USA Technologies Reports Prelim Results of Rights Offering

Fri. August 07, 2009; Posted: 02:23 PM

Aug 07, 2009 (Close-Up Media via COMTEX) -- USAT | Quote | Chart | News | PowerRating -- USA Technologies, Inc. on August 3 announced the preliminary results of its previously announced rights offering, which expired in accordance with its terms at 5 p.m., Eastern Daylight time, on July 31.

In a release, USA Technologies noted:

The Company has been informed by the subscription agent that subscription rights were exercised for approximately $14,700,000 (or approximately 7,330,000 shares) based on preliminary information. The final results are expected to be determined on or about Thursday, August 6. The closing of the rights offering and issuance of the shares and related warrants is expected to occur on or about Friday, August 7.

MacKenzie Partners, Inc. acted as the information agent for the rights offering and can be contacted at 105 Madison Avenue, New York, NY 10016, toll-free: (800) 322-2885, collect: (212) 929-5500 or by e-mail request to usatrights@mackenziepartners.com.

William Blair & Company and Maxim Group acted as the dealer-managers for the rights offering.

USA Technologies is a company 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 in the vending, commercial laundry, hospitality and digital imaging industries.

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