Cantaloupe Innovation Summit 2021 Showcases New Products and Services

Rhea-AI Summary

Cantaloupe, Inc. (Nasdaq: CTLP) recently held its inaugural Innovation Summit during The NAMA Show 2021. The summit showcased the company's strategies and cutting-edge solutions for the unattended retail market, including the enhanced Remote Price Change technology. CEO Sean Feeney emphasized ongoing innovations like mobile payments, cryptocurrency options, and touchless vending solutions. Cantaloupe also announced the acquisition of Yoke Payments, enhancing its self-checkout capabilities. The company aims to improve consumer engagement and operational efficiency.

Positive

• Successful Innovation Summit showcases product strategy and innovation.
• Acquisition of Yoke Payments enhances self-checkout options.
• Introduction of mobile wallet functionality for campus cards.
• New cryptocurrency payment option through MORE mobile platform.
• Launch of touchless vending solutions for enhanced consumer experience.

Negative

• None.

The NAMA Show 2021 – Cantaloupe, Inc. (Nasdaq: CTLP) (“Cantaloupe” or the “Company”), a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market, today announced the successful outcome of its first ever Innovation Summit, which was held yesterday prior to The NAMA Show 2021 in New Orleans, La.

The Cantaloupe Innovation Summit 2021 highlighted the Company’s product strategy and direction demonstrating its most innovative solutions for the unattended retail market. As the Company’s first cross-product showcase, the summit featured insights and experiences from Imperial Vending’s use case, highlighting the Cantaloupe deployment and returns received from implementation of the enhanced version of Remote Price Change (RPC). Also speaking to key trends that are accelerating demand for frictionless purchasing experiences and robust vending management system (VMS) software solutions were Cantaloupe’s CEO, Sean Feeney; its CTO, Ravi Venkatesan, and its CRO, Anant Agrawal. Michael Johnson and Benjamin Thomas spoke about Yoke Payments, discussing its micro markets solution. In addition to the product presentations, Josh Rosenberg former Chairman of NAMA provided the keynote address focused on the evolution of consumer behaviors in retail and how micro-fulfillment will play a vital role into how customers go to market to deliver what the consumer wants, at the point of sale, when they want it.

“Cantaloupe has a legacy of bringing leading-edge innovation to the unattended retail market,” said Sean Feeney, CEO of Cantaloupe, Inc. “We were extremely pleased to showcase our newest product offerings. Whether it’s bringing additional ways to pay like cryptocurrency, mobile wallet campus cards, or QR codes, or empowering our operators to optimize their businesses with innovative, soon-to-be-unveiled apps, Cantaloupe remains one step ahead of the marketplace, driving exceptional operational benefits for our operators, and consumer experiences that exceed expectations.”

Micro Markets:

• Yoke Payments –Through the acquisition of Yoke Payments, Cantaloupe’s platform will now offer a convenient self-checkout kiosk for the on-the-go consumer. The acquisition of Yoke Payments was announced yesterday, and the release can be accessed here.

Engaging Consumers:

• Campus Card – Instead of a physical stored value card, students will now be able to add campus cards to their mobile wallets, enabling them to pay for goods on campus and access amenities. This new functionality will be compatible with ePort G10 readers. This is only available with Apple Wallet at launch, with Android compatibility to be added later this fall.

• Cryptocurrency – Consumers can now pay with cryptocurrency through MORE mobile platform, browser-based app on ePort card readers. This is an added convenience for consumers with no added cost to operators, they will see it as normal transaction in dollars. This functionality is powered by Cantaloupe’s recent integration with the Bakkt platform and will be available in the Fall 2021.

• MORE Mobile Engagement Platform – The MORE Mobile platform is getting a full refresh. A new mobile browser-based app-less experience will enable multiple functionalities such as, pay with crypto, touchless vending and loyalty programs, among others. Operators may brand the experience as their own or enable their customers to brand. App launch introducing pay with crypto available Fall 2021, with additional features coming soon.

• Touchless Vending - Consumers will be able to scan a machine’s unique QR code, select items from a menu of all the offerings in the machine and pay for their selection, all from their smart phone or via card reader. This new functionality utilizes a mobile browser app, and a monthly fee plus a one-time device purchase is required. Coming Fall 2021.

