-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LzdmDYjlREpA1m+hJZdqneE/ll8m+ThQrHawu6KPLk1JK+hIkb5wtRKmF4KP9AGR vMmcrE18lttedABOUwCf8A== 0000950123-09-069494.txt : 20091209 0000950123-09-069494.hdr.sgml : 20091209 20091209142618 ACCESSION NUMBER: 0000950123-09-069494 CONFORMED SUBMISSION TYPE: DFAN14A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20091209 DATE AS OF CHANGE: 20091209 EFFECTIVENESS DATE: 20091209 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: USA TECHNOLOGIES INC CENTRAL INDEX KEY: 0000896429 STANDARD INDUSTRIAL CLASSIFICATION: CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578] IRS NUMBER: 232679963 STATE OF INCORPORATION: PA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: DFAN14A SEC ACT: 1934 Act SEC FILE NUMBER: 001-33365 FILM NUMBER: 091230767 BUSINESS ADDRESS: STREET 1: 100 DEERFIELD LANE STREET 2: SUITE 140 CITY: MALVERN STATE: PA ZIP: 19355 BUSINESS PHONE: 6109890340 MAIL ADDRESS: STREET 1: 100 DEERFIELD LANE STREET 2: SUITE 140 CITY: MALVERN STATE: PA ZIP: 19355 FORMER COMPANY: FORMER CONFORMED NAME: USA ENTERTAINMENT CENTER INC DATE OF NAME CHANGE: 19931029 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Shareholder Advocates for Value Enhancement CENTRAL INDEX KEY: 0001476976 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: DFAN14A BUSINESS ADDRESS: STREET 1: 50 ORCHARD STREET STREET 2: APT. 5 CITY: NEW YORK STATE: NY ZIP: 10002 BUSINESS PHONE: 917 482 8229 MAIL ADDRESS: STREET 1: 50 ORCHARD STREET STREET 2: APT. 5 CITY: NEW YORK STATE: NY ZIP: 10002 DFAN14A 1 y80946adfan14a.htm DFAN14A 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
Filed by the registrant     o
Filed by a party other than the registrant     þ
Check the appropriate box:
o     Preliminary Proxy Statement.
o     Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)).
o     Definitive Proxy Statement.
þ     Definitive Additional Materials.
o     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)
Payment of Filing Fee (Check the appropriate box):
þ    No fee required.
 
o    Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
  (1)   Title of each class of securities to which transaction applies:
 
  (2)   Aggregate number of securities to which transaction applies:
 
  (3)   Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
 
  (4)   Proposed maximum aggregate value of transaction:
 
  (5)   Total fee paid:
o    Fee paid previously with preliminary materials.
 
o    Check box if any part of the fee is offset as provided by Exchange Act Rule 0-1 1(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.
 
(1)   Amount Previously Paid:
 
(2)   Form, Schedule or Registration Statement No.:
 
(3)   Filing Party:
 
(4)   Date Filed:
 
 

 


 

The following press release was released and posted on the website www.saveusat.com on December 9, 2009:
(GRAPHIC)
FOR IMMEDIATE RELEASE
Leading Independent Proxy Advisory Firm RiskMetrics Group
Recommends USAT Shareholders Vote BLUE Proxy Card “FOR”
Each of Independent Shareholder Group SAVE’s Board of Director Nominees
SAVE Encouraged to Have Support of Both Leading Independent Proxy Advisory Firms
New York, NY —December 9, 2009— Shareholder Advocates for Value Enhancement (SAVE), a group of shareholders of USA Technologies, Inc. (Nasdaq: USAT) unaffiliated with the Company, is pleased to announce that RiskMetrics Group (formerly Institutional Shareholder Services or ISS), a leading independent proxy advisory firm, has issued a report recommending that shareholders of USA Technologies vote the BLUE proxy card “FOR” each of SAVE’s three independent and well-qualified Board of Director nominees.
     In its December 8, 2009 report recommending that shareholders of USAT vote “FOR” the election of each of SAVE’s Board of Director nominees, RiskMetrics Group stated*:
    “Overall, in view of the company’s inability to reach profitability since inception, the lack of significant demonstrable improvements below the top line, several concerns over governance, and the sharp deterioration in shareholder value, we believe greater management oversight may be warranted in this case.
 
    “[W]e conclude that the presence of [SAVE’s] nominees on the USAT board would likely prove beneficial to shareholder value.
 
