Yahoo Finance | February 7, 2011 | Press Release
Vancouver, British Columbia CANADA, February 07, 2011 /FSC/ – VendTek Systems Inc. (VSI – TSX Venture), (the “Company” or “VendTek”), a developer and licensor of software for the global prepaid and financial services markets, is pleased to announce that its wholly owned subsidiary in Brazil, Now Prepay Servicos de Informatica Ltda., has signed a national distribution agreement with Telecomunicacoes de Sao Paulo S.A. (“Telefonica”) to distribute prepaid recharge services to its landline subscribers and prepaid long distance which can be used for landline, wireless and public phone customers.
Telefonica is one of the largest telecommunications groups in Brazil. The group includes Telefonica (landline and broadband), Vivo (wireless), Terra (Internet), and Atento (contact center). Telefonica has more than 11 million landline subscribers in the state of Sao Paulo (Brazil’s largest state with a population of over 40 million). It offers multiple local and long distance prepaid plans to residential customers.
Brazil is considered a key international market for the Telefonica group (local services have generated more than R$23.2 billion (about C$13.8 billion) in revenues in 2009). As part of Telefonica’s strategy to offer convergent services, the group acquired full ownership of Vivo in 2010 for Euro $7.5 billion (about C$10.2 billion).
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