<SEC-DOCUMENT>0001140361-20-004991.txt : 20200305
<SEC-HEADER>0001140361-20-004991.hdr.sgml : 20200305
<ACCEPTANCE-DATETIME>20200305171841
ACCESSION NUMBER:		0001140361-20-004991
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200305
DATE AS OF CHANGE:		20200305
EFFECTIVENESS DATE:		20200305

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33365
		FILM NUMBER:		20691720

	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>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>formdefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt;">UNITED STATES</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt;">Washington, D.C. 20549</div>
      </div>
      <div style="background-color: rgb(255, 255, 255);">
        <div><br>
        </div>
      </div>
      <div style="background-color: #FFFFFF;">
        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt;">SCHEDULE 14A</div>
        <div><br>
        </div>
        <div style="text-align: center;">Proxy Statement Pursuant to Section 14(a) of<br>
          the Securities Exchange Act of 1934</div>
      </div>
      <div>&#160;</div>
      <div>Filed by the Registrant &#9746;</div>
      <div>Filed by a Party other than the Registrant &#9744;</div>
      <div>&#160;</div>
      <div>Check the appropriate box: <br>
      </div>
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              <td style="vertical-align: top; width: 4%;" colspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#9744;</td>
              <td style="width: 91%; vertical-align: top;">
                <div style="margin-right: 36pt;">Preliminary Proxy Statement</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 4%;" colspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#9744;</td>
              <td style="width: 91%; vertical-align: top;">
                <div style="margin-right: 9pt;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
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              <td style="vertical-align: top; width: 4%;" colspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#9744;</td>
              <td style="width: 91%; vertical-align: top;">
                <div style="margin-right: 36pt;">Definitive Proxy Statement</div>
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            <tr>
              <td style="vertical-align: top; width: 4%;" colspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#9744;</td>
              <td style="width: 91%; vertical-align: top;">
                <div style="margin-right: 36pt;">Definitive Additional Materials</div>
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            <tr>
              <td style="vertical-align: top; width: 4%;" colspan="1">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#9746;</td>
              <td style="width: 91%; vertical-align: top;">
                <div>Soliciting Material Under Rule 14a-12</div>
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      <div style="background-color: #FFFFFF;">
        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt;">USA TECHNOLOGIES, INC.</div>
        <div style="text-align: center;">
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: center; color: #000000;">(Name of Registrant as Specified In Its Charter)</div>
        <div style="text-align: center;"><br>
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        <div style="text-align: center;">
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: center; color: #000000;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
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      <div>&#160;</div>
      <div>Payment of Filing Fee (Check the appropriate box):</div>
      <div>&#160;</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 5%; vertical-align: top;">
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              <div style="color: rgb(0, 0, 0);">No fee required.</div>
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            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0);">&#160;&#9744;</div>
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              <div style="color: rgb(0, 0, 0);">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
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            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 91%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">(1)</div>
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            <td style="width: 86%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title of each class of securities to which transaction applies:</div>
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            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 91%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
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            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">(2)</div>
            </td>
            <td style="width: 86%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Aggregate number of securities to which transaction applies:</div>
            </td>
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            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
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            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 91%; vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">(3)</div>
            </td>
            <td style="width: 86%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</div>
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            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
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            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 91%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
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          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">(4)</div>
            </td>
            <td style="width: 86%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Proposed maximum aggregate value of transaction:</div>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
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            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 91%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">(5)</div>
            </td>
            <td style="width: 86%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Total fee paid:</div>
            </td>
          </tr>
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              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
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            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 91%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;&#9744;</div>
            </td>
            <td style="width: 91%; vertical-align: bottom;" colspan="2">
              <div style="color: rgb(0, 0, 0);">Fee paid previously with preliminary materials.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 91%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
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          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;&#9744;</div>
            </td>
            <td style="width: 91%; vertical-align: bottom;" colspan="2">
              <div style="color: rgb(0, 0, 0);">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
                statement number, or the Form or Schedule and the date of its filing.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 91%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">(1)</div>
            </td>
            <td style="width: 86%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Amount Previously Paid:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 91%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">(2)</div>
            </td>
            <td style="width: 86%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Form, Schedule or Registration Statement No.:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 91%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">(3)</div>
            </td>
            <td style="width: 86%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Filing Party:</div>
            </td>
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          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
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            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 91%; vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">(4)</div>
            </td>
            <td style="width: 86%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Date Filed:</div>
            </td>
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          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
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      <div style="text-align: center; font-weight: bold;">USA Technologies Files Preliminary Proxy Statement in Connection with 2020 Annual Meeting of Shareholders</div>
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      <div style="text-align: center; font-style: italic;">Recommends Shareholders Vote to Opt out of Pennsylvania Anti-Takeover Statutes</div>
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      <div style="text-align: center; font-style: italic;">Announces Non-Binding Shareholder Vote on Disgorgement of Any Future Hudson Executive Capital Realized Profits</div>
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      <div style="text-align: center; font-style: italic;">Announces Expiration of Shareholder Rights Plan at Annual Meeting</div>
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      <div>MALVERN, Pa. &#8211; (March 5, 2020) &#8211; USA Technologies, Inc. (OTC:USAT) (&#8220;USAT&#8221; or the &#8220;Company&#8221;), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market,<font style="background-color: rgb(255, 255, 255);"> today filed its preliminary proxy statement with the U.S. Securities and Exchange Commission in connection with the Company&#8217;s Annual Meeting of Shareholders (the &#8220;Annual Meeting&#8221;) which is scheduled
          to be held on April 30, 2020.</font></div>
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      <div><font style="background-color: #FFFFFF;">As previously announced and as detailed in its preliminary proxy statement filed today, the USAT slate of director nominees will comprise 10 individuals, nine of whom would serve as independent directors
          and eight of whom will have been appointed since April 2019. Specifically, the USAT slate is comprised of Donald W. Layden Jr., Lisa P. Baird, Kelly Ann Kay, Robert L. Metzger, Patricia A. Oelrich, Ellen Richey, Sunil Sabharwal, William J.
