USA Technologies, Inc. (NASDAQ: USAT) ("USAT"), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, today announced the company has been awarded patent number US10,861,276B1 by the United States Patent and Trademark Office (USPTO). The patent, titled "Method and System of Personal Vending," adds to USAT’s deep intellectual property portfolio, and is focused on addressing the needs of consumers.
The patent was developed and co-authored by Chief Revenue Officer, Anant Agrawal, with a focus on creating an unmatched shopping experience at an unattended retail location, by reimagining the customer journey through the consumer’s mobile device. The invention can utilize mobile apps as a powerful tool, combining the convenience of unattended retail with loyalty, and leveraging online shopping behaviors to create multiple points of delight for consumers, turning vending into the preferred shopping and refreshment destination.
"Our Company has a successful track record of delivering some of the most successful innovations for unattended retail on our cloud platform with cashless payments and advanced logistics applications. Our goal is to continue to build on this platform and bring the next wave of evolution to the unattended and self-serve retail markets," said Sean Feeney, chief executive officer, USA Technologies. "This patent will give our customers the ability to leverage the benefits of eCommerce and mobile shopping experiences that shoppers already love, to the unattended market by offering a frictionless, personalized, and engaging shopping experience with machines on our platform, that already delight the consumer with instant gratification."
USAT provides the industry’s most wide-ranging suite of services designed to connect the unattended and self-serve retail business to more sales, better operating data and stronger relationships with customers. Its Platform as a Service (PaaS) enables the world to "buy it and go."
About USA Technologies, Inc.
USA Technologies, Inc. is a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market. USAT is transforming the unattended retail community by offering one integrated solution for payments processing, logistics, and back-office management. The company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively.
All statements other than statements of historical fact included in this release, including without limitation the business strategy and the plans and objectives of USAT's management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions, as they relate to USAT or its management, may identify forward-looking statements. Such forward-looking statements are based on the reasonable 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 the incurrence by USAT of any unanticipated or unusual non-operational expenses which would require us to divert our cash resources from achieving our business plan; the uncertainties associated with COVID-19, including its possible effects on USAT’s operations and the demand for USAT’s products and services; the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; the ability of USAT to compete with its competitors to obtain market share; the ability of USAT to make available and successfully upgrade current customers to new standards and protocols; whether USAT's existing or anticipated customers purchase, rent or utilize ePort or Seed devices or our other products or services in the future at levels currently anticipated by USAT; or other risks discussed in USAT’s filings with the U.S. Securities and Exchange Commission. 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. If USAT updates one or more forward-looking statements, no inference should be drawn that USAT will make additional updates with respect to those or other forward-looking statements.
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