Level 3 Securities Market Performer Watch for Wednesday, January 19, 2005!

Level 3 Securities Market Performers this morning are: USA Technologies, Inc. , Symantac Computer , Dell Inc and Sun Microsystems .

USA Technologies (USTT) has begun shipping the first of 6,000 VendingMisers® valued at ($600,000) dollars to help conserve energy in vending machines located on US Navy bases. They were ordered by the Navy Exchange Service Command (NEXCOM), headquarters for the worldwide Navy Exchange System. NEXCOM provides authorized customers quality goods and services at a savings. They also support quality of life programs for active duty military, retirees, reservists, and their families. This is a very stable and reliable source of business and indicates a steady revenue stream for USA Technologies!

NEXCOM is expected to place follow-up VendingMiser® orders to expand the energy conservation program to bases overseas. NEXCOM has already begun converting cold drink vending machines on bases at Yokosuka in Japan, and at Naval Station Pearl Harbor, in Hawaii. The latest order of VendingMisers® is being shipped to Navy bases in Memphis, Pensacola, Jacksonville, Charleston, San Diego, Meridian, New Orleans, Gulfport, and New London.

The VendingMiser is unique technology that can be installed either inside or to the outside of a vending machine, and is capable of reducing by half the energy consumed, thus lowering the annual cost of an average vending machine to about $150. Due to a 5-year contract signed late last year with the U.S. General Services Administration (GSA), all Federal Government agencies worldwide, including the military, can purchase EnergyMiser products from USTT directly. What a great indicator of future revenue streams!

An analysis of more than one million purchases made at vending machines equipped with USA Technologies' e-Port® shows the average purchase was $1.87 when a credit or debit card was used, compared with $1.06 for a cash purchase at the same machine. This is a strong indication that consumers prefer to use their credit or debit cards at vending machines. In 2004, cashless retail transactions exceeded cash for the first time. There is significant movement in the trend toward a cashless society, with the Nilson Report projecting that $3.6 trillion, nearly 50% of all consumer spending, will be cashless by 2008, and that 50% of all vending machines in the $40 billion US vending industry will be equipped with cashless transaction technology. In addition, with energy prices at historic high levels, USTT's products will continue to be in high demand!

The worldwide market for EnergyMiser products is 60 million energy-guzzling vending machines. Here is a compelling example of why USTT has a great future: if USA Technologies were to penetrate only 2% of the machines worldwide, USTT would reap approximately $120 million in revenue; 5% would be $300 million. The 60 million machines represent a 6 billion dollar opportunity! EnergyMiser products (VendingMiser®, CoolerMiser(TM), PlugMiser(TM) and SnackMiser(TM)) have no competition. Gaining even a fraction of this vending market share would bring a significant rise in stock price. There are multiple revenue streams for this company, beginning with the sale of hardware, monthly service fees, and credit card processing.

If only 1 million machines were using data from the USA Live Network at an annual service fee of $120, the service fees alone would generate $120 million of annually recurring revenue for USTT. The service fees provide significant revenue, well worth noting. The US vending machine market is 8 million machines. A 5% penetration would equal 400,000 connections to the USA Live Network, which means $48 million of annual recurring services. This brings great value to USTT!

USA Technologies is a leader in the networking of distributed assets, 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 is an IBM Business Partner. The Company has marketing agreements with AT&T, Honeywell, MEI, Unilever and ZiLOG Corporation. Visit www.usatech.com for more information.

Neither the information nor any opinion expressed herein constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives, related to such securities. Level 3 Securities Inc was compensated twenty-five hundred dollars for this opinion by the company. Level 3 Securities Inc. and its affiliates may trade for their own accounts in any securities of the issue (or issues) or in related investments. Level 3 Securities Inc. does not accept liability for any loss resulting from an investor's use of, or reliance, on this report. Level 3 Securities Inc. has obtained information from sources that are considered reliable but it is not guaranteed that this report is accurate or complete. Considerable reliance has been placed on information the company has released to the public domain or provided. However, no representation or warranty is made as to the accuracy, reliability, or timeliness of the content. This report contains forward-looking statements, which involve risks and uncertainties, which could cause actual results to differ from those implied by these statements. It is intended that all forward-looking statements be covered by the "safe harbor" provisions of section 21E of the Securities Exchange Act of 1934. Past performance is not necessarily a guide to future results. The opinions expressed are of this date and Level 3 Securities, Inc. assumes no obligation to update, modify, or amend this report.

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