NEW YORK, Nov. 30 /PRNewswire/ -- Shareholder Advocates for Value Enhancement (SAVE), a group of shareholders of USA Technologies, Inc. (Nasdaq: USAT) unaffiliated with the Company, announced today that it has mailed proxy materials to shareholders to elect three independent director nominees to the Board of Directors of USA Technologies at the Company's 2009 Annual Meeting of Shareholders on December 15, 2009.
"The time for change has arrived," said Bradley Tirpak, SAVE committee member and director nominee. "By voting SAVE's BLUE proxy card, ALL shareholders will finally have a voice on USA Technologies' Board of Directors."
"A quick look at just some of the facts makes it clear why change is needed now," Mr. Tirpak said. "Despite a 95% decline in the value of the company's stock over the last six years, USAT management and inside directors have rewarded themselves handsomely -- with $17 million in cash and stock compensation from 2003 to 2009, and $2.7 million of stock in management bonuses in 2007 and 2008. In addition, the Board recently eliminated basic shareholder rights to further entrench itself and management and make it difficult for shareholders to advocate for much needed change.
"It is time for common shareholders to be represented by directors whose interests are aligned with theirs and who will act as their advocates," said Mr. Tirpak. "SAVE's nominees - Peter Michel, Alan Gotcher, and I - are highly qualified to take on that important role. We are accomplished professionals who have served as CEOs, board directors, and portfolio managers." He noted that SAVE committee members own more than twice the amount of USAT common shares than those owned directly by the Company's entire Board of Directors.
"SAVE is not seeking control of the Board; we want to give common shareholders an opportunity to have their own voice by electing shareholder-nominated directors who will work to restore their rights, advocate for their interests, and seek to unlock the great value at USA Technologies," Mr. Tirpak continued.
Mr. Tirpak concluded, "We urge shareholders to send a message to management and directors that the time for change is NOW by electing our minority slate of three highly qualified independent nominees to the Board."
The letter SAVE included with its proxy materials to shareholders can be found at the company's website: http://WWW.SAVEUSAT.COM.
Shareholders with questions about the solicitation are invited to call Morrow & Co. at 800-662-5200.
On November 30, 2009, Shareholder Advocates for Value Enhancement (SAVE) filed a definitive proxy statement on Schedule 14A for the election of its slate of director nominees at the annual meeting of Stockholders of USA Technologies, Inc. scheduled to be held on December 15, 2009 (the "Annual Meeting"), which definitive proxy statement is being disseminated to shareholders. SHAREHOLDERS OF USA TECHNOLOGIES, INC. ARE URGED TO READ THE PROXY STATEMENT CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION.
The Proxy Statement and all other soliciting materials filed by SAVE will be available at: http://WWW.SAVEUSAT.COM.
The Proxy Statement is available at no charge on the SEC's website at http://www.sec.gov. In addition, Morrow & Co. will provide copies of the Proxy Statement without charge upon request. Requests for copies should be directed to:
Morrow & Co., LLC Toll Free: 800-662-5200 Banks and Brokerage Firms Call Collect: 203-658-9400
ABOUT SHAREHOLDER ADVOCATES FOR VALUE ENHANCEMENT
Shareholder Advocates for Value Enhancement (SAVE) is an independent group of investors in USA Technologies. Inc. ("USAT"), whose members, Bradley M. Tirpak and Craig W. Thomas, are committed to enhancing long-term value for USAT shareholders by advocating for improved corporate governance, efficient operations and compensation changes. http://WWW.SAVEUSAT.COM.
SOURCE Shareholder Advocates for Value Enhancement