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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, announced that at today’s Annual Meeting of Shareholders, and based on the preliminary vote count provided by its proxy solicitor, shareholders have elected all of the Company’s director nominees, consisting of Deborah G. Arnold, Steven D. Barnhart, Joel Brooks, Stephen P. Herbert, Albin F. Moschner, Frank A. Petito,III, Jack E. Price, William J. Reilly, Jr. and William J. Schoch.
USAT issued the following statement:
USAT’s entire Board and management team wish to extend their deepest gratitude to our shareholders for their patience and support throughout this process. We strongly believe that we have the right strategies in place to deliver improved results for our shareholders. While we are pleased with our progress to date in many important areas of our business, this process has only further sharpened our commitment to deliver strong business results in the years ahead.
We believe today’s preliminary results reflect the confidence our shareholders have in USAT as the market leader in cashless services and solutions, and the opportunity for enhanced shareholder value through our strategic plans. We are pleased to put this situation behind us and we look forward to continuing to report our positive momentum as we enhance value for all stakeholders.
The preliminary voting also indicates that none of the candidates nominated by dissident shareholder, Bradley Tirpak, and his affiliate, S.A.V.E. Partners IV, have been elected. Shareholders also appear to have ratified the appointment of McGladrey & Pullen, LLP, as the Company’s independent registered public accounting firm, and have approved the 2012 Incentive Stock Plan.
IVS Associates, Inc., the independent inspector of elections, has indicated that it expects to issue the preliminary voting results within the next few business days, which USAT will publicly announce. Final results of the election will also be announced once they are certified by the inspector of election.