MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies, Inc. (NASDAQ: USAT) today announced that Steven D. Barnhart has been elected Lead Independent Director by the Company’s independent directors. In an appointment aimed at enhancing corporate governance, Mr. Barnhart will become the Company’s first Lead Independent Director. Mr. Barnhart was appointed to the USAT board in October 2009. In addition to his role as Lead Independent Director, he will continue to be Chair of the Nominating Committee and a member of the Audit and Compensation Committees.
The move to name a Lead Independent Director is consistent with the Company’s efforts to augment corporate governance and shareholder friendliness. Among his key responsibilities as Lead Independent Director, Mr. Barnhart will consult with the Chairman of the Board on the agenda for and schedule of meetings of the Board of Directors, serve as a liaison between the Chairman of the Board and the independent directors, chair executive sessions of the board’s independent directors, and participate with the Chairman of the Board on communications with the Company’s shareholders.
In commenting on his new role, Mr. Barnhart said, “As Lead Independent Director, I will work closely with Steve Herbert and the Board of Directors, as we work toward sustained operating profitability and long term growth. Our mutual goal is to increase shareholder value, enhance corporate governance, and improve shareholder visibility and responsiveness.”
Stephen P. Herbert, Chairman and Chief Executive Officer of USA Technologies, added, “With his diverse C-suite background and relevant industry experience, Steve Barnhart has proven to be a valuable asset to both the management team and board of USA Technologies. He was the natural choice to be named Lead Independent Director, as his experience with publicly-traded companies and financial sophistication give him unique insights into not only our operations, but the capital markets and business environment in general. As Lead Independent Director, Steve will reinforce the strength and independence of our board, as we seek to enhance our corporate governance and deploy best practices.”
Mr. Barnhart is currently Senior Vice President and Chief Financial Officer of Bally Total Fitness, a role he has held since January 2010. Previously, he served as Chief Executive Officer and President of Orbitz Worldwide from 2007 to January 2009, after holding other executive positions within the company since joining in 2003. Prior to Orbitz Worldwide, he worked for PepsiCo and the Pepsi Bottling Group from 1990 to 2003.
Mr. Barnhart received a Bachelor of Science degree in economics in 1984 from the University of Chicago, and a Master of Business Administration degree in 1988 from the University of Chicago Booth School of Business. Mr. Barnhart served on the Board of Directors of Orbitz Worldwide from 2007 to January 2009.
About USA Technologies:
USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. The Company has been granted 79 patents and has agreements with Verizon, Visa, Compass, Crane and others. Visit our 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 financial position, anticipated connections to our network, business strategy and the plans and objectives of the Company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company'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 ability of the Company to retain key customers from whom a significant portion of its revenues is derived; whether the Company’s customers continue to operate or commence operating ePorts received under the Jumpstart program or otherwise at levels currently anticipated by the Company; the ability of the Company to compete with its competitors to obtain market share; the ability of the Company to obtain widespread commercial acceptance of it products; whether the recent significant increase in the interchange fees to be charged by Visa and MasterCard for small ticket debit card transactions would adversely affect our business, including our revenues, gross profits, and anticipated future connections to our network; whether not accepting any debit cards with interchange fees that are higher than the rates provided under the Visa Agreement would adversely affect our business, including our revenues, gross profits, and anticipated future connections to our network; and whether the Company's existing or anticipated customers purchase ePort devices in the future at levels currently anticipated by the Company. 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, the Company 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.