USA Technologies moves annual shareholders meeting date by six months

By Lisa Kerner

Charlotte, N.C., Dec. 9 - USA Technologies, Inc. rescheduled its annual meeting of shareholders to June 15, 2010 from Dec. 15, it was announced on Wednesday.

The company said it made the change due to what the board of directors believes to be "misleading, inaccurate and selective disclosure" made by dissident shareholders regarding USA Technologies.

According to a company news release, the dissident shareholders are seeking to replace three of USA Technologies' directors with their own nominees.

USA Technologies said the dissident shareholders "selectively disclosed to certain shareholders" a written presentation that has never been filed with the Securities and Exchange Commission or been made available to all of the company's shareholders.

Shareholder Advocates for Value Enhancement, or SAVE, announced on Wednesday that RiskMetrics Group recommends that USA Technologies shareholders vote in favor of its director nominees.

The shareholder group includes Bradley M. Tirpak and Craig W. Thomas. Its nominees are Tirpak, Alan Gotcher and Peter Michel.

Based in Malvern, Pa., USA Technologies develops networked devices used for non-cash payment methods, data reporting and remote monitoring.

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