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VENDTEK SYSTEMS INC V.VSI

"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."


TSXV:VSI - Post by User

Post by TheRock07on May 28, 2014 9:26am
144 Views
Post# 22604523

News..Another Revenue Sttream

News..Another Revenue Sttream

 

endTek unit to provide products to ULIAN Supermarkets

2014-05-28 09:08 ET - News Release

 

Mr. Doug Buchanan reports

VENDTEK SYSTEMS ANNOUNCES NOW PREPAY BRAZIL PARTNERSHIP WITH ULIAN SUPERMARKET CHAIN IN THE COUNTRYSIDE OF SAO PAULO

VendTek Systems Inc.'s wholly owned Brazilian subsidiary, Now Prepay Servicos de Informatica Ltda. (NPSI), has signed a distribution agreement with the ULIAN Supermarkets chain in the countryside of Sao Paulo. Under this agreement, ULIAN Supermarkets will have access to NPSI's full product portfolio through EFT (electronic funds transfer). EFT refers to the standard Brazilian domestic electronic payment system. It is used by large and mid-size retailers throughout Brazil.

ULIAN Supermarkets is a mid-size regional chain and has seven stores for a total of 90 checkout locations. Development was completed in April, 2014, and the first site went live early in May. The company expects to have all locations connected by this July, 2014. The company also expects this new partnership to generate an increase in gross merchant revenue of approximately 100,000 reais ($46,000) per month.

"This first major EFT contract with a mid-size chain in Brazil shows that our commercial efforts are paying off," said Doug Buchanan, president and chief executive officer of VendTek Systems. "We have developed a foundational business in Brazil with smaller independent merchants, but we are now also starting to gain some traction in the mid-size market thanks to our brand, which is becoming well known in Brazil, as well as our excellent reputation."

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