USA Technologies Awarded Eighth Energy Management Patent for Vending Machines and Coolers
MALVERN, PA, August 23, 2005 -- USA Technologies (OTC Bulletin Board: USTT) announced today it had been awarded its eighth core energy management patent, making it a global leader in designing and marketing energy management technology for refrigerated vending machines and coolers.
The latest patent is also one of the most important in the Company's energy management family of patents, and brings USA Technologies' total arsenal of patents to an unprecedented number for a company its size with 63 granted and 25 pending.
Issued was Patent Number 6,931,869 entitled "Refrigerated Vending Machine Exploiting Expanded Temperature Variance During Power Conservation Mode".
"This is a milestone announcement because the patent protects USA Technologies' intellectual property relating to the technology that intelligently puts the vending machine or cooler in a power saving mode to save energy," said Brock Kolls, Senior Vice President of Research and Development, USA Technologies. "It determines when to switch into energy saving mode based on outside temperature and activity of the vending machine or cooler. This patent essentially protects the IP that is wrapped around USA Technologies' core energy management technology."
There are an estimated 70 million vending machines and coolers worldwide. USA Technologies is the industry leader in providing energy management devices for the vending and cooler industry and already has an installed base approaching 150,000 units.
USA Technologies leads in patents for networked wireless activation and cashless transaction technology for vending machines, kiosks, point of sale terminals, and various commercially operated machinery.
"Our intellectual property, products and patents put us in the middle of three rapidly emerging mega markets � energy management, cashless transactions, and networked wireless connectivity," said Mr. Kolls. "Our energy management product line responds to the President's call to develop technology that responds to the global energy crisis; our e-Port® technology responds to the growing demand worldwide for cashless transactions, particularly from credit card companies targeting vending as the next cashless opportunity; and our USALive® Network provides all the necessary wireless connectivity. USA Technologies not only has the technology to respond to the demand, but we have the patents to protect the technology, both for our customers and the Company," he said.
"Additionally, we have been successful in taking our patents beyond just protecting the technology," said Mr. Kolls. "We have begun to monetize the significant investments we have made in developing our intellectual property via a licensing campaign."
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