USA Technologies prepays $3.65 million in 12%, 10% convertible notes

By Sheri Kasprzak

New York, May 3 - USA Technologies, Inc. prepaid all of its outstanding 12% and 10% convertible notes.

The company prepaid $320,000 in 12% convertible senior notes due June 30, 2009; $1.52 million in 12% convertible senior notes due Dec. 31, 2009; and $1.812 million in 10% convertible senior notes due Dec. 31, 2010.

In other news, USA Technologies entered into a one-year agreement with Kroger Co. to sell up to 10,000 VM2IQ VendingMisers for use in cold drink vending machines located in Kroger stores.

Based in Malvern, Pa., USA Technologies develops networked devices used for non-cash payment methods, data reporting and remote monitoring.

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