Two Global Giants - one Fortune 50 and one Fortune 100 - Select USA Technologies EnergyMiser® to Lower Cost of Electricity
MALVERN, PA, April 20, 2006 -- USA Technologies (OTC Bulletin Board: USAT) announced today that two new global customers, a Fortune 50 company and a Fortune 100 company, had purchased its EnergyMiser technology to help lower the rising cost of electricity and support their energy conservation programs.
"With the price of fuel again reaching record highs and no immediate relief in sight, we have noticed an increase in the number of businesses and institutions turning to our energy management technology to help them conserve energy and lower the cost of electricity," said Stephen P. Herbert, President and COO, USA Technologies.
The two new customers, who requested anonymity, are global brand names in the pharmaceutical industry and in aerospace and technology services. Both Companies are in discussions to with USA Technologies to deploy more EnergyMisers to their many other sites, both in the US and internationally.
"The high cost of energy is influencing businesses to implement energy initiatives from top to bottom through their organizations to help save on energy costs, and they're looking at everything, from vending machines to coolers, coffee machines, appliances and computer terminals," said Mr. Herbert. "Many are launching their initiatives in phases, beginning in one state then spreading nationally, and more recently we have received interest in deploying to their facilities overseas where energy is even more costly."
USA Technologies reports it is also in negotiation with 5 other fortune 100 companies to deploy EnergyMiser? devices, as well as the company's other Intelligent Vending product, its e-Port® cashless transaction technology.
The Company has also acknowledged an increase in orders for its EnergyMiser technology from educational institutions. Orange County Public Schools, one of the top 15 school districts in the nation, recently purchased 1,000 VendingMisers and anticipates saving $180,000 annually in energy costs. The sale was featured in a report published in the Automatic Merchandiser, one of the most influential news outlets servicing the vending industry.
xxx -->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, the ability to continually obtained increased orders of its products, the ability to meet installation goals, economic, competitive, governmental impacts, whether its pending patents will be granted or defendable; validity of intellectual property and patents of USA, the ability of USA to license its patents, the ability of USA to commercialize its developmental products, technological and/or other factors, which could cause actual results or revenues to differ materially from those contemplated by these statements.