VendTek Systems Inc. (TSX-V:VSI), a Port Coquitlam-based company specializing in prepaid and financial services software, has sold its Canadian business operations to the company's outgoing senior vice president.
George DeMarchi, who is now president of Payment Source Inc., based in Toronto, has acquired VendTek's Canadian business for $6 million ($4.5 million in cash and up to $1.5 million in debt).
VendTek shareholders approved the sale January 28, the company announced in a press release.
VendTek will use the proceeds of the sale to build up its business operations in Brazil.
VendTek develops and licenses automated transaction software. It's eFresh system is used by retailers, distributors and service providers to distribute prepaid and financial products and services.
VendTek's shares were up 12.5% to $0.09 per share during mid-day trading.
