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 provided shareholders with a review of its nominees for election to the board of directors at the upcoming 2012 Annual Meeting of Shareholders to be held on Thursday, June 28, 2012 at 9:00 a.m.
As part of its aggressive turnaround strategy, the USAT Nominating Committee and executive leadership identified several key areas of experience that they considered to be critical to enable USAT to continue its growth trajectory. The following chart illustrates the strong alignment between the USAT slate of nominees and the qualifications deemed necessary to most effectively lead USAT and to deliver value to all shareholders:
|Key Areas*||Stephen Herbert||Steven Barnhart||Joel Brooks||William Schoch||Deborah Arnold||Frank Petito||AlbinMoschner||Jack Price||William Reilly|
|Public company leadership experience||X||X||X||X||X||X||X||X|
|Finance & deal experience||X||X||X||X|
|Payments industry experience||X||X||X|
|Wireless industry experience||X||X||X|
|High volume transaction processing experience||X||X||X||X||X||X|
|Bringing technology to market||X||X||X||X||X|
|Scaling a growth company||X||X||X||X||X|
|Sales & marketing leadership||X||X||X||X||X||X|
|Public company board experience||X||X||X||X||X||X|
*Full director biographies can be viewed by clicking on each of the hyperlinked director names in the above table or by visiting the USA Technologies website at http://usatech.com/company_info/pandp_board.php .
In the past week, the nation’s leading independent proxy advisory firms Institutional Shareholder Services (“ISS”), Glass Lewis & Co. (“Glass Lewis”), and Egan-Jones Proxy Services have all recommended that USAT shareholders vote FOR ALL of USAT’s highly-qualified board of director nominees. Importantly, the proxy advisory firms recognize that USAT’s plan is delivering positive results.BRADLEY TIRPAK AND HIS NOMINEES LACK RELEVANT INDUSTRY EXPERIENCE AND HAVE A TRACK RECORD OF VALUE DESTRUCTION To date, USAT has focused more on relaying what it believes to be the more pertinent data points to shareholders – the Company’s true owners – which are the plan to enhance profitability and the collective qualifications of the USAT board that it believes will ensure the successful execution of this plan. USAT believes, however, that there are several events worth pointing out so that shareholders understand the reluctance to welcome Bradley Tirpak or any of his candidates into USAT’s boardroom. Due to the factors outlined below, among others, USAT is understandably and genuinely concerned that the election of Tirpak and his associates would significantly diminish the reputation of USAT’s board as a whole and ultimately risks destruction of shareholder value.
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