USA Technologies buys back $90,000 convertible preferreds

By Jennifer Chiou

New York, Dec. 5 - USA Technologies, Inc. increased its share repurchase program to $1 million from $500,000 and may repurchase its series A convertible preferred stock or common shares in the open market, according to an 8-K filing with the Securities and Exchange Commission.

Through Dec. 2, the company has repurchased 10,000 preferred shares for $90,000.

The board increased the cap on Dec. 4.

The expiration date has been extended to June 30, 2009 from Dec. 31.

USA Technologies said it also has repurchased 116,000 common shares for $298,000, leaving $612,000 available under the repurchase program.

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

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