• ePort Engage - Next generation of the ePort Interactive Touchscreen, offers a vibrant 3.5” color touchscreen to draw in consumers, impress brands, and help drive increased sales. It offers a full edge-to-edge touch surface, is impact resistant and accepts EMV chip and most other payment types. Pre-orders open now. Shipping October 2021.

• ePort Engage Combo – This is a 2.5” screen version of the Engage reader, which fits over a machine's bill validator. It supports two different bill acceptors: Coinco and MEI - 66mm (for U.S. bills) and 72mm (for Canadian bills). Shipping February 2022.

Optimizing Business:

• Seed Warehouse App – This is a new mobile app version of our existing warehouse app. It enables greater control over inventory and operations, with an easy-to-use, step-by-step mobile app. this solution builds off existing Seed Office functionalities, and it’s offered on both Apple and Android devices. Coming Winter 2021.

• Seed Mobile - We are modernizing the look and feel of this app, with existing functionality remaining the same. It will now be available on Android devices through the Android app store. Coming Spring 2022

• Remote Price Change (RPC) – Our existing list of compatible machines is steadily increasing. We are adding the Royal G3 (660/804) and Dixie Narco BevMax 4 beverage machines to our current catalog of machines that function with RPC. Coming Winter 2021.

An archived replay of the Cantaloupe Innovation 2021 Summit will be available as of August 25^, 2021, on the Investor Relations section of our website.

About Cantaloupe, Inc.

Cantaloupe, Inc. is a software and payments company that provides end-to-end technology solutions for the unattended retail market. Cantaloupe is transforming the unattended retail community by offering one integrated solution for payments processing, logistics, and back-office management. The Company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively.

Forward-looking Statements:

All statements other than statements of historical fact included in this release, including without limitation Cantaloupe’s future prospects and performance, the business strategy and the plans and objectives of Cantaloupe's management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “guidance,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, as they relate to Cantaloupe or its management, may identify forward-looking statements. Such forward-looking statements are based on the reasonable beliefs of Cantaloupe's management, as well as assumptions made by and information currently available to Cantaloupe's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to the incurrence by Cantaloupe of any unanticipated or unusual non-operational expenses which would require us to divert our cash resources from achieving our business plan; the uncertainties associated with COVID-19, including its possible effects on Cantaloupe’s operations, financial condition and the demand for Cantaloupe’s products and services; the ability of Cantaloupe to predict or estimate its future quarterly or annual revenue and expenses given the developing and unpredictable market for its products; the ability of Cantaloupe to retain key customers from whom a significant portion of its revenues is derived; the ability of Cantaloupe to compete with its competitors to obtain market share; the ability of Cantaloupe to make available and successfully upgrade current customers to new standards and protocols; whether Cantaloupe's existing or anticipated customers purchase, rent or utilize ePort or Seed devices or our other products or services in the future at levels currently anticipated by Cantaloupe; the ability of Cantaloupe to execute on mergers, acquisitions and/or strategic alliances, including the timing and closing of acquisitions and our ability to integrate and operate such acquisitions consistent with our forecasts; disruptions to our systems, breaches in the security of transactions involving our products or services, or failure of our processing systems; or other risks discussed in Cantaloupe’s filings with the U.S. Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the year ended June 30, 2020 and its Quarterly Reports on Form 10-Q for the quarters ended September 30, 2020, December 31, 2020, and March 31, 2021. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, Cantaloupe does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events. If Cantaloupe updates one or more forward-looking statements, no inference should be drawn that Cantaloupe will make additional updates with respect to those or other forward-looking statements.

-- G-CTLP

View source version on businesswire.com: https://www.businesswire.com/news/home/20210818005310/en/

FAQ

What was highlighted in Cantaloupe's Innovation Summit?

Cantaloupe's Innovation Summit showcased their product strategies, including advancements in Remote Price Change technology and new payment options.

What new features will Cantaloupe offer after acquiring Yoke Payments?

The acquisition will provide convenient self-checkout kiosks aimed at improving the shopping experience for on-the-go consumers.

When will Cantaloupe's cryptocurrency payment feature be available?

Cantaloupe's cryptocurrency payment option will be available in Fall 2021.

What are Cantaloupe's plans for mobile wallet campus cards?

Cantaloupe is introducing mobile wallet compatibility for campus cards, launching first with Apple Wallet, with Android support coming later.

What is the significance of Remote Price Change technology for Cantaloupe?

The Remote Price Change technology allows for efficient pricing updates across their vending machines, enhancing operational flexibility.