USA Technologies to Present a Second Time at Washington Energy Conference
MALVERN, Pa., Jun 19, 2008 (BUSINESS WIRE) -- USA Technologies (NASDAQ:USAT) will present for a second successive time at a Department of Energy conference in Washington on energy conservation standards for refrigerated beverage vending machines.
Bob McGarrah, Senior Energy Management Advisor to USA Technologies, will explain how the company's EnergyMiser(R) technology could save the nation $1.5 billion annually if installed in the more than 4 million vending machines and 10 million coolers in the US.
"The EnergyMiser product line has the capability of reducing energy consumption by as much as 46 percent in refrigerated beverage vending machines, and with energy prices in the US continuing to climb to record highs, it is increasingly becoming an attractive technology to both the public and private sectors," said Mr. McGarrah.
He will explain during the conference that in years past, the EnergyMiser technology was largely purchased by environmentally conscious companies and institutions wanting to make a difference.
"However, over the past nine months we have seen increased interest from business to help improve their 'bottom line', and for business survival," he said. "After all, the refrigerated vending machine is the most ubiquitous commercial refrigerated device in the marketplace, and can cost upwards of $500 annually to operate."
Mr. McGarrah will also address the EnergyMiser technology's advantages for energy conscious users, including its 'payback' on investment of less than 12 months, anticipated 15-year life span, and ability to be installed quickly, and have an immediate impact on lowering energy consumption.
Two years ago, Mr. McGarrah advised that simple changes to improving vending machine efficiency would have a cumulative impact on the nation's economy, and suggested that lawmakers consider an upgrade program for vending machines, much the same as the Environmental Protection Agency's ENERGY STAR(R) program that targets both installed and new appliances.
The Department of Energy has a responsibility to establish energy conservation standards for various consumer products and commercial and industrial equipment, including refrigerated bottled or canned beverage vending machines.
The aim of the Department of Energy conference in Washington on June 26, 2008, is to hear evidence and determine whether energy conservation standards would be technologically feasible and economically justified, and would result in significant energy savings.
USA Technologies presenting again at the Department of Energy conference is further validation of the company's leadership in energy management technology specifically targeting the vending and cooler industries.
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, 800-633-0340 or Stephen P. Herbert, President & COO, 800-633-0340 sherbert@usatech.com or Investor Relations Contact: Porter, LeVay & Rose David Porter, 212-564-4700 or Marlon Nurse, 212-564-4700
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