New Appointments to Help Drive USA Technologies Expansion
Company Signs Industry Experts to Lead Sales, Services & Business Development
MALVERN, PA, September 20, 2007 - USA Technologies (NASDAQ: USAT) today announced two new appointments in sales, services and business development to lead the company's expansion into rapidly growing self-service cashless market.
The company has named Bruce Shirey, formerly of First Data Corp, Cardservice International and Way Systems as Vice President, e-Port Connect Services. Len Crosson, formerly of Sprint Nextel, was named Vice President, Global Sales and Business Development.
"The appointments are important in our goal to deliver the highest level of seamless service to our customers, and to ensure that we maintain a dedicated focus on evolving our product line to the next level in national and international markets," said Stephen P. Herbert, President and COO, USA Technologies. "The appointments were necessary to help meet the growing demand for our product line and service offerings, and respond to rapidly emerging tends in the marketplace that our solutions are designed to meet."
Mr. Shirey assumes responsibility for USA Technologies' e-Port Connect™ Service, launched earlier this year as the first complete portfolio of high-speed turnkey services for the multi-billion dollar unattended point-of-sale industry.
"Mr. Shirey will lead a dedicated team to expand the unique portfolio of cashless payment and network solutions that we have finely tuned in our vending, commercial laundry and office equipment markets, into new unattended point-of-sale markets, such as mass transit, parking, road tolls and other self-service opportunities," said Mr. Herbert.
Mr. Shirey brings to USA Technologies merchant acquiring expertise, as well as experience in product development for the retail merchant sector, and the computer industry transactional market.
While at Cardservice International, Mr. Shirey led an applications and software development team that built one of the first secure Internet payment gateways. His experience includes product development, offshore manufacturing, software/hardware engineering, and high-technology logistics and services. He was Chief Operating Officer of Way Systems, Boston, the second largest manufacturer and industry supplier of mobile GPRS POS terminals using the AT&T/Cingular network, and Vice President, Business/Product Development, First Data Corporation, the world's leading provider of electronic commerce and payment solutions.
Mr. Crosson assumes responsibility for USA Technologies' global sales objectives via direct sales, strategic partnerships, and distribution agreements.
"Mr. Crosson's experience in building and running sales teams in high-growth environments makes him ideally suited to immediately add value to our sales organization in crafting and executing global sales strategies to drive rapid sales.
Mr. Crosson previously was President, U.S. Operations, Appear Networks. He also held senior executive positions with Sprint Nextel, where he was Area Vice President of National Accounts, and with Tradeout.com, Inc., Ryder System, Inc. and FTS Industries.
Statement under the Private Securities Litigation Reform Act:
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product acceptance, the ability to continually obtained increased orders of its products, the ability to meet installation goals, economic, competitive, governmental impacts, whether its pending patents will be granted or defendable; validity of intellectual property and patents of USA, the ability of USA to license its patents, the ability of USA to commercialize its developmental products, technological and/or other factors, which could cause actual results or revenues to differ materially from those contemplated by these statements.
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