Message #32 From:
NewsBot Date: December 15, 2006 05:00:00 AM
USAT News USA Technologies Completes a $8.4 Million Private Placement
MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies (OTC Bulletin Board: USAT) announced today that it
received and accepted orders from institutional investors for a private
placement of 1,400,000 shares of common stock at a price of $6 per share
resulting in gross proceeds of $8.4 million. As part of the private
placement offering, USA Technologies will issue to the investors
warrants exercisable into 700,000 additional shares of common stock, at
a price of $6.40 per share through December 31, 2011. William Blair &
Company, LLC has acted as the exclusive placement agent.
”We are pleased to have worked with William
Blair & Company for a successful and quick execution of this private
placement. We believe that the Company’s
recent strong performance and the potential future revenue growth
enabled us to raise the funds from a quality group of institutional
investors. This private placement offering reflects the capital markets’
confidence in USA Technologies. The addition of cash to our balance
sheet positions us well in executing our revenue growth plans,”
commented George R. Jensen, Jr., Chairman and CEO of USA Technologies.
The securities to be issued in the private placement have not been
registered under the Securities Act of 1933 or state securities law and
may not be offered or sold 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 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
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.
