USA Technologies Issued EnergyMiser International Patent
MALVERN, Pa., Jul 10, 2008 (BUSINESS WIRE) -- USA Technologies (NASDAQ:USAT) announced today it had been issued an important EnergyMiser(R) patent in Europe vital to protecting its technology and customer investment in eight major European countries.
The patent for Power-Conservation System based on Indoor/Outdoor and Ambient Light Determinations applies to the EnergyMiser installed in vending machines located in the England, Scotland, Wales, Northern Ireland, Germany, France, Italy and Spain.
"The patent protects the EnergyMiser's ability to control lighting and compressor operation in vending machines through occupancy detection to deliver maximum energy savings," said Cary Sagady, Vice President, Product Management, USA Technologies. "There are an estimated 30 million vending machines worldwide, and another 40 million coolers, and the EnergyMiser is considered the only proven technology that responds to the energy conservation demands of both markets," he said.
The latest patent granted in Europe brings USA Technologies' International EnergyMiser patents to eight, and total number of EnergyMiser patents to 13. USA Technologies now has 67 patents issued for its EnergyMiser, ePort(R) point-of-sale wireless cashless transaction product line, and telematics technology.
The EnergyMiser can reduce energy consumption in vending machines, snack machines, glass front coolers by as much as 46 percent. Interest in the technology has grown dramatically in the US over the past nine months as energy costs continue to rise to record highs. USA Technologies has reported that sales of the EnergyMiser product line have increased by nearly 40 percent year-over-year for the first three quarters of the Company's fiscal year.
More recently, USA Technologies presented at a Department of Energy conference in Washington considering the implementation of energy conservation standards for vending machines to help lower energy consumption in the US. With more than four million refrigerated vending machines and an estimated 10 million glass-front coolers in the US, USA Technologies estimates the EnergyMiser could lower energy cost in vending machines and coolers in domestically by as much as $1.5 billion annually.
The EnergyMiser product line is "plug-and-play" technology that can save more than $200 a year per machine, pays for itself in under 12 months, and has a life expectancy of up to 15 years. Other benefits include reduced vending machine run time, light burn time, less wear and tear, and extended machine life.
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 agreements with AT&T, Honeywell, Blackboard, MasterCard and others. For further information on USA Technologies, please visit www.usatech.com. To view a Company overview presentation, visit www.usatech.com/company_info/dl/USAT_company_overview_2008_05_19.pdf
Statement under the Private Securities Litigation Reform Act:
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product acceptance, the ability to continually obtained increased orders of its products, the ability to meet installation goals, economic, competitive, governmental impacts, whether its pending patents will be granted or defendable; validity of intellectual property and patents of USA, the ability of USA to license its patents, the ability of USA to commercialize its developmental products, technological and/or other factors, which could cause actual results or revenues to differ materially from those contemplated by these statements.
SOURCE: USA Technologies
USA Technologies Contact: George Jensen, Chairman & CEO Stephen P. Herbert, President & COO e-mail: sherbert@usatech.com Phone: 800-633-0340 or Investor Relations Contact: David Porter Marlon Nurse Porter, LeVay & Rose Phone: 212-564-4700
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