|By Business Wire||
|December 20, 2013 07:44 AM EST||
USA Technologies, Inc. (NASDAQ: USAT), (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for self-serve retail industries, today announced that the U.S. Patent Office has granted USAT its 87th patent. U.S. Patent 8,596,529, titled Interactive Interface Effectuated Vending, adds to the collection of intellectual property USAT has accumulated over a number of years as self-serve retail markets, such as vending, transition from cash-only to cashless and other value-added offerings enabled by a connected technology platform.
“Through this patent and others, USAT has accumulated what we believe is a meaningful portfolio of intellectual property around, among other things, cashless payment, remote diagnostics, and interactive transaction capabilities in a vending machine—one of the largest segments of the self-serve retail market that remains in the early stages of cashless adoption,” said Stephen P. Herbert, chairman and chief executive officer of USA Technologies.
“This latest patent is a reminder to our customers that we continue to actively protect our intellectual property and afford them the benefits of that intellectual property via our ePort® products and ePort Connect® service. In addition, as cashless continues to proliferate in the vending/self-serve retail market we believe our intellectual property will be of increasing value to the marketplace. As a result, we anticipate increasing our licensing efforts as part of our strategy as the market continues to develop,” said Herbert.
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 87 patents; and has agreements with Verizon, Visa, Elavon and customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.
"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, our ability to obtain patent protection for our proprietary products, maintain trade secret protection and operate without infringing the proprietary rights of others; whether any patents issued to us will provide us with any competitive advantages or adequate protection for our products; whether any patents issued to us will not be challenged, invalidated or circumvented by others; the possibility that the expected benefits from our intellectual property will not be realized by customers; and whether USAT would be successful in its licensing efforts in connection with its intellectual property. 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.