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VANCOUVER - April 26th, 2011 - VendTek Systems Inc. (TSX-V - VSI) (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 in Brazil, Now Prepay Servicos de Informatica Ltda., has added Oi to its product portfolio.
Oi is among the largest wireless carriers in the country with over 39 million subscribers and 19.28% market share as of January 2011. Oi has the largest percentage of prepaid customers among Brazilian carriers (86%). It is also a leader in mobile payment services in the country ("Oi Paggo").
Oi acquired Brasil Telecom in 2009 and it offers convergent services (wireline, long distance, broadband, and pay TV, in addition to wireless) throughout Brazil. It is one of the main telecom providers in the region and generated over R$29.5B (C$17.7B) in revenues in 2010.
In July 2010, Oi and Portugal Telecom announced an alliance. According to the agreement, Portugal Telecom will invest R$8.3B(C$5B) to be part of Oi's structure and in exchange Oi may acquire up to 10% of Portugal Telecom.
Doug Buchanan, President and Chief Executive Officer of VendTek Systems, said, "Now that we have access to Oi products, our prepaid wireless product portfolio is now complete. The prepaid wireless market in Brazil totals more than 170 million people and is a very good opportunity for us."
Mr. Buchanan continued, "over the last few months, we have made some very significant announcements in Brazil. These include the addition of four of the largest wireless operators, and an agreement to provide our prepaid wireless services to a credit processor with a network of 3,000 terminals. With the partial roll-out with that customer and with our own roll-out with additional customers, we believe we will have 3,000 terminals in Brazil by our fiscal year end. We also estimate that the terminals in Brazil will have more transactions per day than our existing network in North America."
For more information please contact Samantha White at 604-805-4653 or 1-800-806-4958 or investment@vendteksystems.com.
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