USA Technologies Expands Distribution Arm to $4.7 Billion U.S. Amusement Industry
USA
Technologies, Inc. (NASDAQ: USAT) (“USAT”), a leader of wireless,
cashless payment and M2M telemetry solutions for small-ticket,
self-serve retailing industries and Betson
Enterprises, a division of H. Betti Industries, Inc. (“Betson”), a
leading worldwide distributor of coin-operated amusement and vending
equipment, coin-operated parts and service, today announced a national
distribution agreement designed to expand the use of cashless payment
within the amusement industry.
Betson, with 12 distribution offices across the United States,
represents the industry’s leading designers and manufacturers of
amusement games. Subject to the terms of the three year agreement,
Betson will serve as an authorized distributor of USAT’s ePort® for
cashless payment and data reporting services, including exclusive use of
USAT’s ePort Connect® service in conjunction with a customer’s ePort.
According to Vending Times’ 2012 Census based on 2011 data, the
amusement vending industry, which includes categories such as video
games, digital jukeboxes, electronic dart boards, ticket redemption
arcade games and prize dispensing games, is a $4.67 billion industry
with approximately 1 million machine locations.
“We are excited to be launching this new distribution relationship with
USAT,” said Betson’s vice president of sales and business development,
Jonathan Betti. “In our view, there is a tremendous amount of potential
to improve business performance in the amusement industry by offering
cashless payment. Similar to the way advances in technology and
programming have altered the user experience and demographics in the
amusement industry, we believe USAT’s cashless payment and data
reporting can provide another powerful boost to the industry.
“The growing appeal of cashless payment alternatives and the data
reporting element available through USAT’s ePort Connect service should
support broader market appeal and greater returns for amusement
operators,” added Betti. “Players of high-end prize redemption games,
digital jukeboxes, simulators and high volume plush toy merchandisers
(crane machines) are a great match for the convenience of cashless
payment. No more wrestling with the bill acceptor or searching for more
coins in your pocket. In addition, amusement operators can benefit from
the increased play cashless should facilitate while also reducing the
inherent costs of handling cash,” said Betti.
USAT’s ePort cashless payment system is supported by its one-stop ePort
Connect service—a PCI-compliant, comprehensive suite of cashless
payment, telemetry and consumer engagement services specially tailored
to fit the needs of the unattended, small-ticket retailing industry.
ePort Connect enables self-service terminals to accept credit, debit,
contactless cards and other cashless forms of payment and includes all
elements of transaction processing, 24 x 7 customer service and online
tracking of cash and cashless transactions.
“Betson is the gold standard for distribution in the amusement
industry,” said Michael Lawlor, USAT’s senior vice president of sales
and business development. “We believe their reputation and nationwide
reach will be a facilitator to our anticipated growth platform as we
continue to extend our reach beyond traditional vending to new market
segments in small-ticket, unattended retail. We look forward to working
with Betson in this exciting new opportunity.”
Betson Enterprises
Betson Enterprises, headquartered in Carlstadt, New Jersey, is a
division of H. Betti Industries. With 12 distribution offices
nationwide, Betson Enterprises is the leading worldwide distributor of
coin-operated amusement and vending equipment, OCS solutions,
coin-operated parts, and service in the United States. Betson
Enterprises, with over 75 years of experience and leadership in the
coin-operated industry, offers entertainment and vending solutions for
businesses through their strong relationships with the operator
community. For more information on Betson Enterprises, visit www.betson.com,
email us at info@betson.com or just
call 1-800-524-2343.
About USA Technologies:
USA Technologies is a leader of wireless, cashless payment and M2M
telemetry solutions for small-ticket, self-serve retailing industries.
ePort Connect® is the company’s flagship service platform, a
PCI-compliant, end-to-end suite of cashless payment and telemetry
services specially tailored to fit the needs of the small ticket,
self-service retail industries. USA Technologies also provides a broad
line of cashless acceptance technologies including its NFC-ready ePort®
G8, ePort Mobile™ for customers on the go, and QuickConnect™, an API Web
service for developers. USA Technologies has been granted 84 patents;
and has agreements with Verizon, Visa, Isis, Elavon and major customers
such as Compass, Crane, AMI Entertainment and others. Visit the 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 anticipated
growth and business strategy, are forward-looking statements. When used
in this release, words such as "anticipate", "believe", "estimate",
"expect", "intend", and similar expressions, as they relate to USAT or
its management, identify forward-looking statements. Such
forward-looking statements are based on the beliefs of USAT’s
management, as well as assumptions made by and information currently
available to USAT’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 whether USAT’s existing or
anticipated customers purchase, rent or utilize ePort devices in the
future at levels currently anticipated by USAT, including appropriate
diversification resulting from sources other than our Jumpstart Program;
the ability of USAT to retain key customers from whom a significant
portion of its revenues is derived; whether USAT’s customers would
continue to add additional connections to our network in the future at
levels currently anticipated by USAT; the ability of USAT to compete
with its competitors to obtain market share; whether USAT’s customers
continue to utilize USAT’s transaction processing and related services,
as our customer agreements are generally cancelable by the customer on
thirty to sixty days’ notice; the ability of USAT to obtain widespread
commercial acceptance of its products; the ability of USAT to raise
funds in the future through the sales of securities in order to sustain
its operations if an unexpected or unusual non-operational event would
occur; and the incurrence by us of any unanticipated or unusual
non-operational expenses, such as in connection with a proxy contest,
which would require us to divert our cash resources from achieving our
business plan. 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, USAT 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.
G-USAT
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