|By Business Wire||
|February 27, 2013 10:40 AM EST||
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, 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@bet[email protected] 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.
"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.
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