PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Corporate Finance, a Division of Avidbank, has provided USA
Technologies, Inc. (NASDAQ: USAT), ("USAT") a $3 million asset-based
line of credit. The credit line is part of USA Technologies' strategy to
assist in the accelerated transition of cashless payment systems and
services in the unattended small-ticket, retail market through its
JumpStart program.
USA Technologies, based in Malvern, PA, 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 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. (www.usatech.com)
“The Avidbank line of credit is another important milestone in USAT’s
growth story,” stated Stephen P. Herbert, USA Technologies Chairman and
CEO. “This financing option not only provides flexibility to fund
important growth initiatives like our JumpStart program, but it is an
important marker in terms of our progress. It points to our ability to
access capital in a way USAT has not been able to do in the past and,
looking forward, it is part of our plan to continue to grow the company
while maintaining a healthy balance sheet. We are extremely pleased that
Avidbank has chosen to provide this financial facility commitment and we
look forward to a strong relationship as USAT becomes a much larger
company.”
“I am pleased we were able to put this facility in place for USA
Technologies,” stated Avidbank Corporate Finance Executive Vice
President, Mike Hansen. “They are a good example of companies we like to
work with as they are a leader in an expanding market place and continue
to demonstrate impressive growth. We look forward to a long relationship
with them.”
About Avidbank
Our goal at Avidbank is to advance our clients’ success by offering
innovative financial solutions and service. Our experienced people
provide a unique and individualized banking experience based on mutual
effort, ingenuity and trust, creating long-term banking relationships.
Avidbank specializes in the following markets: commercial and
industrial, corporate finance, technology and asset-based lending, real
estate construction, commercial real estate lending and real estate
bridge financing.
Avidbank
Steve Leen, 650-843-2204
Chief Financial Officer
www.avidbank.com
Source: Avidbank