USA Technologies, Inc. (NASDAQ:USAT) today issued the additional information regarding the resignation of Chairman and CEO George Jensen on October 14, 2011.
A bit of history:
Late last month, the Audit Committee of the Company’s Board of Directors was contacted with information suggesting that Mr. Jensen had been posting information about the Company on yahoo finance message board. USAT hired Kroll, Inc., the world’s leading risk consulting company, in order to assist with the investigation.
USA Technologies suspended Chief Executive George Jensen pending an investigation and appointed Chief Operating Officer Stephen Herbert as interim CEO on October 5th.
The investigation determined that Mr. Jensen had posted approximately 450 comments on the Yahoo message board primarily under the alias ‘investor.texas’ over a period of approximately two months. In reviewing the various posts, the Board determined that they were inappropriate. Mr. Jensen acknowledged making these postings. The Company acted swiftly, as it took approximately two weeks from the time of the Audit Committee’s notification to the time of Mr. Jensen’s suspension, which was followed by his resignation on October 14, 2011.
Stephen P. Herbert, Interim Chairman and Chief Executive Officer, commented:
“While the reasons for Mr. Jensen’s resignation are disappointing, we believe that his actions have in no way influenced USA Technologies’ business operations. We continue to execute well on the growth opportunity in the small-ticket cashless payment and machine-to-machine telemetry sectors. Our employees continue to remain focused on serving customers, expanding our customer base, and enhancing shareholder value.”
As of 10:30 a.m. EST USAT stock traded over 3fold of its 10day average volume with gains of 32%
USA Technologies Inc.
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USA Technologies was founded in 1992. The Company is recognized as a leading provider of wireless, cashless, micro-transactions and networking services. USA Technologies’ services make available unattended credit card payment technology and networking of distributed assets in a variety of industries including vending, hospitality, commercial laundry and energy management.