2013-02-21 14:08:19 -
VendTek Systems and TIO Networks Enter Strategic Partnership to provide walk-up bill payment services to the Canadian Market
Vancouver, British Columbia CANADA, February 21, 2013 /FSC/ - VendTek Systems Inc. (VSI - TSX Venture), ("VendTek" or the "Company"), a developer and licensor of software for the global prepaid and financial services markets, today announced a commercial partnership with TIO Networks. This agreement will enable TIO to rapidly expand its walk up bill pay presence into Canada as Canadian consumers will be able to conveniently pay bills at any of VendTek's 15,000 retail locations across the country.
It will provide VendTek with a new product line, which will enhance its competitive position in Canada. It also allows the company to recapture a
segment of the market that had moved away from the traditional pre-paid business in favour of subscription products offered by the new wireless entrants.
"We're excited about this opportunity to partner with VendTek, an established Canadian electronic transaction processing leader to offer more convenient bill-paying services to customers in Canada," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "Canadians will now have the option to pay their bills around the clock at thousands of additional retail locations across the country, all with the option of expedited processing."
"By adding more bill payment capabilities to our Canadian product portfolio, we are giving pre-paid customers another reason to process their transactions through e-fresh, our state of the art software," said Doug Buchanan, CEO of VendTek. "Whether customers choose to buy a pre-paid product through one of our merchants or elect for a monthly billing option with their service provider, VendTek can process their transaction. It increases the Canadian market size for the company."
VendTek has built its international success through alliances with key partners like TIO Networks, pairing the flexibility, scalability and reliability of its technology with its collaborative approach from beginning to end. This relationship with TIO gives Vendtek an immediate product advantage in the Canadian marketplace.
TIO Networks has already seen great success extending its bill-payment processing capabilities in other North America markets through relationships with U.S. partners such Moneygram International and ACE Cash Express. TIO now has the opportunity to repeat this success in Canada with VendTek and its significant retail portfolio.
For more information please contact Samantha White at 604-805-4653 or 1-800-806-4958 or firstname.lastname@example.org
About TIO Networks
TIO is a cloud-based bill payment processor serving the largest telecom, wireless, cable and utility bill issuers in North America. With more than 55,000 endpoints, TIO symbolizes fast, convenient and secure bill paying. Visit: www.TIOnetworks.com. Join the conversation on www.twitter/tionetworks or like us on
VendTek develops and licenses automated transaction system software and supporting technologies. VendTek's customers, subsidiaries and its Now Prepay division use e-Fresh(tm) 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(tm) 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'swebsites www.vendteksystems.com and www.nowprepay.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is available in PDF. Please click on the following link to view the PDF file:
Source: VendTek Systems Inc. (TSX-V VSI) www.vendteksys.com
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