    “The long-term financial and operational performance of the company and [SAVE’s nominees’] skill sets and backgrounds establish both the need for change and [SAVE’s] ability to effect change.
     In addition, RiskMetrics identified certain aspects of compensation at USAT as “problematic,” and, with respect to the USA Technologies’ recent bylaw changes, RiskMetrics noted “these amendments and their timing, in light of the company’s sustained poor performance, leave the impression of a board acting to entrench itself.” Further, RiskMetric’s report noted,

 


 

“The company has failed to turn a profit since its inception, the business is not generating cash from operations, and USAT’s stock price has not generated meaningful returns for shareholders.” RiskMetrics continued, “It is on the basis of these performance and governance factors that we believe change is warranted on USAT’s board.” Finally, RiskMetrics concluded, “We recommend shareholders vote FOR Bradley Tirpak, Alan Gotcher, and Peter Michel.”
     Bradley M. Tirpak, a SAVE committee member and one of its Board of Director nominees, stated, “We appreciate the support of RiskMetrics and are pleased that both of the independent proxy advisory firms that have reviewed this contested election support SAVE’s nominees, who will act in the best interest of common shareholders and ensure management’s interests are aligned with those of the common shareholders.”
     On December 2, 2009, Glass Lewis & Co., a leading independent proxy advisory firm, also recommended that USA Technologies’ shareholders vote the BLUE proxy card “FOR” each of SAVE’s Board of Director nominees.
     SAVE urges stockholders to follow the recommendations of RiskMetrics and Glass Lewis by signing, dating and returning the BLUE proxy card today. For additional information on how to vote their shares, shareholders are invited to call Morrow & Co. at 800-662-5200.
     We urge you to revoke any white proxy card you may have already submitted to USA Technologies by submitting a later dated BLUE proxy card. Only your latest arriving proxy card will count.
TIME IS SHORT AND YOUR VOTE IS IMPORTANT
     To ensure that your vote is represented at the meeting, we urge you to vote TODAY by Internet or telephone by following the simple instructions on your BLUE proxy card. If you have questions about how to vote your shares, or need additional assistance, please contact:
Morrow & Co., LLC
Toll Free: 800-662-5200
Banks and Brokerage Firms Call Collect: 203-658-9400


 

ADDITIONAL INFORMATION
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 improved corporate governance, efficient operations and compensation changes. http://WWW.SAVEUSAT.COM.
 
*   Emphasis added. Permission to use quotations was neither sought nor obtained.
     
Investors:
  Media:
Morrow & Co., LLC
  Ketchum
Michael Verrechia
  Judy Brennan
203-658-9400
  Judith.Brennan@Ketchum.co
 
  312-228-6884
 
   
 
  Drew Ferguson
 
  Drew.Ferguson@Ketchum.com
 
  312-228-6872

 

