VendTek Systems Announces Appointment of Interim Chief Financial Officer

    




 TSX Venture Exchange: VSI 

 VANCOUVER, May 15, 2012 /CNW/ - VendTek Systems Inc.   (the "Company"), a developer and licensor of software for the global  prepaid and financial services markets, today announced that, further  to its news release of April 23, 2012, it has appointed Irwin Studen as  interim Chief Financial Officer and Secretary, replacing Nurez Khimji  in such roles. 

 Mr. Studen is a financial executive with private and public company  Chief Financial Officer experience in technology based businesses. Most  recently he was Senior Vice President & Chief Financial Officer of  GetWellNetwork, Inc., a leading provider of software-as-a-service  interactive patient care solutions to acute care hospitals throughout  the US. Previously, Mr. Studen was Senior Vice-President & Chief  Financial Officer of SXC Health Solutions, Inc., currently a $5.0  billion revenue provider of software systems, transaction processing  services and pharmacy benefit management solutions to managed care  organizations, government entities and self-insured employer groups in  the US and Canada. During his six-year tenure there, the company  achieved over a ten-fold increase in market capitalization from $40M to  almost $500M. Mr. Studen has also held positions in private equity,  consulting for GTCR Golder Rauner, a $9.0 billion fund, in health care  IT M&A, and was Interim Chief Financial Officer with Wireless Matrix, a  leading provider of telematics software, 

 Mr. Studen holds an MBA from Columbia Business School and a BS and MS in  Electrical Engineering from the Columbia School of Engineering &  Applied Science. 

 The Company will continue its search for a candidate to fill the  positions on a permanent basis and will provide an update to the market  once a permanent replacement has been determined. 

 About VendTek 

 VendTek is headquartered in Vancouver, British Columbia, Canada, and  develops and licenses automated transaction system software and  supporting technologies that improve the efficiency of product  delivery, reduce costs to clients and offer superior safety measures.  VendTek's customers, its division, Now Prepay and its subsidiaries are  using e-Fresh™ software to build electronic, prepaid services networks,  which enable consumers to purchase prepaid services via point-of-sale  terminals (POS) and self-serve terminals connected to a central  e-Fresh™ server. This system creates significant value through improved  efficiencies compared to the traditional distribution paradigm.  e-Fresh™ reduces shrinkage and inventory requirements while improving  consumer access to prepaid services by completely eliminating physical  cards and vouchers. For further information please visit the Company's  websites 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. 



VendTek Systems Inc.


CONTACT:  contact Samantha White at 604-805-4653 or 1-800-806-4958or [e-mail]. 


    

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