USA Technologies, Inc. Retains Porter, Levay & Rose, Inc. as Investor Relations Counsel
MALVERN, PA, January 15, 2008 -- USA Technologies Inc. (NASDAQ: USAT), a leading provider of wireless, cashless, micro-transactions and networking services targeting the $475 billion dollar self service industry in the US, announced today that it has retained Porter, LeVay & Rose as its investor relations agency. Porter, LeVay & Rose is a full-service New York investor relations firm with 37 years' experience representing public and private companies in the US and abroad.
George R. Jensen, Chairman and CEO of USA Technologies, said, "We are pleased that Porter, LeVay & Rose will be bringing the USA Technologies story to the investment community and to our shareholders. PLR has decades of investor relations experience and a specialist's knowledge of the markets, and we plan to leverage the firm's knowledge to help us increase market awareness. Our goal is to raise our profile on Wall Street via an aggressive communications strategy, to garner analyst coverage and to build a following that will invest in our future."
USA Technologies ePort® cashless payment product line is the world's first contactless card payment technology designed for vending machines. ePort accepts all forms of cashless payment devices, from traditional magnetic swipe credit and debit cards, to radio frequency (RF) cards and devices. USA Technologies, MasterCard and Coca-Cola Enterprises recently completed installation of 7,000 ePort terminals nationwide. In October 2007, USA Technologies installed a record 5,000 ePorts, bringing the total to 24,000 cashless terminals on its USALive® Network. In November, MasterCard entered into a contract for an additional 4000 ePort terminals. The company reported there were a record 7,123 ePort units shipped during the quarter ended December 31, 2007 (Q2 FY 08) vs. 1,982 units shipped during the quarter ended December 31, 2006 (Q2 FY07), a 259% increase.
Michael Porter, President of Porter, LeVay & Rose, said, "USA Technologies is one of the most exciting companies in the business services space, and we are thrilled to be assisting management in its drive to carve out substantial market share and win the Street's attention. We think this company is a great entrepreneurial story with a fantastic product line and a pipeline of creative ideas."
USA Technologies provides cashless, remote management, reporting, and energy management solutions to the unattended point of sale market, which currently includes vending machines, photocopiers and laundry machines," Mr. Porter continued. "The vending business is a $100 billion business worldwide, and USA Technologies is the current leader, with a real foothold in the industry.
"Earlier this month, we announced our eSuds Credit service, an online laundry service, to target the 7.5 million washers and dryers operating in multi-family housing. eSuds Credit enables residents to go online to see what washers and dryers are available in their shared laundry facility, to pay for their laundry services with a credit or debit card, and to be notified via email, PDA or cell phone when the wash or dry cycles are complete," Mr. Jensen added. "We are building real critical mass, and we see our relationship with PLR as an important component of our continued success and growth."
Mr. Porter concluded, "I am personally and professionally excited to represent USA Technologies to the financial community, and I look forward to executing our communications program on the company's behalf."
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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