Release Details
TransAct CEO Updates 10b5-1 Plan
TransAct CEO Updates 10b5-1 Plan
September 8, 2004
TransAct CEO Updates 10b5-1 Plan 10.8 KB
TransAct CEO Updates 10b5-1 PlanWALLINGFORD, Conn., September 8, 2004 - TransAct Technologies Incorporated (Nasdaq: TACT) announced today that Bart C. Shuldman, the Company's Chairman and Chief Executive Officer, has modified his securities trading plan in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934 and the Company's policies with respect to insider sales. The revised plan will be effective on October 1, 2004.
Mr. Shuldman's new 10b5-1 Plan authorizes the sale of a maximum of 3,500 shares per month over the next two years, and also provides for the exercise and sale of up to 3,500 options per month. Mr. Shuldman currently owns or has under option approximately 420,000 TransAct shares. Approximately 75,000 options expire in August 2006. In connection with this program, Mr. Shuldman is canceling the remainder of his previous registration to sell 94,000 shares.
Bart C. Shuldman, Chairman and Chief Executive Officer of TransAct Technologies, commented, "Due to the quantity of options expiring over the next two years, I decided to modify my stock trading plan to implement an orderly process to exercise and sell those options and also to help pay the taxes related to these sales. The proceeds of some of these sales will also contribute to a modest diversification of my financial situation. This new plan will allow me to manage these expirations and sales in an orderly manner and at the same time continue to provide transparency to TransAct's shareholders. Our shareholders should know that a substantial amount of my net worth will continue to consist of TransAct's stock as I remain highly confident about TransAct's future."
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: point-of-sale (POS), and gaming and lottery. 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.
CONTACTS: Steven DeMartino, Chief Financial Officer, 203-269-1198 Ext. 6059 or David Pasquale, 646-536-7006, or Ting Mei Chong, 646-536-7026, both with The Ruth Group
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Forward-Looking Statements: The Company's forward-looking statements in this press release are subject to a number of risks and uncertainties. Risks and uncertainties include, but are 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 third parties for sales outside the United States, including Australia and New Zealand; 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.
Mr. Shuldman's new 10b5-1 Plan authorizes the sale of a maximum of 3,500 shares per month over the next two years, and also provides for the exercise and sale of up to 3,500 options per month. Mr. Shuldman currently owns or has under option approximately 420,000 TransAct shares. Approximately 75,000 options expire in August 2006. In connection with this program, Mr. Shuldman is canceling the remainder of his previous registration to sell 94,000 shares.
Bart C. Shuldman, Chairman and Chief Executive Officer of TransAct Technologies, commented, "Due to the quantity of options expiring over the next two years, I decided to modify my stock trading plan to implement an orderly process to exercise and sell those options and also to help pay the taxes related to these sales. The proceeds of some of these sales will also contribute to a modest diversification of my financial situation. This new plan will allow me to manage these expirations and sales in an orderly manner and at the same time continue to provide transparency to TransAct's shareholders. Our shareholders should know that a substantial amount of my net worth will continue to consist of TransAct's stock as I remain highly confident about TransAct's future."
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: point-of-sale (POS), and gaming and lottery. 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.
CONTACTS: Steven DeMartino, Chief Financial Officer, 203-269-1198 Ext. 6059 or David Pasquale, 646-536-7006, or Ting Mei Chong, 646-536-7026, both with The Ruth Group
# # #
Forward-Looking Statements: The Company's forward-looking statements in this press release are subject to a number of risks and uncertainties. Risks and uncertainties include, but are 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 third parties for sales outside the United States, including Australia and New Zealand; 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.