          Schoch, Anne M. Smalling and Ingrid S. Stafford. Ms. Baird, Ms. Richey and Ms. Smalling are also nominees named as part of the proxy solicitation commenced by Hudson Executive Capital (&#8220;HEC&#8221;), one of the Company&#8217;s shareholders, and Ms. Kay and
          Mr. Sabharwal are nominees who were appointed to the Board in February 2020. In addition to the election of directors, USAT shareholders will vote on other matters including the ratification of the Company&#8217;s auditors and executive compensation.</font></div>
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      <div><font style="background-color: #FFFFFF;">Consistent with its ongoing efforts to enhance USAT&#8217;s corporate governance, the Company will put forth the following proposals to be voted on at the Annual Meeting:</font></div>
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                  <div><font style="background-color: #FFFFFF;">The Board will recommend and put to a vote that USAT opt out of two Pennsylvania anti-takeover statutes: Subchapter E (Control Transactions) and Subchapter F (Business Combination with
                      Interested Shareholder) of Chapter 25 of the Pennsylvania Business Corporation Law;</font></div>
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                  <div><font style="background-color: #FFFFFF;">The Board will put to a non-binding advisory vote as to whether shareholders wish the Company to directly prosecute any claims it may have in the future against HEC for disgorgement of profits
                      it may realize in disposing of any USAT shares during the 18-month period beginning November 2019. Shareholders can still bring any claim by or on behalf of the Company if USAT declines to directly prosecute them. As previously
                      announced, USAT believes that, in November 2019, HEC triggered the 18-month disgorgement period as defined by Subchapter H of Chapter 25 of the Pennsylvania Business Corporation Law.</font></div>
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      <div><font style="background-color: #FFFFFF;">The Company also announced that its short-duration shareholders&#8217; rights plan, which was adopted in October 2019, will automatically expire at the time of the Annual Meeting.</font></div>
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      <div>Mr. Layden, USA Technologies&#8217; President and Chief Executive Officer, said, &#8220;Board refreshment has been a priority, and we have recommended a slate of highly-qualified director nominees who will be able to make important collective and individual
        contributions to the ongoing work to restore USAT to sustained, profitable growth. Three of the nominees named in our proxy materials are individuals also identified by HEC, and we therefore hope that HEC will act in the best interests of all
        shareholders by calling off its unnecessary proxy contest. USAT is committed to ensuring we have best-in-class governance and will continue to act with shareholders&#8217; best interests in mind.&#8221;</div>
      <div><br>
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      <div><a name="z_Hlk34127183"></a>The Company noted that, consistent with correspondence delivered to HEC in November, 2019, we believe that, if shareholder proxies are delivered to HEC, shareholders may be in a position to demand that HEC acquire
        their shares for &#8220;fair value&#8221; under provisions of Subchapter E of the Pennsylvania Business Corporation law. This is in addition to the disgorgement statute that we believe HEC has already triggered (Subchapter H). We advise shareholders to review
        our preliminary solicitation materials that were filed today, as HEC only made passing reference in its proxy statement to Subchapter E, without providing substantive disclosure to shareholders they were soliciting about the consequences of such
        statute on HEC&#8217;s solicitation. Any amendment to USAT&#8217;s charter to opt out of Subchapter E will be completed in a way that does not impair any shareholder right against HEC that may vest at or prior to the annual meeting.</div>
      <div><br>
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      <div>The preliminary proxy materials can be found on the Investors page of the Company&#8217;s website. The Company&#8217;s definitive proxy materials will be mailed to all shareholders eligible to vote at the Annual Meeting.</div>
      <div><br>
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      <div style="font-weight: bold;">About USA Technologies, Inc.</div>
      <div>USA Technologies, Inc. is a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market. With approximately 1.2 million connections, USAT is transforming the unattended retail
        community by offering one integrated solution for payments processing, logistics, and back-office management. The company&#8217;s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital
        advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging
        stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively.</div>
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      <div style="font-weight: bold;">Important Additional Information</div>
      <div><br>
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      <div>On March 5, 2019, USA Technologies, Inc. (&#8220;USAT&#8221;) filed a preliminary proxy statement with the Securities and Exchange Commission (the &#8220;SEC&#8221;) in connection with the solicitation of proxies for its 2020 annual meeting of shareholders (the
