Privinvest SAL (Holding)

February 23, 2011 16:30 ET

Privinvest SAL (Holding) Acquires Securities of VendTek Systems Inc.

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2011) - Privinvest SAL (Holding) ("Privinvest") announced that it has acquired ownership of 750 units (the "Units") of VendTek Systems Inc. ("VendTek"). Each Unit consists of $1,000 principal amount of 6% unsecured convertible redeemable debentures of VendTek (the "Debentures") and 500 common share purchase warrants (the "Warrants"). The Debentures entitle the holder thereof to, among other things, acquire one common share of VendTek at an exercise price of $0.64 per share, subject to adjustment, prior to the redemption of the Debenture or the maturity of the Debenture. The Warrants entitle the holder thereof to, among other things, acquire one common share of VendTek at an exercise price of $1.00 per share, subject to adjustment, for a period of three years from the date of closing. As a result of the acquisition of the Units, and the acquisition of the ownership of an aggregate of 512,000 common shares of VendTek since October 29, 2010 (the "Additional Shares"), Privinvest now owns and exercises control over an aggregate of 11,592,500 common shares of VendTek, $750,000 principal amount of Debentures and 375,000 Warrants, representing approximately 25.83% of the issued and outstanding common shares of VendTek (assuming the conversion of $750,000 principal amount of Debentures at a price of $0.64 per share and the exercise of all of the Warrants).

The Units were purchased by Privinvest from VendTek on a private placement basis. Privinvest acquired the Units for investment purposes only. Depending on market and other conditions, Privinvest may from time to time in the future increase or decrease its ownership, control or direction over, or exercise its current rights to acquire, the common shares or other securities of VendTek, through market transactions, private agreements or otherwise.

About Privinvest SAL (Holding)

Privinvest SAL (Holding) is a Lebanese holding company having, inter alia, investments in high technology corporations in Europe and the Middle East. Privinvest is focussing on implementing electronic distribution networks in the Middle East, Africa and the Asian countries, and working on building up an association with VendTek concerning those regions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Privinvest SAL (Holding)
    Maitre Maroun Haddad
    00961 3 684600
    00961 4 860614 (FAX)