MALVERN, Pa.--(BUSINESS WIRE)-- 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 connections to its end-to-end ePort Connect® service crossed 250,000 during its fourth fiscal quarter ended June 30, 2014.
Stephen P. Herbert, chairman and chief executive officer of USAT, stated, "Achieving 250,000 connections is a meaningful milestone for USAT, as these connections support an approximate $50 million annualized run rate as they are fully realized in our revenues during the first half of fiscal year 2015. Thus, this milestone marks an important halfway point for USAT as we work toward our three to four year goals that include 500,000 connections and $100 million in total revenues.
"We are very grateful to our 6,600 plus customers whose loyalty and support have helped shape the turnkey, comprehensive and flexible nature of ePort Connect," added Herbert. "Together, we are creating new ways of doing business in self-serve retail and creating what we believe to be a powerful, connected platform for future services.
"For example, in the last three years we have doubled the number of connections to our ePort Connect service by ardently working with our growing customer base—a base that we believe manages over 2 million potential connections—to demonstrate the multiple benefits of a cashless payment platform. In doing so, we have continued to minimize the cost of technology for our customers, while adding new features. We have developed an unmatched suite of core and value-added services, while also preparing customers for emerging trends in loyalty, mobile payment and integrated payment services. And, we made our services more accessible to adjacent markets beyond vending, such as laundry, kiosk, taxi and arcade.
"Given the depth and breadth of ePort Connect, the solid foundation of existing connections to our ePort Connect service and the record number of new connections achieved in our first three quarters of fiscal 2014, we believe our strategies aimed to accelerate adoption of cashless payment in our targeted markets are working, leaving us enthusiastic about the business as we prepare to close out fiscal 2014 and begin fiscal 2015," concluded Herbert.
USAT's ePort Connect service is a PCI-compliant suite of cashless payment and telemetry services specially tailored to fit the needs of self-serve retail industries. Designed to be a "one-stop shop," services offered through ePort Connect include wireless and merchant account setup, simplified processing rates, settlement and reconciliation, 24 x 7 customer service and a host of value-added services including mobile payment, loyalty programs and integrated payment services for micro-markets and other POS devices.
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® G-series, ePort Mobile™ for customers on the go, and QuickConnect, an API Web service for developers. USA Technologies has been granted 87 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.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements, other than statements of historical fact included in this release, 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, business, financial market and economic conditions; whether USAT's current or future customers purchase, rent or utilize ePort devices or our other products in the future at levels currently anticipated by USAT; the incurrence by us of any unanticipated or unusual non-operating expenses which would require us to divert our cash resources from achieving our business plan; the ability of USAT to predict or estimate its future revenues given the developing and unpredictable market for its products; the ability of USAT to retain key customers from whom a significant portion of its revenues are derived; the ability of a key customer to reduce or delay purchasing products from USAT; whether our suppliers would increase their prices, reduce their output or change their terms of sale which could, among other things, reduce our equipment sales revenue; the ability of USAT to predict or estimate its future revenues based on the number of its connections, as USAT counts its ePort connections upon shipment of an active terminal to a customer under contract, which does not necessarily mean that the unit is actually installed by the customer on a machine, or that the unit has begun processing transactions, or that USAT has begun receiving monthly service fees in connection with the unit; 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; and the ability of USAT to accurately predict future market conditions and customer behavior. 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.