USA Technologies Unveils e-Port G6 at World's Largest Payments Trade Show in Paris
Global Demand for Cashless Vending Technology Growing
MALVERN, Pa, November 6, 2006 -- USA Technologies (OTC Bulletin Board: USAT) will unveil the e-Port Generation Six (G6) cashless payment technology in Paris this week at CARTES 2006, the world's biggest trade show for the smart card, identification and credit card industry.
The Company announced today the e-Port G6 would be showcased at CARTES by two of its global business partners -- On Track Innovations Ltd (OTI), a leader in contactless microprocessor-based smart card solutions, and ViVOtech, a company that specializes in contactless payments for Near Field Communications (NFC) enabled mobile phones and PDAs for point of sale terminals.
"CARTES will mark USA Technologies' entry to the global market with our cashless payment technology for vending machines, kiosks and point of sale terminals," said Wendy Jenkins, Vice President, Marketing, USA Technologies. "We have meetings scheduled with International manufacturers, banks and credit card companies, interested in expanding into the global self service point of sale markets," she said.
There are more than 30 million vending machines worldwide, representing a business in excess of $100 billion.
CARTES 2006 will feature global exhibitors from 130 countries, with an expected 18,000 visitors, including government and industry leaders and decision makers.
The unveiling in Paris follows the e-Port's success at the recent NAMA Expo in Orlando, Florida, the U.S. vending industry's biggest trade show. It also comes after the announcement that Bank of America was using the e-Port in vending machines to become the first bank to enter the cashless vending market.
"With the major card companies in America targeting vending for cashless micro payments, and now Bank of America entering the cashless vending space, global interest in our card transaction technology is growing," said Ms. Jenkins. "There has never been a better time to market our solutions internationally, and there is no more influential trade show than CARTES."
The e-Port G6 was designed by USA Technologies to accept all forms of cashless payment devices, from traditional magnetic swipe credit and debit cards, to radio frequency (RF) cards and devices. Recently, the first 1000 Coca-Cola vending machines equipped with the e-Port G6 were deployed in the Philadelphia region to accept MasterCard's RF PayPass contactless card payment system. Bank of America is using the same technology in its vending program.
While in Paris, USA Technologies officials will meet with potential partners to deliver its products and services outside the U.S. Company officials will also discuss the most recent USA Technologies' vending survey confirming that consumers, on average, purchase products that cost 32% more.
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.
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