dfan14a
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
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o Preliminary Proxy Statement.
o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)).
o Definitive Proxy Statement.
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þ Soliciting Material Under Rule 14a-12.
USA TECHNOLOGIES, INC.
(Name of Registrant as Specified in Its Charter)
SHAREHOLDER ADVOCATES FOR VALUE ENHANCEMENT
(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)
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The following press release was distributed on November 19, 2009:
FOR IMMEDIATE RELEASE
Independent Shareholder Committee SAVE Seeks Three Seats on Board of USA Technologies
Urges Shareholders to Disregard the Companys Proxy Solicitation and Vote for Committee
Nominees
New York, NY, November 19, 2009Shareholder Advocates for Value Enhancement (SAVE) committee
announced today that it is seeking to elect three independent director nominees to the Board of
Directors of USA Technologies, Inc. (NASDAQ:USAT) at the Companys 2009 Annual Meeting of
Shareholders on December 15, 2009. SAVE, a group of USAT shareholders unaffiliated with the
Company, has today filed preliminary proxy materials with the U.S. Securities and Exchange
Commission and expects to commence the solicitation of proxies for its three nominees once those
materials have been cleared by the SEC.
SAVE is being led by Bradley M. Tirpak, one of SAVEs nominees. Commenting on the filing, Mr.
Tirpak noted, USA Technologies shareholders have seen a 95% decline in the value of their common
holdings over the last six years. During this period, despite the failure of the Company to
report a profit in any quarter, management has received more than $17 million in cash and stock
compensation. In fiscal 2009 alone, CEO and Board Chairman George Jensen and Company President
Stephen Herbert received compensation totaling more than 14% of the Companys 2009 revenue.
These results and pay practices were overseen by a Board led by non-independent directors,
who we believe have failed to exercise effective oversight on shareholders behalf a Board that
has now sought to entrench itself by staggering the Board without shareholder approval and suddenly
accelerating the annual meeting by over four months once they heard outside shareholders wanted
change, Mr. Tirpak continued.
We are asking USA Technologies shareholders to send a clear message to the Company and the
Board that change is needed by electing our minority slate of three qualified nominees to the
Board. If elected, our nominees will advocate best-in-class corporate governance and an
examination of operations with a focus on aligning management interests with those of the
common shareholders, Mr. Tirpak concluded.
SAVEs independent nominees are Peter Michel, Alan Gotcher, and Bradley Tirpak. They each
have significant industry or financial experience and will work to bring accountability to both
the Board and management and align their interests with those of common shareholders.
Shareholders with questions about the solicitation are invited to call Morrow & Co. at
800-662-5200.
ADDITIONAL INFORMATION
On November 19, 2009, Shareholder Advocates for Value Enhancement (SAVE) filed a preliminary 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). Prior to the Annual Meeting, SAVE will furnish a definitive Proxy Statement to
shareholders of USA Technologies, Inc., together with a BLUE proxy card. SHAREHOLDERS OF USA
TECHNOLOGIES, INC. ARE URGED TO READ THE PROXY STATEMENT CAREFULLY WHEN AVAILABLE BECAUSE IT
CONTAINS IMPORTANT INFORMATION.
The Proxy Statement and all other soliciting materials filed by SAVE will be available at:
WWW.SAVEUSAT.COM.
The Proxy Statement is available at no charge on the SECs 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
SAVE, its members, Bradley Tirpak and Craig Thomas, and its Director nominees, Bradley Tirpak,
Peter Michel and Alan Gotcher (collectively, the Participants) are deemed to be participants in
the solicitation of proxies with respect to SAVEs nominees. None of the Participants has any
direct or indirect interests in the matters to be acted upon at the Annual Meeting other than as a
shareholder or a nominee for election as a director of USA Technologies, Inc. Detailed information
regarding the names, affiliations and interests of the Participants, including security ownership
or otherwise, is available in SAVEs preliminary Proxy Statement filed by SAVE on November 19, 2009
with the SEC.
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 corporate governance, efficient
operations and compensation changes. www.saveusat.com.
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For more information: |
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Investors:
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Media: |
Morrow & Co., LLC
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Ketchum |
203-658-9400
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Judy Brennan |
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Judith.Brennan@Ketchum.com |
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312-228-6884 |
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Drew Ferguson |
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Drew.Ferguson@Ketchum.com |
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312-228-6872 |