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, and the Navy Exchange Service Command
(NEXCOM) will begin to make available cashless payment options using
USAT's ePort and ePort Connect service at select pilot Navy Exchanges
located on U.S. Naval installations.
"NEXCOM operates approximately 11,000 combined contracted and direct run
vending machines on U.S. Naval bases across the country," said Gerard
Fantano, NEXCOM's vending branch manager. "To date, only a small number
of contracted beverage machines have incorporated cashless options to
our customers. Based on industry trends and the increased usage of
cashless options, we are piloting the expansion on Navy owned and
operated machines to evaluate the economic benefits and customer
acceptance."
During the pilot test period with USAT, NEXCOM's goal is to learn about
the benefits of cashless from a deployment of up to 200 cashless
terminals and, subject to profitability, to possibly expand to selected
machines nationwide.
"We are pleased to welcome NEXCOM to USAT's growing list of customers
for cashless payment and M2M telemetry," said USAT's vice president of
sales and business development, Michael K. Lawlor. "We anticipate that
NEXCOM's returns would be similar to what other USAT customers
experience, and our objective with NEXCOM is to move system-wide. We
already know that cashless usage in other military installations USAT
serves continues to be well above average. For example, based on our 2013
ePort Connect Cashless Knowledge Base, which evaluated data and
channel information from approximately 62,000 ePort Connect cashless
vending terminals that had at least $2,000 in annualized cashless sales
over a three-month period between January and March 2013, cashless as a
percent of total sales averaged 46% for the military channel (non-Navy)
compared to an overall average of 32%. We are looking forward to working
with NEXCOM to demonstrate the benefits of cashless and the ease with
which they can continue to increase their cashless requirements with
USAT."
NEXCOM will be utilizing USAT's ePort NFC enabled cashless payment
technology and ePort Connect service, a one-stop service that includes
integrated wireless activation, pre-negotiated discounted fees on
small-ticket purchases, a single blended rate for transaction
processing, 24 x 7 customer service, and web-based customer reporting.
About NEXCOM
The Navy Exchange Service Command (NEXCOM) oversees 100 Navy Exchange
(NEX) facilities and nearly 300 stores worldwide, 40 Navy Lodges, Ships
Stores Program, the Uniform Program Management Office, the Navy Clothing
Textile and Research Facility and the Telecommunications Program Office.
NEXCOM's parent command is the Naval Supply Systems Command. NEXCOM's
mission is to provide authorized customers quality goods and services at
a savings and to support quality of life programs for active duty
military, retirees, reservists and their families. NEXs and Navy Lodges
operate primarily as a non-appropriated fund (NAF) business
instrumentality. NEX revenues generated are used to support Navy Morale,
Welfare, and Recreation (MWR) programs. In FY11, $2.7 billion in sales
were generated with $42.8 million in dividends provided to Navy MWR
programs.
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® G8, ePort Mobile™ for customers on the go, and QuickConnect™, an
API Web service for developers. USA Technologies has been granted 85
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.
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 anticipated
connections to our network, 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 the 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 or not the
initial NEXCOM cashless installations prove profitable; the ability of
USAT to use its Knowledge Base to accurately predict future market
conditions and consumer behavior; the ability of the Knowledge Base or
USAT to predict any level of cashless usage for any particular channel
or customer; and whether, and to what extent, a customer will increase
its purchase of USAT's products and services in the future. 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.
G-USAT
USA Technologies
Veronica Rosa, 484-359-2138
VP Corp. Comm. &
Investor Relations
vrosa@usatech.com
Source: USA Technologies, Inc.
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