GRAPHIC 2 y80946ay8094601.gif GRAPHIC begin 644 y80946ay8094601.gif M1TE&.#EA9@(Z`/?_`+V]O+&QL7EY1,3 M$^7*R-[!OW-SYR(K0;'9@V-T-#0\5#2*956S0T-.'AX%M;6TQ, M3-K:VL,U.RLK*]#0T#L[.U-34Z=^?^65D:I`0?/*PZ@H*,W-S=*CFJAJ:M[> MW?;V]K:'A;6'B/O@ MVYM&2+0L,>BIG>G0R[)?8_3T]/+R\NKHY<:HIJ9Y=YA"/??1S+:DHW5+2,F[ MNN:WM\@[0^?>W+556=FVMO#P\-F$@[<[0,G)R<*8E->JK/2ZN9E76+1!0.34 MS[-G9MS3TIL\0:-"0GP<(:L=(:P@';=+5LJ?GZF7E:M;5__P[XU&1>;EXK\^ M/[D:'NO;VMS/RZQ"2980&HM^>IE^>K(W/HAH9JHK->[=UIHI*.FSI]?GXLS5 MS=.OI\)78(D\.*N.BJ4^.;IS;,$;)IQD9K>5D+,T-JY)3:)+2:(A'_#JZ.2D MIZ(T,_VPM>KLZ^KM[.[Q\+LP,>;HXZHS-:1#3+4P0+1M;BXNSL[.;6V./CXWY64K10 M3Z`8'JTZ.+HT2L*.D;>WMYN(A.?KYZ\>&)MF7)B7E]#/RN+EY-_?WYY=7/'P M[]63D+L4(:43'??X][HZ.,;%Q>?GYK\M.-/3T_O]_*%,4NKKZM_9V+(7'?W] M_?S\_//T]/'Q\?7V]OO[^^_P\/3S]/?W]_S[_.WKZ_GY^:5U9WY!0-#,R_O[^VIM-G9 MS//S\_+T\YE03OO\^_W__?W__XLK-[`,(/7V]?7U]9(Z-+Q`2=;8T^/7U//! MO^W4U/?X^.3@S/_______R'Y!`$``/\`+`````!F`CH```C_`/T)'$BPH,&# M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($/Z:]:,8$F1"?^A7,FRI-*D4J08SK`Q88<#&U1I:--ZP%8-VH`!Z9A@D^:LKEUI'OA5JU>69-6, M5[\*'DRXL.'#-Y5BVZ)L@+)5T+8,V,).-7;IT M`PH42-<$!]6_%P,CGDV[MNW;N#VP2YU`CN9BNUH)WY6@6`+A)E*8:E6LP"K' MCPL4+R9'58')/IQUE(V[N_?OX,/#_VPF;;`PVZ."#$`[4C#,XI%,`)`LLLL@3 M#'!@QP)V*"'B`@R`\44W4!3QA!8+*$$&*W7D0X82#%@QBXIF%$`)$]IMM&"$ M0`8IY)!;-5/-6Y#L4P0)YHC1BR(V<#+$$)PL00()06BBI29!+%$&)S],.<0/ M-F"9#`D_/)'/-=!4TR-@1,8IYYQTTN1!$P4X(40;)#1R1PQWH'$'*@9H@H8! M@QJ`R@ZH-'K''8VP$40CCC@20PR(-D)"$0Q@<0T[4<%9YZBDEFJJ1,[4LXJ> M#'33""JAA/_211>Q1H#&K7^.$<&N8UP*Z`X[1&!`#&,4VVLRW7QAAQ/3^.#C MJ=!&*RVIS7BPA1Q.*&G.'5T,,VLLX#IPR"$00'!(+`ZDFRX$Z4:P@P/EICO& M(2$XT@L4W,BA3!-OQC;MOP`'S"!)U2@CAQ!:V'!$#%V$6RX:YI++K@-C.!#! MNN*N&W&YY4;A#BZ+V+$:@J(*;/+)*!/F##3%.%%'$6)H8H"N\*(1A2/Q6LQK ML+OVK&[&[<+KB#D_<,/+-/7T6]&/*3?M]-,W>;!*`D(P8$,R@%X,;\=HM'MQ M!+'T+/;8$P>H9S=Q3U90%&%'.Q@DV!$3-NM^>:<.^0,.\HX0481R0P: M[`ZQQMK%L(>W/OBPJ+B[@]GWW'-'+U,LXXLPET.4>>?`!]^Y-$T44[4-0:#2 M1<^TJA`KL#R3W?.EA<>0KJ\5C]&%)W$88L8U/&+TN_#DE^^T!P-@(L0@O=PQ M^QCEEOV\[-*/K6[:@EM?;":C'%%.%9`(1]S\9;X"&K!I),%&Z/SP!7,@8'D/ MFY@#K.9[!'(:*``%WM2A*><$"@_P[A`$9T`0$0&(,G)"$L3X0@!