VendTek Systems Provides an Update on Brazil Operations
19 Septiembre 2011 - 7:30AM
PR Newswire (Canada)
TSX Venture Exchange: VSI VANCOUVER, Sept. 19, 2011 /CNW/ - VendTek
Systems Inc. (the "Company" or "VendTek"), a developer and licensor
of software for the global prepaid and financial services markets,
is pleased to provide an update on its new operations in Brazil.
Brazil is a significant market opportunity for VendTek. The Company
has invested over $1.5 million to-date to establish its network in
the country. Over the last nine months, the Company has achieved a
number of key milestones including: -- Contracts with the Brazilian
wireless carriers to provide electronic top-up services to a
subscriber base of over 180 million people across the country --
Contract with Santander bank to provide branchless banking and bill
payment services at our network locations - selected locations can
act as a bank branch using e-Fresh™ software -- Established offices
in two cities to facilitate the distribution of prepaid products
and SIM cards broadly -- Launching the network in June, 2011 As of
August 31(st), 2011, the Company has grown its network to about 900
locations primarily in the province of Sao Paulo. Since July,
transactions processed through the network have grown week over
week by an average of 15%. Dollar volumes processed through the
network have grown to over R$150,000 (C$ 87,000) per week. "Our
Brazilian subsidiary is now properly positioned for growth. We have
built our operations, secured supply contracts with the top
carriers and developed the technology and local integration
capability to pursue multiple distribution strategies. To date, we
are pleased with our roll out in Brazil. Noting the fact that we
have a very new network in the country, the key metrics of our
locations compare very favourably to our established network in
Canada," said Doug Buchanan, President and Chief Executive Officer
of VendTek. 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. 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.
VendTek Systems Inc. CONTACT: please contact Samantha White at
604-805-4653 or 1-800-806-4958or investment@vendteksystems.com.
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