<SEC-DOCUMENT>0001188112-12-001802.txt : 20120529
<SEC-HEADER>0001188112-12-001802.hdr.sgml : 20120529
<ACCEPTANCE-DATETIME>20120529163618
ACCESSION NUMBER:		0001188112-12-001802
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120529
DATE AS OF CHANGE:		20120529
EFFECTIVENESS DATE:		20120529

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			USA TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000896429
		STANDARD INDUSTRIAL CLASSIFICATION:	CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578]
		IRS NUMBER:				232679963
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33365
		FILM NUMBER:		12874671

	BUSINESS ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 140
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6109890340

	MAIL ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 140
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA ENTERTAINMENT CENTER INC
		DATE OF NAME CHANGE:	19931029
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>t73716_defa14a.htm
<DESCRIPTION>SCHEDULE 14A
<TEXT>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Filed by a Party other than the Registrant <font style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt">o</font></font></font></div>

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<td width="100%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</font></td>
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<div style="TEXT-ALIGN: left">Payment of Filing Fee (Check the appropriate box):</div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2) Aggregate number of securities to which transaction applies:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4) Proposed maximum aggregate value of transaction:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings; FONT-SIZE: 10pt">o </font>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously filing by registration statement number, or the Form or Schedule and the date of its filing.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Contact: <font id="TAB1" style="MARGIN-LEFT: 12pt"></font><font id="TAB1" style="MARGIN-LEFT: 12pt"></font><font id="TAB1" style="MARGIN-LEFT: 12pt"></font><font id="TAB1" style="MARGIN-LEFT: 12pt"></font><font id="TAB1" style="MARGIN-LEFT: 12pt"></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">VP Corp. Comm. &amp; Investor Relations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">USA Technologies</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">484-359-2138<font id="TAB1" style="MARGIN-LEFT: 12pt"></font><font id="TAB1" style="MARGIN-LEFT: 12pt"></font><font id="TAB1" style="MARGIN-LEFT: 12pt"></font><font id="TAB1" style="MARGIN-LEFT: 12pt"></font><font id="TAB1" style="MARGIN-LEFT: 12pt"></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">USA Technologies Hits Customer and Connections Performance Milestones</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Customer Base Crosses 3,000 Mark; Connections to ePort Connect Service Crosses 155,000 Mark</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">MALVERN, PA, May 29, 2012</font> -- USA Technologies, Inc. (NASDAQ: USAT), (&#8220;USAT&#8221;), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries announced that it had achieved two significant performance milestones in May&#8212;its ePort Connect&#174; customer base climbed to over 3,000 and connections to its ePort Connect service crossed the 155,000 mark.&#160;&#160;Compared to just one year ago, these milestones represent an increase in customers and connections of over 70% and 30%, respectively.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#8220;In an emerging market such as ours, recognizing these important markers of our progress is always great news for the industry,&#8221; stated Stephen P. Herbert, chairman and chief executive officer of USA Technologies.&#160;&#160;&#8220;We believe the substantial progress we have made in building new customers and new connections for our ePort Connect cashless payment services reflects accelerating adoption in our market.&#160;&#160;For USAT customers, we believe that adoption is being driven in large part by increased recognition of the positive impact that cashless is having on their sales, margins and net operating profit as well as through <font style="DISPLAY: inline; TEXT-DECORATION: underline">JumpStart</font>, our &#8216;terminal included&#8217; ePort Connect service option.&#160;&#160;Every day, more operators in the small ticket, unattended space are utilizing cashless payment and telemetry solutions to drive incremental business, and to bring another level of convenience to their consumers.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#8220;Importantly, continued growth in customers and connections is also a key component of accelerating USAT&#8217;s path towards profitability,&#8221; added Herbert.&#160;&#160;&#8220;In our March 2012 quarter, we hit an important milestone in terms of scale, having reached a level of recurring revenues from a larger base of connections and customers that helped to generate positive Adjusted EBITDA for the quarter.&#160;&#160;These milestones make it clear that USAT is continuing to expand top line growth and our ability to deliver sustainable positive adjusted EBITDA.&#8221;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Recently, USAT announced that as of March 31, 2012, it reached 148,000 connections and 2,825 customers, driving $336,000 in positive Adjusted EBITDA for its fiscal 2012 third quarter.&#160;&#160;USAT also indicated that based on the level of recurring revenues, improved margins, and its ability to maintain current operating expense levels, USAT believes positive Adjusted EBITDA is sustainable.&#160;&#160;Further, USAT has indicated that Adjusted EBITDA for the fourth quarter ending June 30, 2012 is expected to be in excess of the March 31 results, excluding any expenses that would result from the proxy contest.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;The USA Technologies team is focused and resolute regarding driving growth, continuing on our path towards profitability, and delivering value to our customers and shareholders,&#8221; continued Herbert.&#160;&#160;&#8220;This steady increase in the number of connections to our ePort Connect service, and the growing number of customers that they represent not only continue to support that there is a concerted move towards cashless, but they are the underpinnings of USAT&#8217;s strategy to deliver reliable and profitable recurring revenue streams through more connections, while making the value of that connection increasingly greater for both our customers and for USAT.&#160;&#160;&#160;We are clearly building positive momentum in these areas and these recent milestones bear that out,&#8221; concluded Herbert.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Reconciliation of GAAP Net Earnings to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="50%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="84%" style="BORDER-LEFT: gainsboro 1px solid; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left; BORDER-LEFT: gainsboro 1px solid; BORDER-TOP: black 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="15%" style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center; BORDER-TOP: black 1px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 8.1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">Three months</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 8.1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">ended</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 8.1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;March 31, 2012</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: left; BORDER-TOP: black 1px solid; BORDER-RIGHT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="84%" style="BORDER-BOTTOM: gainsboro 1px solid; BORDER-LEFT: gainsboro 1px solid; BORDER-TOP: gainsboro 1px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">Net loss</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: gainsboro 1px solid; BORDER-LEFT: gainsboro 1px solid; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="2%" style="BORDER-BOTTOM: gainsboro 1px solid; TEXT-ALIGN: left; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: gainsboro 1px solid; TEXT-ALIGN: right; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">(538,618</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: gainsboro 1px solid; TEXT-ALIGN: left; BORDER-TOP: gainsboro 1px solid; BORDER-RIGHT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="84%" style="BORDER-LEFT: gainsboro 1px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">Less interest income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-LEFT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">(14,029</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; BORDER-RIGHT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="84%" style="BORDER-BOTTOM: gainsboro 1px solid; BORDER-LEFT: gainsboro 1px solid; BORDER-TOP: gainsboro 1px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">Plus interest expense</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: gainsboro 1px solid; BORDER-LEFT: gainsboro 1px solid; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="2%" style="BORDER-BOTTOM: gainsboro 1px solid; TEXT-ALIGN: left; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: gainsboro 1px solid; TEXT-ALIGN: right; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">10,520</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: gainsboro 1px solid; TEXT-ALIGN: left; BORDER-TOP: gainsboro 1px solid; BORDER-RIGHT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="84%" style="BORDER-LEFT: gainsboro 1px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">Plus income tax expense</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-LEFT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">--</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; BORDER-RIGHT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="84%" style="BORDER-BOTTOM: gainsboro 1px solid; BORDER-LEFT: gainsboro 1px solid; BORDER-TOP: gainsboro 1px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">Plus depreciation expense</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: gainsboro 1px solid; BORDER-LEFT: gainsboro 1px solid; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="2%" style="BORDER-BOTTOM: gainsboro 1px solid; TEXT-ALIGN: left; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: gainsboro 1px solid; TEXT-ALIGN: right; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">631,330</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: gainsboro 1px solid; TEXT-ALIGN: left; BORDER-TOP: gainsboro 1px solid; BORDER-RIGHT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="84%" style="BORDER-LEFT: gainsboro 1px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">Plus amortization expense</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-LEFT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">258,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; BORDER-RIGHT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="84%" style="BORDER-BOTTOM: gainsboro 1px solid; BORDER-LEFT: gainsboro 1px solid; BORDER-TOP: gainsboro 1px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">Less change in fair value of warrant liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: gainsboro 1px solid; BORDER-LEFT: gainsboro 1px solid; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="2%" style="BORDER-BOTTOM: gainsboro 1px solid; TEXT-ALIGN: left; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: gainsboro 1px solid; TEXT-ALIGN: right; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">(95,074</font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: gainsboro 1px solid; TEXT-ALIGN: left; BORDER-TOP: gainsboro 1px solid; BORDER-RIGHT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="84%" style="BORDER-LEFT: gainsboro 1px solid; PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">Plus stock-based compensation</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-LEFT: gainsboro 1px solid; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" nowrap valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt"><font style="DISPLAY: inline">83,300</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; BORDER-RIGHT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="84%" style="BORDER-LEFT: gainsboro 1px solid; PADDING-BOTTOM: 4px; BORDER-TOP: gainsboro 1px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">Adjusted, EBITDA</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-LEFT: gainsboro 1px solid; PADDING-BOTTOM: 4px; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="2%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right; BORDER-TOP: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt"><font style="DISPLAY: inline">336,029</font></font></td>
<td nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left; BORDER-TOP: gainsboro 1px solid; BORDER-RIGHT: gainsboro 1px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #333333; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

