VANCOUVER – Feb 20, 2014 - VendTek Systems Inc (TSX-V – VSI) (the “Company” or VendTek”), a developer and licensor of software for the global pre-paid and financial services markets is pleased to announce that its wholly owned Brazilian subsidiary, Now Prepay Servicos de Informatica Ltda. (“NPS”), has signed an agreement with GetNet, which specializes in the development and management of electronic payment solutions and services for businesses using electronic transaction. GetNet is present in over 400,000 retailers throughout Brazil and Chile.
Under this agreement, NPS will have exclusive regional rights to distribute its full product portfolio to merchants who are using the GetNet debit/credit processing solution. NPS will use GetNet’s hardware infrastructure to deliver its products.
GetNet, established in 2003 and based in Brazil, is a pioneer of the virtual telephony recharge in Brazil and was the first company to introduce Wi-Fi and broadband sales terminals in the country. In 2006 GetNet created a corresponding banking solution allowing it to reach 100,000 terminals by 2007.
After creating its own processing platform for Visa and Mastercard credit cards, GetNet established a joint venture with Santander Bank, making it the first company to enter the credit card acquirers market that used to belong exclusively to VisaNet (Cielo) and Redecard. Getnet is now majority owned by Santander and is one of three main companies offering merchant services.
We expect this agreement to have a significant impact on the growth of the Now Prepay network in Brazil. It is launching in February 2014 and we expect to be able to sell our products and services to approximately 4,000 new GetNet locations by year-end.
“This agreement represents an enormous opportunity for low-cost growth for our Brazilian operations. GetNet is the fastest growing player in the electronic payment solutions market in Brazil and this agreement enables us to rapidly grow our penetration into the Brazilian market using their hardware and merchant acquisition efforts.” Said Doug Buchanan, President and CEO of VendTek Systems Inc. “Historical information from the merchants will also allow us to target premium locations that have higher transaction volumes”.
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.
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