Vending Technologies Establishes Finance Company
Vending Technologies Establishes Finance Company to Fund Continuing Growth of VendSmart
Cancels Proposed Rights Issue
AUCKLAND, 15 November 2001 – Smart vending
company, Vending Technologies Ltd (NZSE:VTL), has
established a finance company to support the continuing
growth of its VendSmart licensing programme in New Zealand
Nathans Finance NZ Limited, a fully owned subsidiary of VTL, is issuing a prospectus to raise a maximum of $10 million by the issue of secured debenture stock. The minimum investment is $1,000 for fixed terms ranging from three months to five years, at varying fixed interest rates.
The Investment Statement and Prospectus have been approved by the Companies Office, with a registration date of 15 November 2001. Perpetual Trust Limited have been appointed as trustees.
VTL also confirmed that it has cancelled a proposed one for ten rights issue, which it had postponed in the wake of the September terrorist attacks.
“VTL’s growth strategy
comprises the purchase of food and drink vending equipment
and the installation of its own proprietary control
technology into the machines; coupled with the continued
roll-out of the VendSmart licensing programme, in which
those machines are licensed to small scale third party
operators,” says VTL Chairman Dr. Richard Janes.
“The VendSmart licensing programme has recently confirmed its potential to enhance revenue and reduce VTL costs. At the same time it has created a profitable financing opportunity in supporting operators who require additional funds to finance growth in their underlying business. It will meet a clear demand from our expanding machine licensing activities and will form an integral part of the VTL Group strategy.”
About Vending Technologies Limited
Vending Technologies Limited supplies and operates electronically enhanced food and beverage vending machines throughout Australasia. Established in 1997, the company manufactures, sells, maintains and services vending machines and licenses branded electronic vending businesses under its VendSmart programme.
The company has developed a proprietary computerised management system to enable tracking of all transactions, with complete revenue accountability and the ability to monitor the performance of each machine from remote locations.
Vending Technologies’ independence means it has a network of long-term alliances with leading suppliers of major branded convenience food and beverages offering consumers an extensive choice of leading brand snacks, meal replacements and drinks.