MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (NASDAQ: USAT), ("USAT"), a leader of wireless, cashless payment and M2M telemetry solutions for self-serve retailing industries, has been ranked as the sixth largest shipper of point-of-sale (POS) terminals in the United States for the calendar year 2013 by The Nilson Report, a leading source of research on consumer payment systems worldwide. Calendar 2013 shipments also placed USAT 28th among global shipments of POS technologies.
"We are proud of USAT's continued, strong ranking for U.S. shipments— alongside top global players such as Ingenico, VeriFone, Equinox Payments and First Data—particularly because of USAT's unique focus on self-serve markets such as vending, amusement and kiosk that are still in the early stages of cashless adoption," said Maeve McKenna Duska, vice president of marketing for USA Technologies.
USAT's POS device, ePort®, is a cashless payment system that drives connections to ePort Connect®—a PCI-compliant, comprehensive suite of cashless payment, telemetry and consumer engagement services that contributed to over 85 percent of USAT's total revenues during the quarter ended March 31, 2014. Recently, USAT announced that it had crossed 250,000 connections to its ePort Connect service during its fiscal fourth quarter, supporting an approximate $50 million annualized run rate as revenues from those connections are fully realized in the first half of fiscal year 2015.
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, 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, business, financial market and economic conditions; the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; 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 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; and 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. 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.