USA Technologies, Inc. (OTC:USAT) ("USAT" or the "Company"), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, today announced the successful outcome of its first virtual UR Summit 2020, held last week. This was the result of enthusiastic participation from the company's customer-base and strategic partners, who shared how both big and small companies in our industry can leverage smart technology to help manage costs, automate, and simplify the day-to-day, during these extraordinary times.
The UR Summit 2020 was a one-day virtual event, comprised of four education sessions, covering a wide array of topics: The first, "Adapting Your Business to COVID-19," featured Five Star Food Services' vice president of Marketing, C.J. Recher, who along with USAT's Jason Pardue, explored how to adapt services to clients, and create new opportunities for business sustainability during a pandemic. The second, "The Market Growth Potential of High Value Unattended Goods and Services," was an in-depth discussion with USAT's Elyssa Steiner and Brian Fischer, showcasing key findings from the PYMNTS/USAT study on the "Future of Unattended Retail," and how different generations are looking to unattended for fast and convenient ways to purchase non-traditional goods and services. Empire Vending's Jonathan and Keith Abernathy, who on the heels of USAT's Bob Hurley's introduction of a Michigan State University study, presented a use case on how they invested in technology, the journey to deployment, and in what ways it enabled them to increase route efficiencies in Session 3, "Optimize Routes and Machine Performance with Logistics Software." USAT's Severin Beale and James Fabacher rounded out the day with Session 4, "Overcoming Small Operator Challenges with Smart Technologies," which focused on the important role technology plays in helping smaller operators to succeed.
"If there is one thing the country's shutdown has taught us, it is that technology and innovation are continuously creating new opportunities to improve operational efficiencies, streamline the way we work, and truly transform organizational structures," said C.J. Recher, vice president of Marketing, Five Star Food Services. "As our industry assesses how to adapt to the new normal, it is clear that investment in IT and improved workforce management will be key to every organization's success. USAT's UR Summit 2020 gave us the opportunity to look at the new market trends, evaluate the impact of COVID- 19 on our industry and have an open discussion with our peers on how to accommodae this essential need for adjustment."
The summit showcased how USAT's products can help organizations adapt and transform their businesses by leveraging its cashless devices or cloud-based Seed Software platform. Once again, the company proved its dedication to providing innovative, world-class solutions for the unattended and self-serve retail markets, as well as offering contactless payment solutions to industries that don't traditionally leverage this type of technology.
"I would like to thank everyone who participated in making the UR Summit 2020 a successful virtual event. Now more than ever, virtual education is critical to helping our industry, customers and partners navigate through these uncertain times," said Elyssa Steiner, vice president of Marketing, USA Technologies (News - Alert). "Our success has everything to do with providing our customers, partners, employees and others in our industry, with a valuable forum to discuss their experiences, ideas, and sharing of best practices during these challenging times. It was a valuable exchange of knowledge that furthers our goal of keeping each other and our communities safe and in good health, while taking care of our customers' most critical business needs. In keeping everyone well informed and harnessing the best of what our technology has to offer to enable business continuity, we are helping our customers position for growth, as businesses start to re-open."
For a quick wrap of USAT's UR Summit 2020, please go to our blog. You can also access the session replays on our YouTube (News - Alert) channel.
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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.
This news release contains content that could be considered "forward-looking statements" under applicable securities laws. 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 the Company's customers continue to utilize the Company's transaction processing, route scheduling, inventory management, and related services; whether the Company'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 the Company; and the scale and scope of the COVID-19 global pandemic and its effect on the Company's operations and business. Although the forward-looking statements in this release reflect the current beliefs of Company management, there can be no assurance that those forward-looking statements will prove to be accurate. The Company undertakes no obligation to update forward-looking statements if circumstances or opinions about them should change, except as may be required by applicable law. The reader is cautioned not to place undue reliance on the forward-looking statements in this news release.
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