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USAT News Bank of America Chooses USA Technologies' e-Port(R) for Credit Vending Program

ORLANDO, Fla.--(BUSINESS WIRE)--Bank of America has chosen USA Technologies’ (OTC Bulletin Board:USAT) e-Port cashless vending services for their program to evaluate radio frequency cashless payment devices.

USA Technologies announced today that the bank was using its e-Port Generation Six (G6) cashless payment technology, developed to accept all forms of payment including credit cards, fobs, contactless cards or other payment devices, in vending machines.

The bank’s evaluation follows the deployment earlier this year of 1,000 cashless Coca-Cola vending machines in Philadelphia equipped with the e-Port G6 to accept MasterCard’s “PayPass” contactless card payment system. The Philadelphia deployment was the first mass installation of the e-Port G6 in a major market.

“We are excited that Bank of America chose USA Technologies and our e-Port G6 technology to help in bringing greater ease and convenience to the consumer’s purchasing experience,” said Stephen P. Herbert, President and COO, USA Technologies. “Together we are working to deliver a service that will have a meaningful impact on the way consumers pay for everyday items."

Bank of America, one of the world’s largest financial institutions and card issuing companies, is the first bank to target the $40 billion vending market for credit card and other cashless payment transactions.

The bank is evaluating the versatility of the G6 e-Port and how it responds to all forms of cashless payments, whether consumers use a traditional credit card, a fob, contactless cards or other payment devices.

The conversion to credit card vending has accelerated over recent months, with every major card company targeting vending as a major revenue growth opportunity. USA Technologies is working with most of them.

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.