USA Technologies Increased Devices Connected to Its Network to Approximately 63,000 as of December 31, 2009
MALVERN, PA, January 7, 2010 - USA Technologies, Inc. (NASDAQ:USAT), a leading supplier of networked devices and wireless non-cash transactions, associated financial/network services and energy management, has increased the devices connected to its network to approximately 63,000 as of December 31, 2009, compared with the 61,000 devices in its strategic plan.
George Jensen, Chairman and CEO of USA Technologies, said, "Having attained this milestone of 63,000 devices connected to our network by the end of December 2009, we believe we are on our way towards our goal of achieving positive net income by the quarter ended December 31, 2010 with an expected 114,000 devices connected to our network by the end of December 2010. As the size of our installed base increases, recurring revenues become an increasingly important component of our revenue base, and helps drive our path to profitability. Achieving this goal demonstrates our entire company's commitment to implementing our strategic plan and driving shareholder value."
"As we continue to increase and diversify our customer base, I am pleased to note that we posted a 17% sequential quarterly increase in customers to approximately 700 as of December 31, 2009. By using our products and services, we believe that our customers, who include a diversified group of large and well-known global brands, as well as small- to mid-size businesses, receive a demonstrable return on their investment. With a solid foundation of customers and connections, we believe we remain on track to achieve our timetable for profitability," said Mr. Jensen.
The Company's financial results for the quarter and six months ended December 31, 2009 will be reported in the Company's Form 10-Q which the Company anticipates filing with the Securities and Exchange Commission by no later than February 14, 2010.
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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