USA
Technologies, Inc. (NASDAQ: USAT), (“USAT”), a leader of wireless,
cashless payment and M2M telemetry solutions for small-ticket,
self-serve retailing industries, today announced that it has renewed and
increased its working capital line of credit with Avidbank Corporate
Finance (“Avidbank”). The agreement increases the amount available under
the credit line from $3 million to up to $5 million, and renews the
credit line for another twelve month period.
“We are pleased that we were able to leverage our relationship with
Avidbank in establishing this expanded agreement,” said USAT’s Chief
Financial Officer, David M. DeMedio. ”Our expanded credit line will
provide USAT with an important source of non-dilutive capital to fund
growth, as well as other working capital needs. Increasing our access to
flexible capital through a credit line, in conjunction with the
improvements we have made in generating cash from our operations over
the last year, are important elements in executing our growth platforms
and increasing shareholder value.”
Avidbank Executive Vice President, Mike Hansen, stated, “Avidbank seeks
companies that have demonstrated solid fundamentals within a market that
offers great potential. USAT’s improved financial performance over the
last year and their prospects for growth as a leader in their market
warranted this expanded agreement. We look forward to a continued,
successful working partnership."
About Avidbank
Avidbank Holdings, Inc., headquartered in Palo Alto, California offers
innovative financial solutions and services and specializes in
commercial & industrial, corporate finance, asset-based lending, real
estate construction and commercial real estate lending, and real estate
bridge financing. Avidbank advances the success of its clients by
providing them with financial opportunities and serving them as we wish
to be served – with mutual effort, ingenuity and trust – creating
long-term banking relationships.
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 small ticket,
self-service retailing 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 85
patents; and has agreements with Verizon, Visa, Elavon, Isis 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 USAT’s
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 or our other products and services in the future at levels
currently anticipated by USAT, including appropriate diversification
resulting from products and programs 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; 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 or, in the alternative,
increase our cash resources through, among other things, the sale of our
securities. 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
