Shareholders Re-Elect Board of Director Nominees
MALVERN, Pa.--(BUSINESS WIRE)--
USA
Technologies, Inc. (NASDAQ: USAT), a leader of wireless, cashless
payment and M2M telemetry solutions for small-ticket, self-serve
retailing industries, today announced the results of its Annual Meeting
of Shareholders, held earlier today.
At the meeting:
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all USA Technologies' director nominees (Deborah G. Arnold, Steven D.
Barnhart, Joel Brooks, Stephen P. Herbert, Albin F. Moschner, William
J. Reilly, Jr., and William J. Schoch) were re-elected for an annual
term;
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USA Technologies' 2014 Stock Option Incentive Plan was approved;
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USA Technologies' advisory vote on named executive officer
compensation was approved; and
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the appointment of McGladrey LLP as the independent registered public
accounting firm of USA Technologies for fiscal year ending June 30,
2014 was ratified.
In addition, USA Technologies' chairman and chief executive officer,
Stephen P. Herbert, provided an overview of USA Technologies' financial
progress, strategic priorities and growth strategies. His overview
included the following information:
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Steps taken that USA Technologies' believes would position USA
Technologies to achieve its targets over the next three to four years
of approximately 500,000 connections to its ePort Connect®
service, $100 million in revenues and double digit operating margins;
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Achievement of a milestone 250,000 connections to the ePort Connect
service during the June 30, 2014 quarter. Herbert indicated that,
assuming the full realization in revenues of all related billings for
these connections, USA Technologies anticipates that these connections
would contribute to an annualized total revenue run rate of
approximately $50 million, thus marking a halfway point with respect
to the three to four year goals described above;
-
Achievement of six consecutive quarters of non-GAAP net income through
its latest fiscal quarter ended March 31, 2014. Non-GAAP net income,
as used by USA Technologies during this period, represents GAAP net
income (loss) excluding any benefit from reduction of the deferred tax
asset valuation allowance and any adjustment for fair value of warrant
liabilities; and
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Achievement of what USA Technologies anticipates will be sustainable
cash flows from operations.
Mr. Herbert indicated that USA Technologies' strategy for growth has
been straightforward and consistent—to continue to increase the number
of new connections to its ePort Connect service and, to continue to
create more value for every connection to its service, for both
customers and shareholders. Interested parties may view the slide
presentation on the investor relations section of USA Technologies'
website www.usatech.com,
under Events
and Presentations.
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.
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, are forward-looking statements. When used in
this release, words such as "anticipate", "believe", "estimate",
"expect", "intend", and similar expressions, as they relate to USA
Technologies or its management, identify forward-looking statements.
Such forward-looking statements are based on the beliefs of USA
Technologies' management, as well as assumptions made by and information
currently available to USA Technologies' 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 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 USA Technologies to predict or estimate its future
quarterly or annual revenues and expenses given the developing and
unpredictable market for its products; the ability of USA Technologies
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 USA Technologies; whether USA Technologies' suppliers
would increase their prices, reduce their output or change their terms
of sale; whether, and the promptness with which, customers install new
connections; whether, and the extent to which, new connections will
generate new revenues for USA Technologies in future quarters; the
ability of USA Technologies to accurately predict the level of cashless
usage on connections that have not yet commenced revenue generation;
whether USA Technologies' customers continue to utilize USA
Technologies' transaction processing and related services, as our
customer agreements are generally cancelable by the customer on thirty
to sixty days' notice; the ability of USA Technologies to accurately
predict future market conditions and customer behavior; and whether
customers will increase their purchases of USA Technologies' 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, USA Technologies 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
VP Corp. Comm. & Investor
Relations
484-359-2138
vrosa@usatech.com
Source: USA Technologies, Inc.
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