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Abstract
People's Card Services, an affiliate of Peoples Trust Company, will work in conjunction with VendTek Systems lnc. to launch an instant access version of 3V's pay-as-you-go VISA voucher product platform into the Canadian market in early 2010. It is anticipated that the market will yield spend values of $100 million in online payment value on the 3V Transaction Services product set per annum.
Launched in October 2005 in Dublin, Ireland, 3V now has over 400,000 customers and operates in both the Republic of Ireland and the United Kingdom. The company secured EUR 20 million in Series A funding from Atlas Venture and Benchmark Capital Europe which enabled its launch into the UK in 2006 and develop its European product offering. In the UK, the Company has also developed and operates the online Gift Card business for major online brands such as eBay, Paypal, Bebo and Habbo and plans to launch its Gift Card platform in parallel to its core voucher product in all relevant markets.
VendTek 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 and its division, Now Prepay, and its subsidiaries are using e-Fresh(TM) software to build electronic, prepaid services networks, which enable consumers to purchase prepaid services via POS and self-serve terminals connected to a central e-Fresh(TM) server. This system creates significant value through improved efficiencies compared to the traditional distribution paradigm. e-Fresh(TM) 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.vendteksys.com and www.nowprepay.com.