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September 26, 2008 - VendTek Systems Inc. (TSX-V: VSI) (“VendTek”), a leading provider of automated transaction systems software, is pleased to announce that it has signed a prepaid services marketing agreement with United Bank Card, one of the largest Independent Sales Organizations (“ISO”) in the United States.
United Bank Card, Inc. (“UBC”) is a payment and transaction processor serving a wide range of businesses throughout the U.S. The company currently handles over 100,000 merchant locations and processes in excess of 9 billion dollars annually. Consistently recognized as an industry leader, they were nominated by The Green Sheet as “Best of the Best” in 2003 and were a three-time consecutive Inc. 500 honoree. UBC is also currently ranked by the Nilson Report as the 32nd largest payment processor in the United States.
United Bank Card CEO Jared Isaacman states, “We feel that this partnership will be a perfect addition to the merchant services that we already offer. We are always striving to make improvements and additions to our offerings and we believe that prepaid services will allow us to reach a previously untapped market. We are looking forward to a long lasting, mutually beneficial relationship between UBC and VendTek.”
Doug Buchanan, President and CEO of VendTek, agrees, “We are very excited about working with United Bank Card. This partnership is part of our strategy in the United States which has already worked very well for us in Canada: to partner with entrepreneurial organizations which recognize the value of our software to their customers.
Mr. Buchanan continued, “With the addition of United Bank Card, we have three ISOs and one license partner focusing exclusively on the United States. Our partners in the United States have a larger customer base than all of our partners in Canada. The fact that these large payment processors are interested in pre-paid products is a very encouraging sign for our industry. Their belief in our organization is a very positive sign for VendTek.”
For further information, please contact Samantha Haynes at 604-805-4653 or 1-800-806-4958 or investment@vendteksystems.com.
About United Bank Card
United Bank Card, Inc. (UBC) is one of the largest, most reputable and fastest growing payment processors in the country. UBC currently handles the merchant accounts for over 100,000 locations and processes in excess of 9 billion dollars annually. United Bank Card is a three-time consecutive Inc. 500 honoree and among the fastest growing privately held companies in the United States. United Bank Card assists independent sales offices around the country in building profitable merchant portfolios. For additional information about United Bank Card, visit www.unitedbankcard.com.
About VendTek
VendTek 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 and its division, Now Prepay, and its subsidiaries
are using e-Fresh™ software to build electronic,
prepaid services networks, which enable consumers to
purchase prepaid services via POS and self-serve terminals
connected to a central e-Fresh™ server. This system
creates significant value through improved efficiencies
compared to the traditional distribution paradigm. e-Fresh™
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.vendteksys.com
and www.nowprepay.com.
The TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy
of this release.
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