USA Technologies Awarded Key Vending Patent
14 January, 2003
category: Financial
e-Port(TM) Maker Strengthens Ability to Penetrate Wireless,Cashless Transaction & Networking Technology
WAYNE, Pa., Jan. 14 /PRNewswire-FirstCall/ –USA Technologies, Inc., (OTC Bulletin Board: USTT), a leader in wirelesse-business, cashless transactions and associated financial/network services,has been granted its most important and industry strategic patent applying tocashless transactions and remote auditing at vending machines.
U.S. Patent 6,505,095 is the Company’s eleventh vending specific patent
issued by the U.S. Patent and Trademark Office, and eighteenth patent issued
overall, with 56 vital patents still pending, 35 of which apply to vending.
“This patent is most important because it covers the system for providing
remote audit, cashless payment, and interactive transaction capabilities in a
vending machine,” said Stephen P. Herbert, President and COO, USA
Technologies, Inc. “It covers nearly all forms of cashless vending, whether
the vending machine is activated by a credit card, smart card, wireless,
cellular phone, PDA or PIN. It also covers the network system and certain
business processes for providing these types of services to vending machines,”
he said.
The latest patent is further evidence of USA Technologies’ determination
to dominate in cashless transactions for the vending, point-of-sale, kiosk,
multimedia and other unattended point-of-sale industries. It includes certain
claims which cover the delivery of cashless transaction capability via
integration of cashless technology into bill acceptors or coin mechanisms as
well. The latest patent, in combination with the other 10 patents already
issued, is intended to allow USA Technologies, its partners and customers the
ability to operate unencumbered in the making, using or selling of systems to
network vending machines, process cashless transactions and report asset audit
information utilizing the Internet and other types of networks.
“USA Technologies has more customers, processes more transactions, and
holds more patents than anyone else providing networking and cashless
transaction services in this space,” said Mr. Herbert. “We are the undisputed
leader in cashless transaction and wireless networking technology for the
$40 billion vending industry,” he said.
The vending industry is the largest cash business in America with eight
million vending machines in the United States, and more than 30 million
worldwide. The Nilson Report announced only yesterday: “Vending machine based
(credit card) transactions are expected to be one of the growth areas for the
payment processing industry in the U.S. Although credit and debit cards
generated only five million transactions valued at less than $32.5 million at
vending terminals last year, these numbers could reach 200 million
transactions valued at $570 million within three years. Currently, (in the
vending market) USA Technologies handles 90% of all credit and debit card
transactions, and 97% of transaction dollar volume in the U.S. vending
market.” Additionally, a CBS Market Watch Report in September last year
stated that Coke and Pepsi had plans to incorporate credit card transaction
technology into their millions of vending machines.
A large majority of USA Technologies’ 18 approved patents and 56 pending
patents relate to wireless networking, payment processing, cashless
microtransactions, remote auditing, and interactive e-commerce and e-business
applications, spanning industries as pervasive as vending, office equipment,
commercial laundry, kiosks, point-of-sale equipment, and automotive
telematics.
“Patent 6,505,095 and others pending, combined with our global wireless
e-business network, puts USA Technologies in perfect position to capitalize on
the cashless and wireless networking revolution sweeping the global
marketplace,” said Mr. Herbert. “No one can match our technology, range of
offerings or services, or our value. Our cashless transaction and networking
technology could be applied to many industries,” he said.
“In addition to first-to-market advantages, USA Technologies is pursuing
an aggressive patent strategy to protect its intellectual capital, benefit
from licensing its technology, and strengthen its competitiveness as well as
the competitiveness of its customers and partners in the vending industry,” he
said.
Among USA Technologies’ customers are some of the biggest brands in the
world, including Dr Pepper, Coca Cola, Kodak, Kraft Foods, Sony Electronics
and others. USA also has positioned itself to deliver scalable solutions
capable of delivering multiple forms of payment to any size customer, anywhere
in the world by forming partnerships with industry giants such as IBM, Sprint,
MEI, ZiLOG, and Radisys.
About USA Technologies:
USA Technologies is recognized as a leader in cashless transactions,
wireless networking, and associated financial services. USA Technologies
provides credit card activated and other cashless systems, allowing end users,
ranging from consumers to business professionals, to communicate, conduct
business or make ordinary commerce transactions, outside of the home or
workplace. USA Technologies is an IBM Business Partner and an inaugural member
of the Sprint Enabling Application Service Provider Program for e-commerce. It
has also established relationships with a number of global IT, multimedia, and
telecommunications companies including RadiSys Corporation, DoubleClick Inc.,
and Xerox Corporation. Visit the USA Technologies home page at
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 continually obtained increased orders of its products, 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.
USA Technologies Contacts: CEOcast, Inc. Contact:
George R. Jensen, Jr., Chairman & CEO Mathew Henderson
Stephen P. Herbert, President & COO Phone: 212-732-4300
Phone: 800-633-0340
e-mail: [email protected]
