<SEC-DOCUMENT>0001140361-19-007340.txt : 20190418
<SEC-HEADER>0001140361-19-007340.hdr.sgml : 20190418
<ACCEPTANCE-DATETIME>20190418163635
ACCESSION NUMBER:		0001140361-19-007340
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190417
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190418
DATE AS OF CHANGE:		20190418

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			USA TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000896429
		STANDARD INDUSTRIAL CLASSIFICATION:	CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578]
		IRS NUMBER:				232679963
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33365
		FILM NUMBER:		19756345

	BUSINESS ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 300
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6109890340

	MAIL ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 300
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA ENTERTAINMENT CENTER INC
		DATE OF NAME CHANGE:	19931029
</SEC-HEADER>
<DOCUMENT>
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<DESCRIPTION>8-K
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        <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
        <div style="text-align: center; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;;">Washington, D.C. 20549</font></div>
        <div><br>
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        <div style="text-align: center; font-size: 18pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">FORM 8-K</font></div>
        <div><br>
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        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Current Report Pursuant to Section 13 or 15(d) of</font></div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Securities Exchange Act of 1934</font></div>
        <div><br>
        </div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Date of report (Date of earliest event reported): April 17, 2019</font></div>
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        <div style="text-align: center; font-size: 24pt;"><font style="font-family: &quot;Times New Roman&quot;;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">USA TECHNOLOGIES, INC</font><font style="font-family: &quot;Times
              New Roman&quot;;">.</font></font></div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Exact name of registrant as specified in its charter)</font></div>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pennsylvania</font></div>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">001-33365</font></div>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">232679963</font></div>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(State or other jurisdiction of incorporation or organization)</font></div>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Commission File Number)</font></div>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(I.R.S. Employer Identification No.)</font></div>
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        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">100 Deerfield Lane, Suite 300</font></div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Malvern, Pennsylvania 19355</font></div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> (Address of principal executive offices and zip code)</font></div>
        <div><br>
        </div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Registrant&#8217;s telephone number, including area code: 610-989-0340</font></div>
        <div><br>
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        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">n/a</font></div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Former name or former address, if changed since last report</font></div>
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        <div><br>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
            following provisions:</font></div>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9744;</font></font></div>
                </td>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9744;</font></font></div>
                </td>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
            chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div>
      </div>
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        <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Emerging growth company&#160; &#9744;</font></div>
      </div>
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        <div><br>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
            new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160; &#9744;</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
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                  <td style="width: 63pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 8.01.</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> Other Events</font></div>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font><br>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On April 17, 2019, USA Technologies, Inc. (the &#8220;Company&#8221;), received a letter from the Office of General Counsel of The Nasdaq Stock Market LLC
            (&#8220;Nasdaq&#8221;) informing the Company that the Nasdaq Hearings Panel (the "Panel") has granted the Company's request for continued listing of the Company's stock on Nasdaq. The Panel granted the Company until September 9, 2019 in order to file with
            the Securities and Exchange Commission (the &#8220;SEC&#8221;) its Annual Report on Form 10-K for the fiscal year ended June 30, 2018, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, its Quarterly Report on Form 10-Q for the
            quarter ended December 31, 2018, as well as any other periodic report that would be required to be filed with the SEC prior to such date.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On April 18, 2019, the Company issued a press release announcing the receipt of the aforementioned letter. A copy of the press release is furnished
            herewith as Exhibit 99.1 and is incorporated herein by reference.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The information in Item 8.01 in this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed &#8220;filed&#8221; for the purpose of Section
            18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities
            Exchange Act of 1934, as amended.</font></div>
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                  <td style="width: 63pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 9.01.</font></td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> Financial Statements and Exhibits</font></div>
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                <div style="text-align: justify;"><a href="ex99_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman';">Exhibit 99.1</font></a></div>
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                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Press Release of the Company dated April 18, 2019</font></div>
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        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">SIGNATURES</font></div>
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        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly
            authorized.</font></div>
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            <td style="width: 49.99%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">USA TECHNOLOGIES, INC.</font></div>
            </td>
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            <td style="width: 49.99%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">&#160;</td>
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            <td style="width: 49.99%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Dated: April 18, 2019</font></div>
            </td>
            <td style="width: 3%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">By:</font></div>
            </td>
            <td style="width: 47%; vertical-align: top;">
              <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">/s/ Stephen P. Herbert</font></font></u></div>
            </td>
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            <td style="width: 49.99%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 47%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Stephen P. Herbert,</font></div>
            </td>
