USAT - Fisher Park Capital Open Letter to USAT Board of Directors

MIAMI, Feb. 13, 2020 /PRNewswire/ --

Board of Directors, USA Technologies ("USAT"):

Fisher Park Capital LP ("Fisher Park" or "we") beneficially owns approximately 3% of USAT stock (the "Company") (OTC: USAT).  For us, the latest delayed filing was the final straw, and we feel that it is our moral obligation to publicly express our lack of confidence and trust in the current board.  

The comedy of errors that this board has overseen, the latest being the announcement of an inability to file the Form 10-Q for the fiscal quarter ended December 31, 2019 on time, leaves the current board in an indefensible position.  With Hudson Executive Capital's report that over 60% of voting power (inclusive of ours) has returned proxies to vote in favor of Hudson's slate of directors, we implore you to move the annual meeting forward to the earliest possible date. Shareholders have spoken, and we think it is clear that the board is not acting in the best interest of shareholders.  Lest the board has forgotten, we remind you that board members owe fiduciary duties to shareholders, and we urge the board to "do the right thing" now.   

Finally, we believe that it would be inappropriate for the company to engage in any sale transaction, or for the board to even consider such a transaction, prior to the annual meeting.  Accordingly, if any such effort or opportunity is being made or considered (see, for reference, 22NW, LP's January 27th, 2020 letter), we believe that this further supports our position that the annual meeting date should be moved forward as soon as possible.  We think that under the right leadership, there is an opportunity for substantial value creation, and an earlier meeting date would ensure that shareholders have the opportunity to choose that leadership. 

Regards,
Bynum Hunter
Managing Partner
Fisher Park Capital LP

Founded in 2013, Fisher Park Capital is a Miami-based investment partnership.

SOURCE Fisher Park Capital