#J, M@B1*\0A2B"$'IQ@`@GK7D-^Q0Q0T@`9!"G`#)FP$&YU16D+(6`^#0.,&JYC( M29AP`U[4(T$>$(XTC%(-&@A@`!))@!T%XL(;)``A..!%,3`R`%Z8X)&0K`9" M)I0`$Z"0A79SX31:88P`,L^J`)0PB"$CC(R=(44H$5/.`!*\@%(76@ M`%IL)`4]:($8&W*":AJD`@J@0$6:L0$%*&`#"#'!"DJ@#)`,P`(;8(=%E"$" M!3S`FA!I1@?..?\0"2A`!P@AA@)B!.T`$N*J09(GBF"`98D!L@M``@N4%4`5F1`T"3 M`J:0R%@)*I"O2@`A`GA`"\S*D`9$M00M:$$)2D`#AZY``2P@C&$M<-&@-(,> MJY"#'7[`ABOL(1-+($`;9,:&1L1B#@8HQ""D0`!QO/(,6B#`&T(`@2C_S,(( MB$B&$@:1!53L`0G!`($:B*D'70R`'511T"2O6@%_>.,"_Y3D5?&9D:VN8(\, M:<95PUJ0"I"U(M95:`H.4HR$PO4CK>C!"L1(6(1XMP$4\8("5@#(`CBSL0<) MK`C:JQ`*/,`%3!@+.T"5D'0\=KR#\>]?*_L3%T)#%0O@!!ONP8A88,`(+Y!' M)S8\AAT80`QDJ$$8K'`$382`"!K(QAG08`Y]6,$`;)!!&T)0"CS@00UJ6`,2 M@E`+&J3#3?Q%"-/2VH`>G=61!G M%'"7%KZ^0)$)XH,2/*#)`'A`"?A2Z16@```"T:\_I-$`%_!BVAUPP2&K(8'% M6L",!O'O"0R2#ATT(`!QUL$A!U`"!02@`R4XP;7]80(*E&`%#3"!0!Q-BRV[ MX!B9WK1$!0(`%/1`!YVF]+,;X&P:I$`'\<:T/]B19@E(TA\-T`$M="#J3EM` MH:)&,(,34XUI%$,)0_\(PCT^^`H9**$,FNC$/8!U!A3;@`A&L,$9SD`(`CP! M#2&P@1'$T0J/%"RT!#UX`'QQL/45.-,%R73S#9RY3GO66:`* M,+@"`+X!90O6(,W0`59I\0"`CJ0##\BF/5?`!,5C>=#^L$#D6P#-:Q<^FU%M MK&%;<-4>)(`%"C4G!7!P51%P'IW'0*BI>]"*D0RD\.;L@1=0+UA[7B`>N3![ M"0JBS[/[H_``+?R2S=E8:?O@OO[P0-Q34/P6I+7.Q/>O"&A!BP#@MP!Q!W/_ MW,>]A7:#V9DH:(8/.(^"M(K`6<:>KS-;(,^Q@EX!C85JKA%:>\,BU-@)M0+C MYP_8L'6N1U4"X4SR]P#OYW_S%5DC9Q,DX0/3H`SY8`CF\`H?=`B((`1P``;= M<`9[@`JP)0-GD`Q&``:%T`FR``A2\`JD,`Y20`B;0`A2T`^#P`-)@`%-UP0`M8Y@]?U61?I0"Y4`": M9VC/-WQN5TW.P'B#Q7@HL`70L%W:Q79T-F"0%VA?!7!`\%UC158#1Q!;(%YN MM0)LY@70=`QC.%_58%?BI'@"4`P(=0,^H'D6L`H(_Y4"1K@"`-`,-"!-_N!? MTD0#"'4*]4"(?:4`T.!=TG0#`O`7]3!6.@!(6U4!SE0`+/``X^8/D`=P!>%?S_1,*"`0RN!,%^`# MFM@#`U`/QB8!/A"&"=`,`1``)9%6`)=6%E`\C\4"Z;")SI`+*T`+TM!N[91L ME.5?*+`:QD8!]>"'*^`/C(=]W:1OQJ:$)J!00%`/DS4`;!6!-8$->&(&BT`" M"!`![`$.?^0`O60D$YU5KR0:,^D`W$S76W&=OY0#0%``@=E#E>`1($`!@ M`9Q'68BX`DV`C,88E6DE`('9`Q20F\-M6C/U``X\$W?%7OT)1!;!P!V%6@'(0TM<$X*T`)F M)`"5?Z"0-E]IVT.0/BF>BZV1-QA99V-B:HGJ> M.O$.37`-6."1(S`"PV!$LG`/H_`#&H`!JK4/XB`.1%`#&O`+(7`'46`%H$`$ M,E`&?0`+G:`/18`'\P`,Y\`,:C`#:*`(Y)``3%!K1&@0V%":%U=V6>5F:R@` MJ5D"7I!X(?H`T.8#E^H#R2007[8"6^`/+5H"SF!86\FI-8J=#[!G_O!