Release Details

Expects record fourth quarter fiscal 2011 revenues of approximately $7 million

MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (NASDAQ: USAT), a leader in wireless, cashless transactions, associated financial/network services and energy management, at its Annual Meeting of Shareholders today announced that revenues for the fourth quarter of fiscal year 2011 (ending June 30, 2011) are expected to be $7 million. In addition, the Company announced that customers on its ePort Connect Service will reach approximately 2,000 in its fiscal fourth quarter, up from 1,050 a year ago.

Addressing shareholders at the meeting, Chairman and Chief Executive Officer, George Jensen, said that "based on the April 2011 revenues of $2.372 million, you will be pleased to know we would be on an annualized total revenue run rate of $28 million. Let me put that into perspective … just five years ago, our annual total revenue was $6.4 million." Jensen further said "Even more impressive, based on license and transaction fee revenue during April and May 2011 of $3.3 million, we anticipate license and transaction fees for the fourth quarter to be $5.0 million. During the fourth quarter of the 2006 fiscal year, license and transaction fees were only $300,000. The anticipated license and transaction fees for the current fourth quarter would represent a 313 percent average annual growth rate since the fourth quarter of the 2006 fiscal year."

Near Field Communications (NFC) Solutions Discussed

At the meeting, Mr. Jensen also addressed the growing interest in Near Field Communication (NFC) technology. Mr. Jensen added, "We intend for USA Technologies to be an important leader in the acceptance of NFC payments through cellular phones and other PDAs. When it comes to the very latest NFC payment trend, we were there from the beginning, innovating and pioneering, offering customers the capacity for another unique cashless solution, this time using a cell phone. We are ideally positioned and ready to capitalize on the anticipated move to NFC payment and have worked with partners in developing NFC cell phone payment methods. As more advanced contactless and NFC payment methods emerge, and bring greater operator and consumer convenience, efficiency and security, we believe that mobile commerce will grow to mainstream usage."

Please click on http://www.sec.gov/Archives/edgar/data/896429/000114036111032533/form8k.htm to view the Company's 8-K filing which includes the Chairman's Speech and Company Presentation from today's meeting.

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 AT&T, 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 utilize the Company's transaction processing and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days notice; 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 or rent 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:
Gregory FCA
Joe Hassett
Senior Vice President
610-228-2110
joeh@gregcomm.com
or
Press Contact:
Gregory FCA
Katie Nicolai
Senior Vice President
610-228-2128
katien@gregcomm.com

Source: USA Technologies, Inc.

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