Company Successfully Executing Against Growing Market Opportunity for
Revolutionary Back-of-the-House Restaurant Management Solutions
HAMDEN, Conn.--(BUSINESS WIRE)--Jun. 6, 2018--
TransAct® Technologies Incorporated (Nasdaq: TACT) (“TransAct” or “the
Company”), a global leader in software-driven technology and printing
solutions for high-growth markets, announced today that it has secured
new potential placements for its AccuDate™ restaurant solutions
terminals at six major restaurant and foodservice operator customers
through the first five months of 2018. These placements, the majority of
which are for the AccuDate XL, could represent at least 7,000 terminals,
demonstrating TransAct’s ongoing success with the rollout of its
new-to-the-industry back-of-the-house software applications hub that
helps operators manage their businesses more effectively and
efficiently. The Company expects the roll-out and sales of the terminals
to occur over the next several years and all AccuDate XL placements will
include significant recurring revenue opportunities for TransAct in the
form of the Company’s AccuDate-branded label offerings as well as
software and maintenance support contracts.
Bart C. Shuldman, Chairman and CEO of TransAct Technologies, said,
“TransAct has made significant progress in terms of product
functionality, industry awareness and sales momentum since we first
introduced our AccuDate restaurant solutions several years ago. So far
this year, we have secured important new wins for our AccuDate solutions
with six well-known national customers encompassing more than 7,000
potential terminals. While these wins build on prior sales success with
other national restaurant and foodservice customers and validate our
ongoing commitment to innovation and the operational savings made
possible by our terminals, we believe they represent early stepping
stones to what we expect will become a significant and transformational
business for TransAct. We are excited to work with these six new
customers as we assist them in rolling out our AccuDate terminals and in
making these terminals critical components of their day-to-day
operations. Our sales team also looks forward to working with interested
operators to help them better understand the benefits of our solutions
as they evolve their processes for the future. Ultimately, we believe
the future is bright for the AccuDate family of solutions and we are
diligently executing on this opportunity each and every day.
“We are very encouraged by the tangible industry enthusiasm at the
recent 2018 National Restaurant Association Show for products that help
manage back-of-the-house operations such as our AccuDate solutions. Our
extensive dialog with current and potential customers at the show
reinforced our view that the pursuit of increased efficiency and
improved cost controls are top of mind for restaurant and foodservice
operators of all sizes. In today’s environment where labor costs and
commodity costs continue to rise thereby squeezing profits, restaurant
and foodservice operators are looking for technology solutions that will
allow their kitchens to operate more efficiently. TransAct has
positioned its AccuDate solutions lineup to fill this role, including
our new AccuDate XL2e which we expect will become a central connected
hub that talks to a wide variety of current and future technology
solutions such a temperature monitoring probes thereby creating the
kitchen of the future. Our AccuDate solutions are ideally suited to
become critical components of kitchen workflows and will bring together
advanced technologies into a single, easy to use and easy to maintain
device.”
For more information on the Company’s AccuDate solutions, please visit www.transact-tech.com/restaurant-solutions.
About TransAct Technologies Incorporated
TransAct Technologies Incorporated is a global leader in developing
software-driven technology and printing solutions for high-growth
markets including restaurant solutions, POS automation, casino and
gaming, lottery, mobile and oil and gas. The Company’s solutions are
designed from the ground up based on customer requirements and are sold
under the AccuDate™, EPICENTRAL®, Epic®, Ithaca®, RESPONDER and
Printrex® brands. TransAct has over 3.0 million printers and terminals
installed around the world and is committed to providing world-class
service, spare parts and accessories to support its installed product
base. Through the TransAct Services Group, the Company also provides
customers with a complete range of supplies and consumable items both
online at http://www.transactsupplies.com
and through its direct sales team. TransAct is headquartered in Hamden,
CT. For more information, please visit http://www.transact-tech.com
or call (203) 859-6800.
AccuDate is a registered trademark of TRANSACT Technologies
Incorporated. ©2018 TRANSACT Technologies Incorporated. All rights
reserved.
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" 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; our
competitors introducing new products into the marketplace; our ability
to successfully develop new products; our dependence on significant
customers; our dependence on significant vendors; dependence on contract
manufacturers for the assembly of a large portion of our products in
Asia; our ability to protect intellectual property; our ability to
recruit and retain quality employees as the Company grows; our
dependence on third parties for sales outside the United States,
including Australia, New Zealand, Europe, Latin America and Asia; the
economic and political conditions in the United States, Australia, New
Zealand, Europe, Latin America and Asia; marketplace acceptance of new
products; risks associated with foreign operations; the availability of
third-party components at reasonable prices; price wars or other
significant pricing pressures affecting the Company's products in the
United States or abroad; risks associated with potential future
acquisitions; the risk that our new line of food safety and oil and gas
products will not drive increased adoption by customers; and other risk
factors detailed in TransAct's Annual Report on Form 10-K and other
reports filed with the Securities and Exchange Commission. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180606005297/en/
Source: TransAct Technologies Incorporated
Investors:
TransAct Technologies Incorporated
Steve
DeMartino, 203-859-6810
President and Chief Financial Officer
or
JCIR
Richard
Land, Joseph Jaffoni, Jim Leahy
212-835-8500
tact@jcir.com
