First subhead of release should read: Platform as a Service Offers the Leading Solution for Best Return on Investment
Also, third paragraph, first sentence should read: “It’s a testimony to our knowhow that so many of our legacy devices in the field have continued to operate and the longevity of our devices have outpaced the shelf life of the networks,” said Anant Agrawal, chief revenue officer, USA Technologies.
The updated release reads:
USAT ANNOUNCES UPGRADE PROGRAM FOR 2G AND 3G DEVICES
Platform as a Service Offers the Leading Solution for Best Return on Investment
Operators Now Have the Choice to Include EMV As Part of Upgrade
USA Technologies, Inc. (OTC: USAT) (“USAT”), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, today announced its initiatives in preparation for the wireless industry phasing out legacy 2G and 3G networks.
Mobile network operators across the globe and in the U.S. are beginning to sunset their 2G and 3G networks as 4G long-term evolution (LTE) is now the industry standard. USAT migrated most of its customers from 2G to 3G, but will work with those still on legacy devices, to complete the remaining 2G upgrades in the field. USAT is committed to making the transition seamless. To ensure business continuity, customers with devices that are reliant on either network generation will need to upgrade no later than end of 2022, although some carriers do have 2021 sunset dates. This will affect all ePort and Seed devices in the United States.
“It’s a testimony to our knowhow that so many of our legacy devices in the field have continued to operate and the longevity of our devices have outpaced the shelf life of the networks,” said Anant Agrawal, chief revenue officer, USA Technologies. “Throughout the years we have demonstrated keen foresight in developing our products, with the goal of protecting our customers’ investment to last as long as possible, underlining our dedication as a trusted partner. We remain steadfast in giving our customers access to the latest technology, through our integrated Platform as a Service and making sure it’s a value add to their business.”
USAT has developed an upgrade program that leverages its Platform as a Service (PaaS) and focuses on a choice of sensible plans to help operators maximize their capital investment. The combination of USAT’s innovative technology and future proofing gives them the ability to upgrade without too much spend and without the need to rip and replace. Many 3G devices currently in the field are equipped with an EMV Contactless card reader and will only require a 4G telemeter (G10s) upgrade. This will help get the most out of an operator’s deployed device footprint.
Continued Mr. Agrawal, “Change is a constant in technology, and the costs to keep up can add up as companies manage their investment. USAT has worked diligently to develop an upgrade program that is simple and straight forward. Our goal is to reduce our customers’ CapEx while helping maximize their return on investment.
For the small ticket unattended retail market, EMV contactless is all an operator needs particularly since consumers are quickly moving to frictionless methods of payment since the onset of the pandemic. It is likely that most will follow-suit with the way other countries that have implemented EMV. The USAT platform solution is designed to adapt to the evolutions in technology, as well as market demands; without it being disruptive or having to replace hardware or software, and by providing the best ROI. As mentioned in a press release earlier this week, operators now have the option to include EMV as part of this network upgrade. In addition, the Company completed a free over-the-air upgrade to enable EMV contactless to hundreds of thousands of readers in the field, with no upcharge or action needed by the customer.
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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.