        &#8220;Preliminary Proxy Statement&#8221;). Shareholders are strongly advised to read the Preliminary Proxy Statement and definitive proxy statement (including any amendments or supplements thereto) when it becomes available because it contains important
        information. Shareholders will be able to obtain copies of such documents filed by USAT with the SEC in connection with its 2020 annual meeting of shareholders free of charge at the SEC&#8217;s website at www.sec.gov. Copies will also be available at no
        charge at the Company&#8217;s website at www.usatech.com.</div>
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      <div>USAT, its directors, nominees, and executive officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with USAT&#8217;s 2020 annual meeting of shareholders. Shareholders may obtain information regarding
        USAT&#8217;s directors, executive officers and other persons who may, under rules of the SEC, be considered participants in the solicitation of proxies for the 2020 annual meeting of shareholders, including their respective interests by security holdings
        or otherwise, in the Preliminary Proxy Statement. Such document may be obtained free of charge from the SEC&#8217;s website at www.sec.gov. Copies will also be available at no charge at the Company&#8217;s website at www.usatech.com.</div>
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      <div style="font-weight: bold;">Forward-looking Statements</div>
      <div><br>
      </div>
      <div>"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 business strategy and the plans and objectives
        of USAT'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 USAT or its management,
        identify forward looking statements. Such forward-looking statements are based on the beliefs of USAT's management, as well as assumptions made by and information currently available to USAT'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 resolution of any action that may be brought by or on behalf of USAT related to or arising out of Subchapter H of Chapter 25 of
        the Pennsylvania Business Corporation Law; the resolution of any action that may be brought by a USAT shareholder under Subchapter E of Chapter 25 of the Pennsylvania Business Corporation Law; the incurrence by USAT of any unanticipated or unusual
        non-operational expenses which would require us to divert our cash resources from achieving our business plan; the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; the ability of USAT to compete
        with its competitors to obtain market share; whether USAT's customers continue to utilize USAT's transaction processing, route scheduling, inventory management, and related services, as our customer agreements are generally cancelable by the
        customer on thirty to sixty days' notice; the risk associated with the currently pending litigation or possible regulatory action arising from the internal investigation and its findings, from the failure to timely file USAT&#8217;s periodic reports with
        the Securities and Exchange Commission, from the restatement of the affected financial statements, from allegations related to the registration statement for the follow-on public offering, or from potential litigation or other claims arising from
        the shareholder demands for derivative actions&#894; whether the listing application for USAT&#8217;s securities which has been filed by USAT with The Nasdaq Stock Market LLC will be granted or granted in a timely manner&#894; or whether USAT's existing or
        anticipated customers purchase, rent or utilize ePort or Seed devices or our other products or services in the future at levels currently anticipated by USAT. 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, USAT 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.</div>
      <div><font style="background-color: #FFFFFF;">Source: USA Technologies, Inc.</font></div>
      <div><br>
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      <div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Investors:</font></div>
      <div><font style="background-color: #FFFFFF;">Monica Gould</font></div>
      <div><font style="background-color: #FFFFFF;">The Blueshirt Group</font></div>
      <div><font style="background-color: #FFFFFF;">Tel: +1 212-871-3927</font></div>
      <div><font style="background-color: #FFFFFF;">monica@blueshirtgroup.com</font></div>
      <div><br>
      </div>
      <div><font style="background-color: #FFFFFF;">Lindsay Savarese</font></div>
      <div><font style="background-color: #FFFFFF;">The Blueshirt Group</font></div>
      <div><font style="background-color: #FFFFFF;">Tel: +1 212-331-8417</font></div>
      <div><font style="background-color: #FFFFFF;">lindsay@blueshirtgroup.com</font></div>
      <div><br>
      </div>
      <div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Media:</font></div>
      <div><font style="background-color: #FFFFFF;">Joele Frank, Wilkinson Brimmer Katcher</font></div>
      <div><font style="background-color: #FFFFFF;">Tim Lynch / Meaghan Repko</font></div>
      <div><font style="background-color: #FFFFFF;">212-355-4449</font></div>
      <div><font style="background-color: #FFFFFF;"> <br>
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