Vendtek closes $860,000 private placement of Debenture Units

    




 TSX Venture Exchange: VSI 

 VANCOUVER, Sept. 26, 2012 /CNW/ - VendTek Systems Inc.   ("VendTek" or the "Company") is pleased to announce that it has closed  its previously announced non-brokered private placement of 860  debenture units (the "Debenture Units"), with each Debenture Unit  consisting of one 6% unsecured convertible debenture of the Company having a principal amount  of $1,000 (the "Debentures"), and one warrant for each share issuable  upon conversion of the Debentures (each, a "Warrant") to purchase one  common share of the Company, for a total of 7,818,181 Warrants being  issued (the "Private Placement").  The Debentures will each mature on the date  that is two years from the closing of the Private Placement and entitle  the holder thereof to acquire one common share of the Company at a  price of $0.11 per common share on conversion. Each Warrant is  exercisable for two years from the closing of the Private Placement to  acquire one common share of the Company at a price of $0.15 per common  share.  Privinvest Offshore SAL (Holding) ("Privinvest Offshore"), the  Company's largest shareholder, was the sole subscriber for Debenture  Units. 

 The Company intends to use the net proceeds from the sale of the  Debenture Units to continue the Company's expansion plans for its  Brazilian operations.  As the Company's Brazilian subsidiary continues  to increase the number of transactions that it processes, it needs to  acquire additional inventory and will require greater working capital  to support its growth initiatives. 

 No finder's fee was payable in connection with the issuance of the  Debenture Units. 

 The Private Placement is subject to regulatory approval, and all  securities issued in connection with Private Placement will be subject  to a four-month and one day hold period under applicable securities  laws, which will expire on January 27, 2013. 

 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™ 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™  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. 

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


    

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