Message #22 From:
Stock News Bot Date: November 14, 2005 03:29:00 AM
USTT News USA Technologies Presents at the Global Venture Forum In Osaka, Japan; Targeting World's Second Largest Vending Market
MALVERN, Pa.--(BUSINESS WIRE)--Nov. 14, 2005--USA Technologies (OTCBB:USTT) announced today it was launching a campaign to penetrate the Japanese vending marketplace with its energy management and cashless transaction technologies and will be presenting at the prestigious Global Venture Forum IT 2005 in Osaka.
Two of the company's senior executives, John McLaughlin, Vice President of Sales, and Bob Scammell, Vice President of National Accounts, will make presentations at the forum November 13-14. They will also meet with major potential Japanese customers and business partners.
"The Global Venture Forum is highly regarded by Japanese investors seeking to partner with emerging and rapidly growing venture companies in the information technology industry, and USA Technologies will be there," said Stephen P. Herbert, President and COO, USA Technologies. "USA Technologies executives will both present to the forum, and then hold separate meetings with leading Japanese businesses in the vending and laundry industries interested in our product line," he said.
Among the companies that have scheduled individual meetings with USA Technologies are Sky Corporation, makers of imbedded systems; Sanken Forecast, developers of banking systems and vending machines; Three-Ace Co., Ltd, a system solution provider for banks and government; Sharp; Sanyo; and Fujitaka, a manufacturer of vending machines.
"Of the 30 million vending machines worldwide, Japan is ranked second in market size with 5.5 million machines. Only the United States has more with 8 million machines," said Mr. Herbert. "This and the excessively high cost of energy in Japan has lead USA Technologies to target Japan as a major opportunity for its energy management products and e-Port(R) wireless cashless transaction solutions."
The average cost of electricity in Japan is $.22/kWh, 2.5 times the cost of electricity in the United States, which means that USA Technologies' VendingMiser will save vending machine operators in Japan nearly $300 a year per machine. There are more than 5.5 million vending machines in Japan, which makes the VendingMiser -- technology that reduces the cost of operating vending machines by nearly half -- an attractive cost saving solution.
"It's estimated that there is a vending machine for every 23 people in Japan, with machines located on just about every street corner. This makes Japan an ideal market for both VendingMiser and our e-Port cashless transaction technology," said Mr. Herbert. "Japan is a leader in information technology, but they are nowhere near as advanced as us in energy management and cashless transaction technology for vending machines, and that's where we see significant opportunity," he said.
Company executives say they expect to negotiate successful contracts with customers and business partners during the Forum, and are already in preliminary negotiations.
High-tech venture companies in information technology and electronic devices attend the Global Venture Forum. It is also a key platform for pursuing and developing business partnerships in new high-tech and emerging fields of business.
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, MEI, 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 from operations, the ability to obtain operating profit, 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.
