USA Technologies, Inc. (NASDAQ: USAT), (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today announced that it has renewed and increased its working capital line of credit with Avidbank Corporate Finance (“Avidbank”). The agreement increases the amount available under the credit line from $3 million to up to $5 million, and renews the credit line for another twelve month period.
“We are pleased that we were able to leverage our relationship with Avidbank in establishing this expanded agreement,” said USAT’s Chief Financial Officer, David M. DeMedio. ”Our expanded credit line will provide USAT with an important source of non-dilutive capital to fund growth, as well as other working capital needs. Increasing our access to flexible capital through a credit line, in conjunction with the improvements we have made in generating cash from our operations over the last year, are important elements in executing our growth platforms and increasing shareholder value.”
Avidbank Executive Vice President, Mike Hansen, stated, “Avidbank seeks companies that have demonstrated solid fundamentals within a market that offers great potential. USAT’s improved financial performance over the last year and their prospects for growth as a leader in their market warranted this expanded agreement. We look forward to a continued, successful working partnership."
Avidbank Holdings, Inc., headquartered in Palo Alto, California offers innovative financial solutions and services and specializes in commercial & industrial, corporate finance, asset-based lending, real estate construction and commercial real estate lending, and real estate bridge financing. Avidbank advances the success of its clients by providing them with financial opportunities and serving them as we wish to be served – with mutual effort, ingenuity and trust – creating long-term banking relationships.
About USA Technologies:
USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company’s flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of small ticket, self-service retailing industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G8, ePort Mobile™ for customers on the go, and QuickConnect™, an API Web service for developers. USA Technologies has been granted 85 patents; and has agreements with Verizon, Visa, Elavon, Isis and major customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.
"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 USAT’s anticipated growth and business strategy, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT's management, as well as assumptions made by and information currently available to USAT'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, whether USAT's existing or anticipated customers purchase, rent or utilize ePort devices or our other products and services in the future at levels currently anticipated by USAT, including appropriate diversification resulting from products and programs other than our Jumpstart Program; the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; whether USAT's customers would continue to add additional connections to our network in the future at levels currently anticipated by USAT; the ability of USAT to compete with its competitors to obtain market share; whether USAT's customers continue to utilize USAT's transaction processing and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days' notice; the ability of USAT to obtain widespread commercial acceptance of its products; and the incurrence by us of any unanticipated or unusual non-operational expenses, such as in connection with a proxy contest, which would require us to divert our cash resources from achieving our business plan or, in the alternative, increase our cash resources through, among other things, the sale of our securities. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT 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.