VendTek Systems Announces Appointment of Interim Chief Financial Officer

TSX Venture Exchange: VSI

VANCOUVER, May 15, 2012 /CNW/ - VendTek Systems Inc. (VSI - TSX Venture) (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.

contact Samantha White at 604-805-4653 or 1-800-806-4958 or [email protected].