Thursday March 5, 11:47 am Eastern Time
Company Press Release
SOURCE: USA Technologies
USA Technologies Completes Private Financing
Company Anticipates Infusion of Cash to Help Continue Revenue Growth
WAYNE, Penn., March 5 /PRNewswire/ -- USA Technologies Inc. (OTC Bulletin Board: USTT
- news), the leader in unattended credit card-activated control systems, announced today that it has completed a private placement offering.
''The company received an immediate cash infusion of $750,000, and stands to receive an additional $550,000 assuming full exercise of warrants,'' said George R. Jensen, Jr., president and chief executive officer of USA Technologies.
''The cash generated by our private placement will allow us to continue the revenue growth that the company has been experiencing since the latter half of 1997,'' added Jensen. ''During the last
six months, USA has entered into a joint venture agreement with Mail Boxes Etc.; our MBE Business Express(TM) has been recommended by industry-leading Marriott Hotels, Resorts and Suites as a solution to Marriott's business center needs; MBE Business Express(TM) was awarded Best New Product at the 82nd Annual International Hotel/Motel & Restaurant Show held last November in New York City; and, we have expanded our management team. In addition, USA and/or MBE Business Express(TM)has been mentioned in several leading publications including the USA Today, New York Times, Dow Jones News Service, Philadelphia Inquirer and the San Diego Union- Tribune.
USA Technologies' flagship product is MBE Business Express(TM) a joint venture product with Mail Boxes Etc. MBE Business Express(TM) using USA's patented technology and previously marketed by USA as Business Express(TM) provides credit card-activated self-service office systems for business travelers and consumers who need to access the internet or e-mail or use personal computers, printers, copiers and fax machines while they are away from their office or home. Plans call for each unit to feature a dial through telephone to a nearby Mail Boxes Etc. location for additional services and support such as color copying projects, binding and packing and shipping. A simple swipe of any major credit card activates the office equipment and computer
stations which offer many popular software programs as well as access to the internet and e-mail. To maintain security, MBE Business Express(TM) is equipped with TransAct(TM), USA Technologies' proprietary payment and management system that processes secure, real-time credit card transactions, billing customers for actual services used while ensuring timely payments to the business center owner.
USA Technologies is a leading owner and licensor of networked credit card- activated control systems for the personal computer, photocopier, facsimile and laptop printing capabilities. The company's proprietary technologies make available unattended, point-of-sale control systems for credit card payments.
Statement Under the Private Securities Litigation Reform Act
The statements contained herein regarding the continued growth in revenues of the Company are forward-looking statements that invoke substantial risks and uncertainties. The following are important factors that could cause the Company's actual revenues to differ materially from those expressed or implied by such forward-looking statements: the failure of the Company to sell the MBE Business Express(TM) in sufficient quantities; the inability of the Company to operate its business at a profit or to fund operations through sales of additional securities; or, the failure of the Company's patents to adequately protect its technology from competitors.
SOURCE: USA Technologies |
