USA Technologies, Inc. (NASDAQ: USAT), (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today announced that it recently celebrated its 5,000th customer milestone with New York vending operator and Pepsi bottler, Fitzgerald Brothers Beverages, Inc. (“Fitzgerald Brothers”). Crossing the 5,000 customer mark translates to a compound annual growth rate of 69 percent for USAT, from approximately 1,000 customers three years ago. Fitzgerald Brothers recently became a USAT customer in response to increasing demand for debit/credit card acceptance by its consumers and encouraging data regarding the sales uplift a cashless payment platform can deliver to traditionally cash-only businesses. As USAT’s 5000 th customer, Fitzgerald Brothers will receive a free personalized loyalty and prepaid program, a new addition to USAT’s ePort Connect® solutions suite that enables customers to build on their cashless payment platforms to differentiate and expand their brand. “Fitzgerald Brothers is delighted to be part of USAT’s growth history as their 5,000 th customer,” said Fitzgerald Brothers’ vending sales manager, Curt Kingsley. “Until recently, we had remained on the sidelines regarding cashless adoption. We now view cashless as a competitive tool and open-ended opportunity to drive future growth. The data regarding potential sales uplift is compelling and more importantly, our customers are asking for it. “In selecting a cashless partner, we have always recognized USAT’s leadership role and vision for this industry,” continued Kingsley. “And with our busy schedules, we appreciate USAT’s one-stop shop—from hardware to gateway to website to support. Our USAT sales rep also helped us understand the potential benefits of a cashless payment platform, down to the multiple channels that we serve. “The ability to fast-track to a personalized loyalty and prepaid program as a result of this award is an added boost. The more we can raise consumer awareness and excitement for cashless, the greater the upside, in our view. We are truly appreciative of this customer recognition award and extend our heartiest congratulations to USAT,” said Kingsley.
USAT’s chairman and chief executive officer, Stephen P. Herbert, commented, “We are especially proud of this 5000 th customer milestone since we believe it reflects the confidence customers continue to place in USAT’s comprehensive cashless payment offerings and the technologies and business processes we have refined to make the transition to cashless easy, reliable and scalable for the unattended, small ticket market. We are very grateful to all of USAT’s customers and business partners that have contributed to our leadership role and look forward to their continued contributions in our innovation process.”About USA Technologies: USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company’s flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of small ticket, self-service retailing industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G8, ePort Mobile™ for customers on the go, and QuickConnect™, an API Web service for developers. USA Technologies has been granted 85 patents; and has agreements with Verizon, Visa, Elavon and customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com. 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 business strategy and the plans and objectives of USAT'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 USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT's management, as well as assumptions made by and information currently available to USAT'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, the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; whether USAT's customers would continue to add additional connections to our network in the future at levels currently anticipated by USAT; the ability of USAT to compete with its competitors to obtain market share; whether USAT's customers continue to utilize USAT's transaction processing and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days' notice; whether USAT's existing or anticipated customers purchase, rent or utilize ePort devices or our cashless payment services in the future at levels currently anticipated by USAT; the ability of USAT to use available data to accurately predict future market conditions, consumer behavior and any level of cashless usage for any particular channel or customer; the accuracy of USAT’s predictions regarding the extent to which future growth of vending transactions will rely on credit/debit/prepaid transactions in comparison to cash transactions; and the possibility that all of the expected benefits from adoption of cashless payment and wireless telemetry, including any sales uplift, will not be realized by all operators, or will not be realized within the expected time period. 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, USAT 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.