Prepress

VendTek announces third quarter results

Thursday 25. September 2008 - VendTek Systems Inc. (TSX-V: VSI) ("VendTek" or "Company"), a leading provider of automated transaction systems software, is pleased to report the results of its operations for the three and nine months ended July 31, 2008.

Highlights of the Company’s third quarter results include:

– Revenues increased 16% from $28.147 million in 2007 to
$32.704 million in 2008.
– Software and transaction service revenue increased 42% from $210,000
in 2007 to $299,000 in 2008.
– Earnings before income taxes increased 50% from $267,000 in 2007 to
$400,000 in 2008.
– Eleven consecutive profitable quarters.

Highlights of the Company’s nine months results include:

– Revenues increased 47% from $61.827 million in 2007 to
$90.582 million in 2008.
– Earnings before income taxes increased 39% from $632,000 in 2007 to
$878,000 in 2008.
– Net income of $585,000 (or $0.01 per share) after recording a
$293,000 tax provision.
– Increased number of terminals in Canada to 14,401.



“We are pleased that we have continued to grow our revenues quarter over quarter. Our initial roll-out into the United States has started well, although it did not add significant revenues for the quarter. We believe the prepaid industry, particularly in North America, will experience an increased rate of growth in the months to come,” said Doug Buchanan, President and Chief Executive Officer of VendTek.

“Our growth to-date has come primarily from our established markets – Canada, UAE and China. As we see more success in our newer markets like the United States, we can expect our margins to increase,” said Nurez Khimji, Chief Financial Officer of VendTek.