>[)!0 M"8`#SE(2OD`TD2P_AIX=D68)6$*YF1-A4=9 M>`#;$( M7ZDI`JOIJ`)A;`G`B\X0/DK3#.)F$-&H`)BVJ,#)M)"J``4`52T065>EG`\0 MEM@@CLFVEGM4C/2WDR-!M4DZ;9'I#_N*<1[K0H3D#ZWJ#Z]:GG$KJS;A#$TP M`,6@!81P!2/`"+73![+0!T1``&70"W[``R%0"-H0!S+``(YP!Z3`!02@#TD0 M`K"`!\:@#T0PN@L:#&J`!$?`!^"@#-1`KCUY$-@H=\70!`*@4&++H96J>>BD M#)S'E/1:$I-%'KGPE?LJ1O_*C__E`]4`HQL:5O[5`-6`#88%7VF550.P`8T5 ML081A@'_0`S$<`#FM`5SN`+C!0`(%8_/%%%M-U^'5'@4H`R)2&DMX`4C2X!; M1UENI[%<>0+.<@`7@`U`T`#MQ'A".A"8MZ&&UJ(]`(MD=3EV94]9E6Q*ZYA[ MJIIR2J_^(`#F5`!)RV:TD`M=-1#T>`PH?`SHN`H*57N+F@"-.GC^T+4%(+#- MD`#&!FVEFJD/<`P#4+\'T`(`P)K0U@H;,%ZQ2JH:F@*G.J-M),!FM+>O&I:3 MY0\%!;@MD2J4$`BZ,`3WH`*,@`%)\`L8``-&D`3V@&(8,`J44@CC$*R>P`B$ M8`3!6@JP$`Q(H`\R(`Y<``-<,`:/,`/N4`[$4``5FD)L"0!Q_]<#QD96VO&= M`A&9=M4#IA!1\%PR7+MNR/0!1D0=7D"I8V@&W7!9YXZ5YN?9,7A"8 M4-K(XJ292=@$G%<":<68L4C)SD1=M]QXT69.OEP!P,?-"+&C485I6_5?G!?! M@?66=MO+%)L"S@"F:27#!6%8S=B,!X`#"I57.ZH`P.E,D07-!>!=E(R$DVAL M3?:.QT9.D?=5P^M=@1=W?U7%SF!L#07*SE`-:47-D:=OT%Y0"\=0"7=DH0EQ`_:6:[G`!"5A`2)@410@`J+@`:O6 M`Q8@`=MWB5X]$+S&R!2P2";@`CH@3RF``AW0F*N@E/B6=5W=9/X@"BY`R7VV M8+30UZAF1@'0:@``K#'VR6A#!W0RY*-`K6G#$I)R?C572*``M(MW5M=@-KF#\IP M`B>P"CZ@`];_Y@]-X-T%4`\4H%X;8)H-M=L216TB,'"YJ@+&,`-_\`>WL`:/L`;= M.@J9,`.2(`DS,`$.(`87<#145W4+(;M2X0%+H13>8!!$_A`3LA`\.1!"/DD( MD5Q6W%0+45!"7E#D01!H07Q-?E9=?E:P(;.]\^1YFQ%F1:[M)>31*4=7'*<1 M;B<#D`"LH`4_X`@])`DQL`>;$`IS<`4JH`(($`-7,.@J<`D?,`%J_T"3L)`! M&;`&L#`!P1`,YW`.P4"3C(`&?```!0`-7XXYT'(Y0688H#Y.%Q'J;TXJ*[,+ M-[``,O0*/50LH`1**G`%L5[H$W`+#LKH(``"S,"M,*X&=)`(P``,+!X%<:`' M0+`*S_`.`ZQ_P`9MP!J[@!BF@#-5`Y>6Z\D[_]"U!'L]0"2;``0B_"1.0""`0]$$O M7!^@!K?0\Q:_!KL>]$#_`4A@`-J@!]O0"EN0Y/X.]7(_]QM1+99`"3?`#3]P M!\:0"'2P];>@!A5/!T,O]KLN^'3`];@.H7'@"M_`"\K@&L]"]Y1?^1CA##Y@ M";9P"D_`":C0]W20^&'/Z[O>\2#P]V*/^KL^`9D0!U20"Z>0`$T0*G%O^;9_ M^U*1T:E0"6:0`V7P^8G`\PYZ^A.#^]AO^Q-2#5O_4`P4:[DV=/G3Z!! MA0XEZK*9LVJI;&W+T:U1)B0(/S"$&)$.B#4SUGPPMDEC'@$WY*3R(!+HRJ)I MU:YEV];M6[AQYO9]V_@P84/)R[<6C5VJY:!*[+D5>I+"!.Q1GAIC[V-!XXE4-8N)-'> MQ<6/)U_>_'GSSGRP2R>'PY07BI+="67,/I),,:(4TL;'#3%>Y%"&"6$E@BVH*3`O! M!UMT\4488_2L&6FJ><:22G@1Y1LW]"B'#SX^J84<`5)H)8%5F-!M+19E=/)) M**.4$J>C/$`NG4HP24$4`&@!@)@26RE&F2:P*3`>)J=4
-----END PRIVACY-ENHANCED MESSAGE-----