USA Technologies, Inc. (NASDAQ: USAT) announced today the preliminary
results of its previously announced rights offering, which expired in
accordance with its terms at 5:00 p.m., Eastern Daylight time, on July
31, 2009.
The Company has been informed by the subscription agent that
subscription rights were exercised for approximately $14,700,000 (or
approximately 7,330,000 shares) based on preliminary information. The
final results are expected to be determined on or about Thursday, August
6, 2009. The closing of the rights offering and issuance of the shares
and related warrants is expected to occur on or about Friday, August 7,
2009.
MacKenzie Partners, Inc. acted as the information agent for the rights
offering and can be contacted at 105 Madison Avenue, New York, NY 10016,
toll-free: (800) 322-2885, collect: (212) 929-5500 or by e-mail request
to usatrights@mackenziepartners.com.
William Blair & Company and Maxim Group LLC acted as the dealer-managers
for the rights offering.
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. The Company has agreements with AT&T, Visa,
MasterCard, First Data, Compass and others.
Forward-looking Statements
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: All statements other than statements of historical
fact included in this release, including without limitation statements
regarding the company's expectations as to determination of the final
proceeds from the offering, as well as the expected date of closing, the
financial position, business strategy and the plans and objectives of
the company's management for future operations, are forward-looking
statements. When used in this release, words such as "anticipate",
"believe", "estimate", "expect", "intend", and similar expressions, as
they relate to the company or its management, identify forward-looking
statements. Such forward-looking statements are based on the beliefs of
the company's management, as well as assumptions made by and information
currently available to the company's management. Actual results could
differ materially from those contemplated by the forward-looking
statements as a result of certain factors, including but not limited to,
business, financial market and economic conditions Readers are cautioned
not to place undue reliance on these forward-looking statements. Unless
required by law, the company does not undertake to release publicly any
revisions to these forward-looking statements to reflect future events
or circumstances or to reflect the occurrence of unanticipated events.
USA Technologies Contact:
George
Jensen, Chairman & CEO
Stephen P. Herbert, President & COO
e-mail:
sherbert@usatech.com
Phone:
(800) 633-0340
or
Investor
Relations Contact:
Marlon Nurse, Vice President
Porter,
LeVay & Rose
Phone: (212) 564-4700
