USA Technologies Refutes S.A.V.E. Letter

USA Technologies, Inc. (USAT), said that its board of directors has received a letter from S.A.V.E. Partners IV, LLC (Shareholder Advocates for Value Enhancement) 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 said in a prepared statement, "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."