USA Technologies, Inc. : USA Technologies Announces Independent Inspector's Preliminary Voting Results for 2012 Annual Meeting of Shareholders
07/02/2012| 03:20pm US/Eastern
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All of the Company's Director Nominees Elected
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 announced that IVS
Associates Inc., the independent Inspector of Elections (the
"Inspector"), has provided the preliminary voting results for the USAT
2012 Annual Meeting of Shareholders held on June 28, 2012.
USAT shareholders have elected by a significant margin all nine of the
Company's director nominees--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--to the USAT
Board of Directors.
USAT issued the following statement:
On behalf of the USAT Board and management team, we would like to thank
our shareholders for their continued support throughout this process and
deeply appreciate the opportunity to further discuss the future of USAT
with them. We remain focused on our strategy to continue to deliver
improved operational and financial results and look forward to creating
long-term shareholder value.
The Company also reported that the Inspector's preliminary results
indicated that shareholders voted to ratify the appointment of McGladrey
& Pullen, LLP, as the Company's independent registered public accounting
firm, and approved the 2012 Stock Incentive Plan.
The Company anticipates receiving the final, certified voting report
from the Inspector within the next several business days.
About USA Technologies:
USA Technologies is a leader in the networking of wireless non-cash
transactions, associated financial/network services and energy
management. USA Technologies provides networked credit card and other
non-cash systems in the vending, commercial laundry, hospitality and
digital imaging industries. USAT has been granted 79 patents and has
agreements with Verizon, Visa, Compass, Crane and others. Visit our
website at www.usatech.com.
Forward-looking Statements:
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: All statements other than statements of historical fact
included in this release, including without limitation the financial
position, anticipated connections to our network, business strategy and
the plans and objectives of the Company's management for future
operations, are forward-looking statements. When used in this release,
words such as "anticipate", "believe", "estimate", "expect", "intend",
and similar expressions, as they relate to USAT or its management,
identify forward-looking statements. Such forward-looking statements are
based on the beliefs of USAT's management, as well as assumptions made
by and information currently available to USAT's management. Actual
results could differ materially from those contemplated by the
forward-looking statements as a result of certain factors, including but
not limited to, business, financial market and economic conditions,
including but not limited to, the ability of USAT to retain key
customers from whom a significant portion of its revenues is derived;
the costs and management distractions attendant to Mr. Tirpak's
nomination of himself and six other candidates as director nominees at
the 2012 annual meeting of shareholders; the outcome of the proxy
contest and related litigation; whether the actions of our former CEO
which resulted in his separation from USAT or the Securities and
Exchange Commission's investigation would have a material adverse effect
on the future financial results or condition of USAT; the ability of
USAT to compete with its competitors to obtain market share; the ability
of USAT to obtain widespread commercial acceptance of it products; and
whether USAT's existing or anticipated customers purchase ePort devices
in the future at levels currently anticipated by USAT. Readers are
cautioned not to place undue reliance on these forward-looking
statements. Any forward-looking statement made by us in this release
speaks only as of the date of this release. Unless required by law, USAT
does not undertake to release publicly any revisions to these
forward-looking statements to reflect future events or circumstances or
to reflect the occurrence of unanticipated events.
Investor:
USA Technologies
Veronica Rosa, 484-359-2138
VP,
Corp. Comm. and Investor Relations
vrosa@usatech.com
or
Media:
Gregory
FCA
Joe Crivelli, 610-228-2100
Senior Vice President
joec@gregcomm.com
© Business Wire 2012
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