USA Technologies Holds 2010 Annual Shareholders Meeting
MALVERN, PA, June 17, 2010 --USA Technologies, Inc. (NASDAQ: USAT) held its annual meeting of shareholders on June 15, 2010. The full text of the speech of George R. Jensen, Jr., Chairman and Chief Executive Officer, presented at the meeting was filed with the Securities and Exchange Commission on Form 8-K on June 15, 2010.
"And our current quarter - our fiscal fourth quarter - has brought more significant performance. I am pleased to report that as of today, we have slightly in excess of 80,000 devices connected to the network," stated Mr. Jensen. "Our last quarter - the third fiscal quarter ended March 31, 2010 saw significant growth ... records in gross profit dollars; records in the number of customers signing up for our solutions; records in the number of cashless connections linking to our USALive Network; and records in the number of cashless transactions processed ... 9.7 million ...," said George R. Jensen, Chairman and Chief Executive Officer. "We are within striking distance of our strategic business objective of having 100,000 devices connected to our network by December 31, 2010, and we expect to achieve positive EBITDA (earnings before interest, taxes, depreciation and amortization) for that quarter."
Mr. Jensen continued,
- "As of today, we have slightly in excess of 80,000 devices connected to the network",
- "As of today we are processing 130,000 transactions a day, which puts us on a rate of almost 50 million transactions a year",
- "...Since March 31st, we added several thousand more devices to our network", and
- "...Our ePort EDGE won the inaugural NAMA Innovation Award for the vending technology category at the April/May NAMA Expo".
"Recently, the Nilson Report, the leading source of news and research on consumer payment systems worldwide, ranked USA Technologies among the leading shippers of point-of-sale terminals in the US, and the world. Nilson stated that USA Technologies ranked sixth in the US and 34th in the world for POS shipments, alongside global giants like VeriPhone, First Data and Motorola. This is significant recognition, and we believe independent evidence of the growing demand for our ePort product line."
"What's behind this sudden drive to cashless payments in vending? We believe it's a combination of factors,
- ...Our leadership in developing quality, affordable technology that responds to market needs;
- ...Our innovative solutions that help operators finance their investments in going cashless and
- ...Our quality services that make cashless conversion more accessible, affordable and productive to operators."
"In other words, operators are seeing how our solutions provide an easy, cost effective way to gain all of the benefits of cashless payment systems," concluded Jensen. " ...We predict that by December 31, 2010 ...to have 100,000 devices connected to our USALive Network and to achieve positive EBITDA for the quarter ending December 31, 2010."
Forward-looking Statements:
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the financial position, anticipated connections to our network, business strategy and the plans and objectives of the Company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business, financial market and economic conditions, including but not limited to, the ability of the Company to retain key customers from whom a significant portion of its revenues is derived; the ability of the Company to compete with its competitors to obtain market share; the ability of the Company to obtain widespread commercial acceptance of it products; and whether the Company's existing or anticipated customers purchase ePort devices in the future at levels currently anticipated by the Company. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, the Company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
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