VendTek Systems Inc., a provider of software for prepaid service distribution, has signed an e-Fresh license agreement with ChinaPay e-Payment Services Co. ("ChinaPay") in China.
Under the terms of the revenue sharing license agreement VendTek will provide e-Fresh technology to ChinaPay and their customers in return for a transaction fee based on the revenues generated through the system. VendTek will be ChinaPay's single source for prepaid product delivery software. ChinaPay plans to deploy e-Fresh software based POS terminals beginning later this year as they launch their rollout in the largest prepaid market in the world. The agreement also provides the opportunity for ChinaPay to purchase common shares of the Company based on reaching certain milestones, which remains subject to Exchange approval.
ChinaPay is a subsidiary of China UnionPay and has been created to develop electronic commerce in China. China UnionPay is a national transaction processor in China that was established by consolidating 18 bankcard network service centers and the National Information Switch Center to move the bankcard into universal usage in China and further develop the market.