Release Details

Quarterly Transaction Dollar Volume Up 75% From the Same Period a Year Ago

MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (NASDAQ: USAT), a leader of wireless, cashless payment and M2M telemetry solutions for self-serve, small ticket retailing industries, today announced that during its fiscal first quarter ended September 30, 2011, the Company handled a record 25 million transactions representing $42 million in small ticket transactions, increases of 79% and 75%, respectively, when compared to approximately 14 million transactions representing $24 million during the first fiscal quarter of the preceding year. In addition, the Company increased the number of customers on its ePort Connect Service during the quarter ended September 30, 2011 by approximately 300, to over 2,225 at September 30, 2011, and increased connections to its Service by approximately 10,000 to a total of approximately 129,000 at September 30, 2011—an increase of 85% in customers and 47% in connections when compared to the same date a year ago.

Pursuant to its transaction and licensing agreements with its customers, the Company earns fees equal to a percentage of the dollar volume processed by the Company, which are included as licensing and transaction processing revenues in its statement of operations. The Company's financial results for the quarter ended September 30, 2011 will be reported in the Company's Form 10-Q which the Company anticipates filing with the Securities and Exchange Commission by no later than November 14, 2011.

"The dollar volume of transactions in the first quarter would put us on an annualized run rate of $175 million, reinforcing USA Technologies position as a leader in self-serve, small ticket transactions, " said Stephen P. Herbert, Interim Chairman and CEO of USA Technologies.

"With developments such as our recent joint marketing agreement with Verizon Wireless, we are launching strategic efforts which we believe would have the potential to further enhance our leadership position, as well as expand our reach and accelerate the adoption of cashless payment technology across the unattended, retail small-ticket landscape," concluded Herbert.

About USA Technologies:

USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. The Company has been granted 79 patents and has agreements with Verizon, Visa, Compass and others. Visit our website at www.usatech.com.

Forward-looking Statements:

"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 financial position, anticipated connections to our network, business strategy and the plans and objectives of the Company'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 the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company'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, including but not limited to, the ability of the Company to retain key customers from whom a significant portion of its revenues is derived; whether the Company's customers continue to operate or commence operating ePorts received under the Jumpstart program or otherwise at levels currently anticipated by the Company; the ability of the Company to compete with its competitors to obtain market share; the ability of the Company to obtain widespread commercial acceptance of it products; and whether the Company's existing or anticipated customers purchase ePort devices in the future at levels currently anticipated by the Company. 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, the Company 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.

USA Technologies, Inc.
Investor Contact:
Joe Hassett
Senior Vice President
Gregory FCA
610-228-2110
joeh@gregcomm.com
or
Press Contact:
Katie Nicolai
Account Executive
Gregory FCA
610-228-2128
katien@gregcomm.com

Source: USA Technologies, Inc.

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