VendTek Announces Closing of $2 Million Private Placement
13 10월 2011 - 6:04AM
Marketwired
VendTek Systems Inc. (TSX VENTURE:VSI) ("VendTek" or the "Company")
is pleased to announce that it has completed its previously
announced sale of 3,333,333 units (the "Units"), on a private
placement basis, to Privinvest Offshore SAL (Holding) ("Privinvest
Offshore") at the purchase price of $0.60 per Unit to raise gross
proceeds of $2,000,000 (the "Private Placement"). Each Unit
consists of one common share in the capital of the Company (a
"Common Share") and one-half Common Share purchase warrant (a
"Warrant"). Each full Warrant is exercisable for three years from
the closing of the Private Placement to acquire one Common Share at
a price of $0.75 per Common Share. For additional information about
the Private Placement and Privinvest Offshore, please see the
Company's September 12, 2011 and October 5, 2011 press
releases.
The Private Placement is subject to regulatory approval and all
securities issued in connection with the Private Placement are
subject to a four-month and one day hold period under applicable
securities laws.
The net proceeds from the Private Placement will be used for
general working capital purposes, to continue the Company's
expansion plans for its Brazilian operations, and to advance its
technology platform for mobile financial transactions.
About VendTek
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's websites
www.vendteksystems.com and www.nowprepay.com.
Forward-Looking Information
This news release contains statements which are not current
statements or historical facts and are "forward-looking
information" within the meaning of applicable Canadian securities
laws. All statements, other than statements of historical fact,
contained in this news release constitute forward-looking
information. Wherever possible, words such as "plans", "expects" or
"does not expect", "budget", "forecasts", "projections",
"anticipate" or "does not anticipate", "believe", "intent",
"potential", "strategy", "schedule", "estimates" and similar
expressions or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved and other similar expressions have been used to identify
forward-looking information. These forward-looking statements
relate to, among other things, the Company's expectations regarding
the use of proceeds from the Private Placement.
Although the forward-looking information in this news release
reflects the Company's current beliefs on the date of this news
release based upon information currently available to management
and based upon what management believes to be reasonable
assumptions, the Company cannot be certain that actual results,
performance, achievements, prospects and opportunities, either
expressed or implied, will be consistent with such forward-looking
information. By its very nature, forward-looking information
necessarily involves significant known and unknown risks,
assumptions, uncertainties and contingencies that may cause the
Company's actual results, assumptions, performance, achievements,
prospects and opportunities in future periods to differ materially
from those expressed or implied by such forward-looking
information. These risks and uncertainties include, among other
things, revenue growth, operating results, the market demand for
the Company's products, product development, and litigation as well
other factors described in the Risks Related to our Business
Section in the Company's 2011 annual Management Discussion and
Analysis. There may be other factors that cause results,
assumptions, performance, achievements, prospects or opportunities
in future periods not to be as anticipated, estimated or
intended.
There can be no assurances that forward-looking information and
statements will prove to be accurate, as many factors and future
events, both known and unknown could cause actual results,
performance or achievements to vary or differ materially, from the
results, performance or achievements that are or may be expressed
or implied by such forward-looking statements contained in this
news release. Accordingly, all such factors should be considered
carefully when making decisions with respect to the Company, and
prospective investors should not place undue reliance on
forward-looking information. The Company assumes no obligation to
update or revise forward-looking information to reflect changes in
assumptions, changes in circumstances or any other events affecting
such forward-looking information, except as required by applicable
law.
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.
Contacts: VendTek Systems Inc. Samantha White 604-805-4653 or
1-800-806-4958investment@vendteksystems.comwww.vendteksystems.comwww.nowprepay.com
VendTek Systems Inc. (TSXV:VSI)
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