USA
Technologies, Inc. (NASDAQ:USAT), (“USAT”), said today that its
board of directors has received a letter from S.A.V.E. Partners IV, LLC
stating that S.A.V.E. believes that USA Technologies should immediately
commence a process to explore and evaluate all potential strategic
alternatives, including exploring a sale. The letter was also included
by S.A.V.E. as an exhibit to a publicly filed amendment to its Schedule
13D.
Stephen P. Herbert, USA Technologies’ chairman and chief executive
officer, stated: “I want to assure all of our shareholders, including
S.A.V.E., that we fully recognize the market dynamics in which our
company operates, and that our board of directors has appropriately
explored, and continues to appropriately explore, any and all potential
strategic alternatives in order to maximize shareholder value.”
About USA Technologies:
USA Technologies is a leader of wireless, cashless payment and M2M
telemetry solutions for small-ticket, self-serve retailing industries.
ePort Connect® is the company’s flagship service platform, a
PCI-compliant, end-to-end suite of cashless payment and telemetry
services specially tailored to fit the needs of small ticket,
self-service retailing industries. USA Technologies also provides a
broad line of cashless acceptance technologies including its NFC-ready
ePort® G8, ePort Mobile™ for customers on the go, and QuickConnect, an
API Web service for developers. USA Technologies has been granted 86
patents; and has agreements with Verizon, Visa, Elavon and customers
such as Compass, Crane, AMI Entertainment and others. Visit the 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 business
strategy and the plans and objectives of USAT's management for future
operations and the results of the exploration of strategic alternatives,
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,
the incurrence by us of any unanticipated or unusual non-operational
expenses which would require us to divert our cash resources from
achieving our business plan; the ability of USAT to retain key customers
from whom a significant portion of its revenues is derived; the ability
of USAT to compete with its competitors to obtain market share; whether
USAT's customers continue to utilize USAT's transaction processing and
related services, as our customer agreements are generally cancelable by
the customer on thirty to sixty days' notice; the ability of USAT to
obtain widespread commercial acceptance of it products; and whether
USAT's existing or anticipated customers purchase, rent or utilize ePort
devices or our other products or services 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.
F-USAT
Copyright Business Wire 2014