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<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3</font></div>

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<div id="HDR">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-GAAP Financial Measures: Adjusted EBITDA</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This press release includes the following financial measure defined as a non-GAAP financial measure by the Securities and Exchange Commission: Adjusted EBITDA.&#160;&#160;See "Reconciliation of GAAP Net Earnings to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization Expense (Adjusted EBITDA)" table included in this press release for further information regarding these non-GAAP financial measures.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As used herein, Adjusted EBITDA represents net income (loss) before interest income, interest expense, income taxes, depreciation, amortization, and change in fair value of warrant liabilities and stock-based compensation expense. We have excluded the non-operating item, change in fair value of warrant liabilities, because it represents a non-cash charge that is not related to USAT&#8217;s operations.&#160;&#160;We have excluded the non-cash expenses, stock-based compensation, as it does not reflect the cash-based operations of USAT.&#160;&#160;Adjusted EBITDA is a non-GAAP financial measure which is not required by or defined under GAAP (Generally Accepted Accounting Principles).&#160;&#160;The presentation of this financial measure is not intended to be considered in isolation or as a substitute for the financial measures prepared and presented in accordance with GAAP, including the net income or net loss of USAT or net cash used in operating activities.&#160;&#160;Management recognizes that non-GAAP financial measures have limitations in that they do not reflect all of the items associated with USAT&#8217;s net income or net loss as determined in accordance with GAAP, and are not a substitute for or a measure of USAT&#8217;s profitability or net earnings.&#160;&#160;Adjusted EBITDA is presented because we believe it is useful to investors as a measure of comparative operating performance and liquidity, and because it is less susceptible to variances in actual performance resulting from depreciation and amortization and non-cash charges for changes in fair value of warrant liabilities and stock-based compensation expense.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">About USA Technologies:</font> </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 and services in the vending, commercial laundry, hospitality and digital imaging industries. USA Technologies has been granted 79 patents and has agreements with Verizon, Visa, Compass, Crane and others. Visit our website at <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.usatech.com</font>.</font></div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
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<div id="HDR">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Forward-looking Statements:</font> </font></div>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
