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VANCOUVER -February 16, 2011 - VendTek Systems Inc. (TSX-V: TSI, the "Company" or "VendTek"),a developer and licensor of software for the global prepaid and financial services markets, is pleased to announce that its wholly owned subsidiary Now Prepay Servicos de Informatica Ltda.,has signed a national distribution agreement with TIM Brazil ("TIM"), one of Brazil's largest telecommunications operators.
TIM, a subsidiary of Telecom Italia, is one of the top four mobile phone operator in the country with over 51 million subscribers and 25% market share as at December 2010. TIM is the fastest growing operator in Brazil with 9.9 million new subscribers additions in 2010 (90%of which are pre-paid).
In addition to mobile phone services, TIM offers innovative fixed and broadband solutions through its wireless network. Both fixed and broadband services have prepaid plans with similar recharge processes and needs for the subscribers.
The prepaid market in Brazil is expected to expand substantially, growing from just $1.7 billion in 2009, to more than $17 billion in 2017.[1]
VendTek currently has ten employees in two offices (Sao Paulo and Bauru) and is continuing to expand its operations. The Company's strategy in Brazil for 2011 includes broadening its product offering by securing additional distribution agreements for other prepaid products including mobile recharge; other prepaid telecommunications products (such as land-line and long distance products); financial products (such as bill payment); and other value added services. The Company expects to launch its proprietary e-Fresh™ network in the second quarter of fiscal 2011.
Doug Buchanan, President and Chief Executive Officer of VendTek Systems, said, "we are already supplying products from two of the top four mobile telecommunication operators in Brazil. The market size for prepaid mobile subscribers in Brazil is estimated to be 203 million[2] and the carriers are suggesting to us that their markets are underserved. Our national distribution agreement with TIM is further evidence that telecommunications companies believe that we can assist them in providing quality service to their subscribers."
[2] https://www.paymentsnews.com/2010/07/mastercard-releases-prepaid-market-sizing-report.html
For more information please contact Samantha White at 604-805-4653 or 1-800-806-4958 or investment@vendteksystems.com.
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