Release Details
IGT and TransAct Expand Relationship With New Supplier, Sales and License Agreement
IGT and TransAct Expand Relationship With New Supplier, Sales and License Agreement
December 17, 2004
IGT and TransAct Expand Relationship With New Supplier, Sales and License AgreementTransAct's New Epic 950™ Casino Thermal Printer Chosen For Full Integration
Wallingford, CT - December 17, 2004 - TransAct Technologies Incorporated (Nasdaq: TACT) and IGT, a subsidiary of International Game Technology (NYSE: IGT), today announced that they have signed an agreement for the integration of TransAct's Epic 950™ printer to become a standard option on all IGT slot machine platforms. IGT is a world leader in the design, development and manufacture of microprocessor-based gaming and video lottery products and software systems. TransAct Technologies is a leading producer of transaction-based printers for customers worldwide.
The companies expect availability of IGT's slot machines with TransAct's integrated printer to commence in the second quarter of 2005. As part of the agreement, TransAct expects to incur approximately $500,000 in costs mostly in the fourth quarter 2004 and the rest in the first quarter 2005. These costs are associated with the integration of TransAct's printer into all IGT platforms and slot machine models and for TransAct's assistance in achieving regulatory approval in all jurisdictions where IGT does business.
Jon D. Berkley, Senior Vice President of Global Gaming and Lottery for TransAct, said, "The agreement to supply IGT with our Epic 950™ will enable TransAct to offer IGT's customer base an unsurpassed solution. We greatly appreciate the opportunity to grow our relationship with our friends at IGT and look forward to a long and mutually beneficial relationship."
Bart C. Shuldman, Chairman, President and Chief Executive Officer of TransAct Technologies, commented, "This is a significant advancement for TransAct and we are extremely pleased and honored to be expanding our relationship with industry leader IGT. We feel very positive about being able to announce such a major deal after launching our new Epic 950™ thermal ticket printer in October and feel that it has the potential to significantly impact our business."
About International Game Technology IGT (www.IGT.com) is a world leader in the design, development and manufacture of microprocessor-based gaming and video lottery products and software systems in all jurisdictions where gaming or video lottery is legal.
About TransAct Technologies Incorporated TransAct (Nasdaq: TACT) designs, develops, manufactures and markets transaction-based printers under the ITHACA® and MAGNETEC® names. In addition, the Company markets related consumables, spare parts and service. The Company's printers are used worldwide to provide receipts, tickets, coupons, register journals and other documents. TransAct focuses on two core markets: gaming and lottery, and point-of-sale (POS) and banking. TransAct sells its products to original equipment manufacturers, value-added resellers and selected distributors, as well as directly to end-users. The Company's product distribution spans across the Americas, Europe, the Middle East, Africa, the Caribbean Islands and the South Pacific. For further information, visit TransAct's web site located at www.transact-tech.com.
FOR TransAct Technologies: Steve DeMartino, Chief Financial Officer, 203-269-1198 Ext. 6059 or David Pasquale, 646-536-7006, or Denise Roche, 646-536-7008, both with The Ruth Group
# # # Forward-Looking Statements: Certain statements in this press release include forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "project" or "continue" or the negative thereof or other similar words. All forward-looking statements involve risks and uncertainties, including, but not limited to, customer acceptance and market share gains, both domestically and internationally, in the face of substantial competition from competitors that have broader lines of products and greater financial resources; introduction of new products into the marketplace by competitors; successful product development; dependence on significant customers; dependence on significant vendors; the ability to recruit and retain quality employees as the Company grows; dependence on third parties for sales outside the United States, including Australia, New Zealand, Europe and Latin America; economic and political conditions in the United States, Australia, New Zealand, Europe and Latin America; marketplace acceptance of new products; risks associated with foreign operations; availability of third-party components at reasonable prices; and the absence of price wars or other significant pricing pressures affecting the Company's products in the United States or abroad. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release and the Company assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.
Wallingford, CT - December 17, 2004 - TransAct Technologies Incorporated (Nasdaq: TACT) and IGT, a subsidiary of International Game Technology (NYSE: IGT), today announced that they have signed an agreement for the integration of TransAct's Epic 950™ printer to become a standard option on all IGT slot machine platforms. IGT is a world leader in the design, development and manufacture of microprocessor-based gaming and video lottery products and software systems. TransAct Technologies is a leading producer of transaction-based printers for customers worldwide.
The companies expect availability of IGT's slot machines with TransAct's integrated printer to commence in the second quarter of 2005. As part of the agreement, TransAct expects to incur approximately $500,000 in costs mostly in the fourth quarter 2004 and the rest in the first quarter 2005. These costs are associated with the integration of TransAct's printer into all IGT platforms and slot machine models and for TransAct's assistance in achieving regulatory approval in all jurisdictions where IGT does business.
Jon D. Berkley, Senior Vice President of Global Gaming and Lottery for TransAct, said, "The agreement to supply IGT with our Epic 950™ will enable TransAct to offer IGT's customer base an unsurpassed solution. We greatly appreciate the opportunity to grow our relationship with our friends at IGT and look forward to a long and mutually beneficial relationship."
Bart C. Shuldman, Chairman, President and Chief Executive Officer of TransAct Technologies, commented, "This is a significant advancement for TransAct and we are extremely pleased and honored to be expanding our relationship with industry leader IGT. We feel very positive about being able to announce such a major deal after launching our new Epic 950™ thermal ticket printer in October and feel that it has the potential to significantly impact our business."
About International Game Technology IGT (www.IGT.com) is a world leader in the design, development and manufacture of microprocessor-based gaming and video lottery products and software systems in all jurisdictions where gaming or video lottery is legal.
About TransAct Technologies Incorporated TransAct (Nasdaq: TACT) designs, develops, manufactures and markets transaction-based printers under the ITHACA® and MAGNETEC® names. In addition, the Company markets related consumables, spare parts and service. The Company's printers are used worldwide to provide receipts, tickets, coupons, register journals and other documents. TransAct focuses on two core markets: gaming and lottery, and point-of-sale (POS) and banking. TransAct sells its products to original equipment manufacturers, value-added resellers and selected distributors, as well as directly to end-users. The Company's product distribution spans across the Americas, Europe, the Middle East, Africa, the Caribbean Islands and the South Pacific. For further information, visit TransAct's web site located at www.transact-tech.com.
FOR TransAct Technologies: Steve DeMartino, Chief Financial Officer, 203-269-1198 Ext. 6059 or David Pasquale, 646-536-7006, or Denise Roche, 646-536-7008, both with The Ruth Group
# # # Forward-Looking Statements: Certain statements in this press release include forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "project" or "continue" or the negative thereof or other similar words. All forward-looking statements involve risks and uncertainties, including, but not limited to, customer acceptance and market share gains, both domestically and internationally, in the face of substantial competition from competitors that have broader lines of products and greater financial resources; introduction of new products into the marketplace by competitors; successful product development; dependence on significant customers; dependence on significant vendors; the ability to recruit and retain quality employees as the Company grows; dependence on third parties for sales outside the United States, including Australia, New Zealand, Europe and Latin America; economic and political conditions in the United States, Australia, New Zealand, Europe and Latin America; marketplace acceptance of new products; risks associated with foreign operations; availability of third-party components at reasonable prices; and the absence of price wars or other significant pricing pressures affecting the Company's products in the United States or abroad. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release and the Company assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.