Message #37 From:
NewsBot Date: March 15, 2007 06:17:00 AM
USAT News USA Technologies Approved For Listing on The NASDAQ Capital Market
MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies (OTCBB:USAT) announced today that its common stock has been approved for listing on The NASDAQ Capital Market. The Company’s common stock will commence trading, under its current trading symbol “USAT”, on Monday, March 19, 2007. Until that date, the Company’s common stock will continue to trade on the OTC Bulletin Board.
The Company also announced that it has completed a $10 million private placement of common stock and warrants with S.A.C. Capital Associates, LLC. The Company sold 1,666,667 million shares at $6.00 per share and issued six year warrants, exercisable to purchase 833,333 shares of common stock at $6.40 per share. The Company used a portion of the proceeds to repay $1.6 million in Convertible Senior Notes maturing December, 2008. The repayment of the Notes will save the Company an estimated $190,000 in interest expense annually. Recently, USA Technologies also repaid $4.3 million in Convertible Senior Notes.
"The approval of our listing on NASDAQ is a significant strategic milestone in USA Technologies’ development as a publicly traded company," stated George Jensen, Chairman and CEO of USA Technologies. “We believe that our listing reflects the progress the Company has made in developing and implementing its technology. With leading companies such as MasterCard Worldwide helping us to rapidly deploy e-Port® across the country and growing adoption of our e-Port® G6 technology by Fortune 100 companies, the Company has never been better positioned for growth. I would also like to welcome S.A.C. Capital Associates, LLC as our largest shareholder. Our listing on NASDAQ should help expand the marketability of our stock and enhance our profile within the investment community.”
The securities issued in the private placement have not been registered under the Securities Act of 1933 or state securities law and may not be resold in the United States absent registration under such act and applicable state securities laws or an applicable exemption from those registration requirements. The Company has agreed to register the shares of common stock sold as part of the private placement and the common stock issuable upon exercise of the warrants for resale under the Securities Act of 1933.
About NASDAQ:
NASDAQ® is the largest electronic equity securities market in the United States. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to category-defining companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology industries. For more information about NASDAQ, visit the NASDAQ Web site at www.nasdaq.com or the NASDAQ Newsroom at www.nasdaq.com/newsroom.
About USA Technologies:
USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. USA Technologies is an IBM Business Partner. The Company has marketing agreements with Cingular Wireless, Honeywell, Blackboard, and ZiLOG Corporation. For further information on USA Technologies, please visit www.usatech.com.
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, the ability of the Company to increase revenues in the future due to the developing and unpredictable markets for its products, the ability to achieve a positive cash flow, the ability to obtain orders for its energy management products , the ability to obtain new customers and the ability to commercialize its products, which could cause actual results or revenues to differ materially from those contemplated by these statements.
