USA Technologies Inc., the leader in public-access business services, announced Tuesday it has completed a private financing, generating nearly $5 million in working capital.
“We are very pleased to have secured financing of nearly $5 million, an infusion of working capital which puts our company in a very strong position,” said George R. Jensen, Jr., chief executive officer and chairman of USA Technologies. “The proceeds will be used as general working capital and to fund the marketing and launch of e-Port, our exciting new technology that will allow consumers to conduct e-commerce transactions while making routine purchases at our Business Express(R) product line, vending machines, convenience stores and potentially millions of retail points-of-sale worldwide.
“We believe that e-Port can be a very important technology platform in the world of e-commerce, and we have gone to great lengths to ensure that e-Port is patent protected,” added Jensen. “Twenty-one patents relating to our proprietary technologies have been filed, with four already approved. Of the remaining seventeen patents, nine are related to e-Port.
“This announcement comes on the heels of several other positive news announcements in the past several weeks,” stated Jensen. “On June 7, a 1-for- 10 reverse stock took effect, a significant first step in our goal of moving off the OTC bulletin board, and onto the NASDAQ Small Cap Market. Also, we recently announced a co-marketing agreement with Choice Hotels whereby Choice will promote our self-serve business center to over 3,500 properties in the nationwide Choice network.”
The company also announced today that Chief Operating Officer Stephen P. Herbert has been named President of USA Technologies.
“With fiscal 1999 revenues in the millions, it is clear that USA has made the successful transition from development to commercialization,” continued Jensen. “Stephen Herbert has been instrumental in helping us make that transition by literally creating markets for our products. Since he has joined our company, revenues have increased from $42,000 to nearly $4 million for this fiscal year ending June 30.
“Stephen’s operational and business experience make him the only candidate for this responsibility. I look forward to working with Stephen in this new capacity as our company embarks on an exciting and profitable journey,” said Jensen.
“Looking forward, we anticipate announcing the introduction of our proprietary e-Port terminal at a major hospitality technology trade show later this month. In addition, we expect to announce a significantly expanded relationship with IBM Global Services,” concluded Jensen.
With patented technology and a rapidly expanding product line, USA Technologies is the leader in providing credit card-activated business services for professionals and consumers needing to communicate or conduct business outside the home or workplace. Visit the USA Technologies home page at www.usatech.com.
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, economic, competitive, governmental, results of litigation, validity of intellectual property and patents of USA, technological and/or other factors, which are outside the control of the Company.Details