USA Technologies Receives Largest Order to Date from School System for VendingMiser Products
MALVERN, Pa, and THONOTOSASSA, Fl , March 1, 2006 -- USA Technologies Inc. (OTC Bulletin Board: USAT) and Florida energy services distributor Energy Reapers Inc. today announced the first delivery of VendingMisers to one of the biggest school districts in the United States. The school district has purchased a total of 1,000 VendingMisers.
The order represents the single biggest order to date for USA Technologies' energy management products from a school district. It brings the number of school districts utilizing USA Technologies' energy management product line to nearly 1,400 and to more than 200 colleges in all 50 states.
"With oil and natural gas prices continuing to rise, school districts and colleges are aggressively implementing innovative ways to lower their dependence on electricity," said Brian Frost, President, Energy Reapers. "The VendingMiser® is easy to install, produces instant energy savings, and pays for itself inside a year, making it increasingly popular with energy conscious educators."
Energy Reapers reports that it has received orders for USA Technologies' VendingMisers from 12 school districts and colleges in Florida alone, including Pinellas County, Pasco County, Osceola County, Indian River County, Brevard County, Santa Rosa County, the University of South Florida, University of Florida, University of Miami Medical Campus, Manatee Community College, and Lake Sumter Community College. Energy Reapers is also selling USA Technologies' energy management products to a growing number of State and Local authorities.
"After three years of marketing, testing, proving savings and selling VendingMisers, we believe 2006 will be the break out year, and already we are receiving new and follow-up orders and expect to order a minimum of another 1,000 VendingMisers from USA Technologies in coming months, in addition to the 1,000 units purchased by one of the biggest school districts in the United States," said Mr. Frost.
USA Technologies, the designer and manufacturer of the VendingMiser and Misers product line for snack machines, coolers and appliances, estimates the 1,000 units will save this latest school district over $100,000 annually in electricity bills. Refrigerated vending machines cost $150-$300 to operate annually. The miser product line can reduce energy consumption and cost by up to one-half.
The rising cost of energy in schools has become a major concern to educators. Many schools have seen their energy costs more than double over the past 12 months. In recent weeks, school districts in five different States have purchased and installed USA Technologies' energy management products, including districts in Michigan, Iowa, North Carolina, Nevada and Florida.
"The money school districts and colleges will save from investing in USA Technologies' products is money school officials can spend on more important essentials such as teacher salaries, buildings, books, and equipment," said Mr. Frost. "In today's high priced energy market, more schools are turning to energy conservation technology to help avoid the need to cut budgets in other important areas of school spending to pay for the higher priced energy."
USA Technologies recently announced that it expects to sell 70,000 energy management products in calendar year 2006, totaling $7 million in revenue for its energy Miser products alone. The company also reported it was in advanced negotiations with five Fortune 100 companies for sale and installation of Miser products.
"Our mission at USA Technologies is to help our customers conserve energy and protect the environment through innovative solutions aimed at the estimated installed base of thirty million vending machines and forty million coolers worldwide," said Stephen P. Herbert, President and COO, USA Technologies. "Ten of the Company's 65 patents granted are focused on its energy conservation product line which represents an estimated $7 Billion market opportunity."
USA Technologies will be demonstrating its full energy management product line at the Sustainable Energy Conference in North Carolina next month where lowering energy costs in schools will be a key conference subject.
Energy Reapers Inc. specializes in niche energy saving technologies and services. All of the products and services represented and distributed by Energy Reapers Inc must pay for themselves in under two years, many of them like the VendingMiser can pay for themselves in under one year. For further information on Energy Reapers, please visit www.energyreapers.com.
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.