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            <td style="width: 49.99%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 47%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Chief Executive Officer</font></div>
            </td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <div style="text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold;"> Exhibit 99.1<br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">USA Technologies, Inc. Announces Nasdaq Hearing Panel Grants Extension to Regain Compliance</div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">MALVERN, Pa. &#8211; April 18, 2019 -- USA Technologies, Inc. (NASDAQ: USAT) (the &#8220;Company&#8221;), a premier digital payment, consumer engagement and logistics service
          provider for the self-service retail market, today announced that it had received a letter from the Office of General Counsel of The Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;) informing the Company that the Nasdaq Hearings Panel (the "Panel") has granted
          the Company's request for continued listing of the Company's stock on Nasdaq. The Panel granted the Company until September 9, 2019 in order to file with the Securities and Exchange Commission (the &#8220;SEC&#8221;) its Annual Report on Form 10-K for the
          fiscal year ended June 30, 2018, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, its Quarterly Report on Form 10-Q for the quarter ended December 31, 2018, as well as any other periodic report that would be required to
          be filed with the SEC prior to such date (collectively, the &#8220;Unfiled Reports&#8221;).</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In addition, the Company is required to provide the Panel on May 30, 2019, June 28, 2019, July 31, 2019 and on August 15, 2019, with a written update
          regarding the status of the remediation and audit process. These updates would include a statement from the Company&#8217;s auditor regarding the current estimate of the time needed to complete the process and detailing any changes in scope of review
          or new areas of inquiry identified since the hearing or the last update, as the case may be, and a statement from the Board of Directors of the Company (the &#8220;Board&#8221;) regarding the status of training and remedial measures designed to address the
          corporate culture that enabled the accounting problems. The Panel may reconsider the terms of the extension following its review of these updates or based on any other relevant event, condition or circumstance that exists or may develop.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If the Company does not file the Unfiled Reports by September 9, 2019, the Panel has indicated that it will issue a final delist determination and the
          Company will be suspended from trading on Nasdaq.</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As previously reported, the Audit Committee of the Board (the &#8220;Audit Committee&#8221;) has completed its internal investigation which focused principally on
          certain customer transactions entered into by the Company during fiscal years 2017 and 2018. As also previously reported, the Board determined to restate the audited financial statements for the fiscal year ended June 30, 2017, and the quarterly
          and year-to-date unaudited financial statements for September 30, 2017, December 31, 2017, and March 31, 2018, based upon the adjustments to the previously reported revenues proposed by the Audit Committee and its advisers. The Company is working
          diligently to complete and file these restated financial statements with the SEC as soon as practicable and anticipates doing so no later than September 9, 2019.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">About USA Technologies, Inc.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">USA Technologies, Inc. is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market.
          The company also provides a broad line of cashless acceptance technologies including its NFC-ready ePort&#174; G-series, ePort Mobile&#174; for customers on the go, ePort&#174; Interactive, and QuickConnect, an API Web service for developers. Through its
          acquisition of Cantaloupe Systems, Inc. ("Cantaloupe"), the company also offers logistics, dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse and accounting management solutions. Cantaloupe
          is a premier provider of cloud and mobile solutions for vending, micro markets, and office coffee services.</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Forward-looking Statements:</font></font></div>
      <div><br>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8220;Safe Harbor&#8221; Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this
          release are forward-looking statements. When used in this release, words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; 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&#8217;s management, as well as assumptions made by and information currently available to the Company&#8217;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 to complete the restatement of the affected financial statements and address any material weaknesses; the timing of
          completion of necessary restatements, interim reviews and audits by the Company&#8217;s independent registered public accounting firm; risks relating to the substantial costs and diversion of personnel&#8217;s attention and resources deployed to address the
          restatement of the affected financial statements and internal control matters; the costs and expenses relating to the Audit Committee&#8217;s internal investigation; the impact of the internal investigation on the Company, its management and
          operations; the results of pending and potential additional litigation, derivative demands, or regulatory action arising from the internal investigation and its findings, from the failure to timely file the Unfiled Reports, or from the
          restatement of the affected financial statements; the subsequent discovery of additional adjustments to the Company&#8217;s previously issued financial statements; the ability of the Company to regain and maintain compliance with Nasdaq&#8217;s continued
          listing requirements; the timing of the review by, and the conclusions of, the Company&#8217;s independent auditor regarding the investigation and its impact on the financial statements; possible default by the Company under its credit facility; the
          ability of the Company to remediate any material weaknesses in internal control over financial reporting; potential reputational damage that the Company may suffer as a result of the matters under investigation, or the restatement of the affected
          financial statements; the impact of the internal investigation, and the restatement of the affected financial statements on the value of the Company&#8217;s common and preferred stock; the ability of the Company to successfully defend itself, and the
          possibility of unfavorable outcomes, in the pending class action and shareholder demands for derivative action; the impact of the pending class action and shareholder demands for derivative action on the Company&#8217;s business, reputation, results of
          operations and financial condition; and the risk that the filing of the Unfiled Reports or the restatement of the affected financial statements will take longer than anticipated. Readers are cautioned not to place undue reliance on these
          forward-looking statements. Any forward-looking statement made by us 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.</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Contact:</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Media:</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Joele Frank, Wilkinson Brimmer Katcher</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Tim Lynch / Meaghan Repko</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">212-355-4449</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">or</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Investors:</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Blueshirt Group</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Monica Gould, +1 212-871-3927</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">monica@blueshirtgroup.com</font></div>
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