Release Details

USA Technologies Issued Patent for VM2iQ® Vending Machine Energy Conservation Technology

November 5, 2007
USA Technologies Issued Patent for VM2iQ® Vending Machine Energy Conservation Technology

MALVERN, PA, November 5, 2007 - USA Technologies (NASDAQ: USAT) has been issued a patent for the VM2iQ, a key technology in the EnergyMiser? energy conservation product line that targets the nation's four million vending machines and $46 billion vending industry.

The Company announced today that the US Patents and Trademark Office had issued patent number 7,286,907 for Method and Apparatus for Conserving Power Consumed by a Refrigerated Appliance Utilizing Audio Signal Detection.

"The patent protects strategic technology in the VM2iQ which is installed inside a vending machine and switches the cooling system in and out of energy savings mode by monitoring vending machine sales," said Dan van der Hoop, Vice President, Engineering, USA Technologies. "The intelligent technology in the VM2iQ can save vending machine operators up to 35 percent annually in utility costs."

The VM2iQ is the second generation of the VendingMiser which is installed internally, operates on audio signals, and switches the cooling system in and out of energy savings mode by monitoring vending machine sales.

The VM2iQ has already been installed in tens of thousands of vending machines, including 20,000 machines operated by one of the world's biggest retail chains, and 10,000 machines operated by a major American supermarket chain.

The latest patent is the 12th USA Technologies energy patent protecting the Company's expanding portfolio of EnergyMiser energy management technology that lowers the energy consumed in vending machines, coolers, snack machines and commercial appliances. It brings to 69 the total number of patents issued to USA Technologies, which includes the e-Port® cashless transaction technology, e-Suds? online laundry technology, and Business Express® 24x7 self-serve office center product line.

"The VM2iQ patent is among our most valuable, protecting a comprehensive range of intellectual property strategic to executing energy management technology for vending machines," said Mr. van der Hoop. "It is a critical patent that responds to the growing demand in the US and the world for solutions to lower energy consumption, costs and C02 emissions."

Energy efficiency in vending machines is becoming a competitive weapon as operators pursue efficiencies and productivity improvements, while seeking ways to differentiate their vending machines to secure contracts. USA Technologies' EnergyMiser is considered the only proven technology in the market that responds to the energy conservation demands of the vending industry.

The EnergyMiser product line is "plug-and-play" technology that begins saving power immediately, saves in excess of $100 per year per machine, pays for itself in about 12 months, and has a life span of 12 years or more. Other benefits include reduced vending machine run time and lighting burn time, resulting in less wear and tear, extending the machine's life.

USA Technologies believes if the estimated four million refrigerated vending machines and 10 million glass door coolers in America were equipped with EnergyMisers, calculated at a conservative 35 percent savings, the approximate annual impact could be a:

  • Reduction of 15,330,000,000 in kilo watt hours
  • Savings of approximately $1,379,700,000
  • Reduction of 22,995,000,000 lbs of C02
  • Reduction of 7,000,000 tons of coal
  • Savings equivalent to powering 1,500,147 homes
  • Savings equivalent to eliminating 851,666 cars from the roadway
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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.