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Shareholder Advocates For Value Enhancement (SAVE) Says Its Nominees May Have Had Sufficient Votes To Be Elected At USA Technologies Annual Meeting

Stocks in this article: USAT

GREENWICH, Conn., June 28, 2012 /PRNewswire/ -- S.A.V.E. Partners IV, LLC, which together with its nominees and certain other shareholders are members of a group ("SAVE") that collectively owns 3,196,739 shares of common stock of USA Technologies, Inc. (Nasdaq: USAT) ("USAT" or the "Company"), representing approximately 9.8% of the Company's outstanding shares, today announced that, based on preliminary voting results, it believes its seven nominees may have been elected to the board of directors of USAT if not for USAT's apparent last-minute attempt to influence the vote by delaying the start of the annual meeting and keeping the polls open in clear disregard of its own meeting agenda.

SAVE believes USAT manipulated the electoral process and disenfranchised shareholders at today's annual meeting by having the Chairman and Chief Executive Officer, Stephen Herbert:

  • Delay the start of the annual meeting by close to 30 minutes;
  • Blatantly stray from its own meeting agenda, including refusing to promptly close the polls at the designated point in the agenda, despite repeated motions from shareholders;
  • Despite the fact that the polls should have been closed, engage in a long-winded business presentation, which Mr. Herbert abruptly cut off once he was apparently informed of USAT's desired meeting results by his proxy solicitor and corporate secretary;
  • Refuse to reflect in the minutes of the meeting the objections to the deviation from the meeting agenda;
  • After these objections were voiced, abruptly terminate the question and answer session before shareholders had a chance to ask a single question about the business, including the lengthy presentation that SAVE believes was used as an obvious delay tactic.

David Thomsen, an independent shareholder of USAT, stated, "I have attended a large number of shareholder meetings and never have I seen such a blatant disregard for shareholders' concerns or such rude treatment of shareholders.  I was physically removed from the meeting for merely seconding a motion that the polls be closed."

SOURCE S.A.V.E. Partners IV, LLC

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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