Private Placement. 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, revenue growth,
operating results, the market demand for the Company's products,
product development, and litigation as well other factors described
in the Risks Related to our Business Section in the Company's 2011
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. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/September2011/12/c2176.html
p Samantha White at 604-805-4653 or 1-800-806-4958 or a
href="mailto:investment@vendteksystems.com"investment@vendteksystems.com/a
/p
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