VENDTEK SYSTEMS INC V.VSI

Technology Software - Application

"VendTek Systems Inc develops, markets, and licenses automated transaction system software and supporting technologies. Its software product, eFresh provides electronic distribution infrastructure to service providers, retailers and retail distributors."

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VENDTEK SYSTEMS INC

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Post by trytomakeabuckon Jun 27, 2013 1:11pm

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Post# 21576742

VendTek Arranges $459,000 (U.S.) Standby Facility

2013-06-27 13:20 AT - News Release

Mr. Irwin Studen reports

VENDTEK SYSTEMS SECURES US$459,000 LETTER OF CREDIT FOR ITS BRAZIL OPERATIONS

VendTek Systems Inc. has secured a standby letter of credit facility valued at approximately $459,000 (U.S.) from a major international bank with operations in Canada and Brazil. Through the bank's Brazil affiliate, the proceeds of the letter of credit are to be used to support and expand VendTek's Now Prepay Brazil subsidiary's working capital needs with its wireless carriers.

"We are pleased to have entered into this new banking relationship in connection with our Brazil operations," commented VendTek's interim chief financial officer Irwin Studen. "With over 80 per cent of the 263 million cellphones in Brazil paid for on a prepaid basis, we are excited about the opportunity to expand our Brazilian presence."