USA Technologies, Inc. Comments on Purported Class Action Lawsuit

MALVERN, Pa.--()--USA Technologies, Inc. (NASDAQ:USAT), a leader of wireless, cashless payment and M2M/IoT solutions for small-ticket, self-serve retailing industries, commented today on the purported class action securities lawsuit, Messner v. USA Technologies, Inc., et al., which was filed on October 1, 2015 in the U.S. District Court for the Eastern District of Pennsylvania against USAT and its executive officers. The purported class action was brought on behalf of purchasers of USAT stock between September 29, 2014 and September 29, 2015. The complaint alleges that the defendants made materially false and misleading statements relating to, among other things, the failure to identify a large number of uncollectible small balance accounts. The complaint seeks certification as a class action and unspecified damages, including attorney’s fees and other costs.

Based on its review of the complaint, USAT believes that the claims alleged in the complaint lack merit, and intends to vigorously defend against the claims. USAT does not believe that it made materially false and misleading statements as alleged in the complaint. USAT remains committed to maintaining its leadership position in the small ticket, self-service retailing industries that it serves. USAT recently announced the addition of 31,000 net new connections to its ePort connect service during the fourth quarter of fiscal year 2015, resulting in 333,000 connections to its ePort connect service as of June 30, 2015, an increase of twenty-five percent from June 30, 2014.

About USA Technologies:

USA Technologies is a leader of wireless, cashless payment and M2M telemetry 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 G-series, ePort MobileTM for customers on the go, and QuickConnect, an API Web service for developers. USA Technologies has been granted 87 patents; and has agreements with Verizon, Visa, Chase Paymentech and customers such as Compass and others. Visit the website at www.usatech.com.

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, 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, business, financial market and economic conditions; the possibility that a customer would fail to or delay deploying cashless technologies in all of their point of sale locations; the extent to which the results of litigation and/or the dismissal of the complaint by the court can be predicted with certainty; the possibility that all of the expected benefits from adoption of cashless payment will not be realized by all vending operators, or will not be realized within the expected time period; whether, and to what extent, marketing support provided by the Company have resulted in, and will result in, increased sales for customers; and the ability of USAT to accurately predict future market conditions and customer behavior. 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.

Contacts

Investor Contacts:
Blueshirt Group
Michael Bishop, +1 415-217-4968
mike@blueshirtgroup.com
or
Media Contacts:
ANW Networks
Alicia V. Nieva-Woodgate, +1 415-515-0866
alicia@anwnetworks.com
Emily F. Porro, +1 347-960-3603
emily@anwnetworks.com

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