|By Business Wire||
|March 12, 2013 08:35 AM EDT||
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 a new agreement with Ameri-Source, LLC, a purchasing management company consisting of approximately 475 vending companies located throughout the United States. The agreement establishes Ameri-Source as an endorser and promoter of USAT’s cashless payment and telemetry solutions to Ameri-Source members.
John Plummer, Jr., president and founder of Ameri-Source, commented, “We selected USAT because we believe our members, most of them small- to medium-size vending operators, need to keep pace with new technologies and trends. Ameri-Source, in its role of providing purchasing advice and volume benefits for our members, views the decision to adopt cashless payment and telemetry as a business essential.
“Every day we witness how the consumer under 30, the traveler, the office worker-- just doesn’t carry cash anymore. Our members are going to have to change to keep up with these dynamics and, in our view, USAT offers an affordable way for them to do that,” added Plummer.
“In addition, cashless payment and telemetry provides them with an efficient mechanism for raising prices and attracting incremental revenues through multi-vend purchases. USAT’s Two-Tier Pricing Program, which can be implemented on a machine by machine basis, is another added plus that our members are already showing great interest in,” concluded Plummer.
As part of the three-year agreement, Ameri-Source will endorse and promote USAT's ePort® technology and ePort Connect® service to its members and Ameri-Source members will be eligible to receive preferred pricing terms outlined in the agreement.
Michael Lawlor, senior vice president of sales and business development at USAT, said, "The addition of Ameri-Source to our list of buying groups allows us to reach another an important set of operators in the vending, office coffee and food service space with greater speed and efficiency. The ease of doing business with USAT as a true one-stop shop is a great fit for Ameri-Source members. In little time, we can help them position their businesses for the many revenue boosting benefits of cashless payment, new data about their businesses, telemetry options and USAT's growing list of expanded services around mobile and consumer engagement. We look forward to introducing our products and services to Ameri-Source members in the weeks and months ahead," concluded Lawlor.
Ameri-Source is a one-contact, cost-cutting professional purchasing organization exclusively for vending and food service operations. It is the creation of John R. Plummer, Jr., who brings over 35 years in purchasing experience ranging from specialty, to regional and national market purchasing in the food service industry. Ameri-Source is designed to deliver the same cost-saving purchasing for small to mid-size vending and food service operations spending up to $5 million or more for food, beverages, supplies, trucks and equipment. Ameri-Source negotiates the deals, arranges the rebate monies and handles all the paperwork.
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 the small ticket, self-service retail 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 84 patents; and has agreements with Verizon, Visa, Elavon and major customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.
"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 USAT’s anticipated growth and business strategy, 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 whether USAT's existing or anticipated customers purchase, rent or utilize ePort devices or our other products and services in the future at levels currently anticipated by USAT, including appropriate diversification resulting from products and programs other than our Jumpstart Program; 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; the ability of USAT to obtain widespread commercial acceptance of its products; and the incurrence by us of any unanticipated or unusual non-operational expenses, such as in connection with a proxy contest, which would require us to divert our cash resources from achieving our business plan or, in the alternative, increase our cash resources through, among other things, the sale of our securities. 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.
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