USA Technologies Inc (USAT)

[bigjeza]

new out 10/30/03
Texas Energy Company Accelerates 'Smart Vendor' Program to Equip 12,000 Vending Machines With USA Technologies' VendingMiser(TM)
Thursday October 30, 1:11 pm ET


MALVERN, Pa., Oct. 30 /PRNewswire-FirstCall/ -- USA Technologies, Inc. (OTC Bulletin Board: USTT - News) announced today that Austin Energy, of Austin, Texas, is accelerating its "Smart Vendor" program to equip the city's 12,000 vending machines with energy saving VendingMiser's.






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Austin Energy, the 10th largest community-owned electric utility in the United States, had initially planned to deploy VendingMiser over a five-year period, but now intends to convert the city's vending machines in half the time.

This month, the electric utility increased its initial purchase from USA Technologies of $625,000 for the first phase of the deployment to $800,000, six months ahead of plan. The total cost of the program, when completed, is expected to reach nearly $2 million.

Austin Energy officials said the decision to accelerate the energy conservation program was largely driven by the huge success of VendingMiser in reducing the cost of running the city's vending machines, as well as lowering environmentally damaging greenhouse gasses.

Austin Energy has seen an immediate reduction in energy costs of up to 42 percent. Austin Energy decided it would be in the city's interests if the "Smart Vendor" Program be accelerated and convert the machines as quickly as possible. Austin Energy provides energy to nearly one million residents.

"We're delighted that an electric utility the stature and size of Austin Energy is purchasing our energy management technology to save on power consumption, contribute to reducing the drain on the national grid, while reducing cost and expense to the community," said George R. Jensen, Jr., Chairman and CEO, USA Technologies. "What's happening in Austin is beginning to spread across America. Just last week the Clark County School District in Las Vegas, Nevada, began deploying VendingMiser on soft drink machines in 259 schools across the County," he said.

There are more than 20 power companies and energy utilities in the nation that have assessed the value of USA Technologies' energy management technology, and are offering rebates of upwards of $125 per unit, as well as discounts to customers who purchase the VendingMiser's.

Clark County was one of the first school districts to initiate an energy policy to mandate that all school vending machines be equipped with VendingMiser as part of a new energy saving policy. The Nevada Power Company is helping offset the cost of installations in the Las Vegas schools by offering a $100 per unit rebate for the first 700 vending machines that are equipped with VendingMiser.

"More and more school districts are showing keen interest in VendingMiser, and we anticipate many will adopt similar energy saving policies when they realize the potential energy savings we can provide," Mr. Jensen said.

About USA Technologies:

USA Technologies is a leader in the networking of distributed assets, wireless non-cash and m-commerce transactions, associated financial/network services and interactive media technology and energy management. USA Technologies provides networked credit card and other non-cash/mobile commerce systems in the vending, commercial laundry, hospitality and digital imaging industries. USA Technologies is an IBM Business Partner and an inaugural member of the Sprint Enabling Application Service Provider Program for e-commerce. The Company has marketing agreements with the IBM Corporation and MEI and the ZiLOG Corporation. http://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 product acceptance, the ability to increase revenues, the ability to achieve profitability, the ability to obtain orders for its products, the ability to obtain new customers, the ability to meet installation goals, economic, competitive, governmental impacts, whether its pending patents will be granted or defendable; validity of intellectual property and patents of USA, the ability of USA to license its patents, the ability of USA to commercialize its developmental products, technological and/or other factors, which could cause actual results or revenues to differ materially from those contemplated by these statements.