Continued Growth Moves USA Technologies to 5th in US and 19th Worldwide For POS Terminal Shipments in 2010
Malvern, PA, October 14, 2011 -- USA Technologies, Inc. (NASDAQ: USAT) announced today that the Company has again improved its ranking among the world's leading shippers of point-of-sale (POS) terminals. The Nilson Report, a leading source of research on consumer payment systems worldwide, ranked USA Technologies 5th among the leading POS shippers in the United States, up from 6th in 2008 and 2009. Nilson also ranked USA Technologies 19th in the world in 2010, up from 31st in 2009 and 34th in 2008.
"Shipments of our award-winning ePort cashless payment technology, designed specifically for small-ticket, self-service, unattended retail locations, such as vending machines, kiosks, amusement and gaming, are growing alongside global giants included in the rankings such as VeriFone, Hypercom, Ingenico and First Data," said Maeve McKenna Duska, VP Marketing, USA Technologies. "We experienced rapid shipment growth in our fiscal years 2010 and 2011, increasing connections to our network to 119,000 as of June 30, 2011. We believe that the latest ranking by Nilson is further proof of our leadership in the small-ticket, unattended retail markets."
"Over the past 12-24 months we have experienced what we believe may be the tipping point for cashless payments in small-ticket, unattended markets like vending," continued Duska. "We believe that demand for our unique, turn-key cashless hardware and services continued to increase during that period because it offers consumers greater ease and convenience, lowers costs for operators through improved efficiencies and increases sales by providing an additional way to pay. In addition to the increase in terminals shipped, our customer base has increased 83% from approximately 1,050 customers at June 30, 2010 to approximately 1,925 customers at June 30, 2011."
USA Technologies' ePort POS system is supported by its ePort Connect service—the only one-stop, turn-key system for wireless, unattended cashless payments and telemetry in the small ticket unattended space. ePort Connect provides everything from account set-up and management, to online reporting and machine alerts, to 24x7 customer support.
"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.
Return to News index.