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USA Technologies, Inc. (NASDAQ: USAT) ("USAT" or the "Company"), a leader of wireless, cashless payment and M2M telemetry solutions for self-serve, small-ticket retailing industries, today mailed the following letter to shareholders:
Dear Fellow Shareholders:
USA Technologies’ (“USAT”) Annual Meeting of Shareholders is being held on June 28, 2012 – just days away.
WE ARE WRITING TO REMIND ALL SHAREHOLDERS TO PROTECT YOUR INVESTMENT IN USAT AND VOTE FOR ALL NINE DIRECTOR NOMINEES ON THE WHITE PROXY CARD.BECAUSE TIME IS SHORT, WE ENCOURAGE ALL SHAREHOLDERS TO VOTE THE WHITE PROXY CARD TODAY BY TELEPHONE OR INTERNET. The USAT Board of Directors also encourages all shareholders to discard any other proxy materials you receive from S.A.V.E. as we seriously question their relevance and misguided assertions.
In the past week, the nation’s leading proxy advisory firms Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”) have recommended that USAT shareholders vote FOR all of USAT’s highly-qualified board of director nominees.
Specifically, in its June 16, 2012, report ISS stated: “The Company’s management, governance and strategy appears greatly improved over the last year.” ISS went on to suggest USAT’s financial decisions, made by its reconstituted Board and management team, “appear to be in shareholders best interest.”*
ISS concluded its analysis by stating: “On balance, given the company's substantial progress executing on its strategic plan, particularly as demonstrated in its financial statements over a sustained period, and a management slate that appears to possess the qualifications to be effective change agents to drive the company towards profitability, the answer appears to be that the dissident has not made a compelling case that additional board change is warranted. We therefore recommend shareholders vote on the
WHITE management card
FOR all management nominees.”*
In its June 14 report, Glass Lewis lauded USAT’s progress, particularly in the areas of governance, EBITDA turnaround, and LTM revenue growth, and concluded: “...from an operating standpoint, the Company appears to be making headway under the current board and management team towards achieving greater growth and potential profitability...we believe that shareholders would be best served supporting management's slate of director nominees at this time.”*