Release Details
TransAct CFO Adopts 10b5-1 Plan
TransAct CFO Adopts 10b5-1 Plan
March 10, 2004
TransAct CFO Adopts 10b5-1 Plan 11.5 KB
TransAct CFO Adopts 10b5-1 PlanWALLINGFORD, Conn., March 10, 2004 - TransAct Technologies Incorporated (Nasdaq: TACT) announced today that Richard L. Cote, Executive Vice President and Chief Financial Officer, has adopted a securities trading plan designed to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934 and the Company's policies with respect to insider sales.
On January 13, 2004 TransAct Technologies announced that its Board of Directors approved a Chief Financial Officer succession plan under which, Richard L. Cote, 62 years old, would step down as Executive Vice President and CFO as of June 1, 2004. Cote will continue in a consulting capacity through the end of 2004 to ensure a smooth transition. Steven A. DeMartino, Senior Vice President of Finance and Information Technology, who has been with TransAct since 1996, will succeed Cote as Chief Financial Officer as of June 1, 2004.
Under this 10b5-1 Plan, Mr. Cote has authorized the sale of a maximum of 9,000 shares per month over the next twelve months, for a potential total of 108,000 shares of the Company's common stock over the next twelve months. Cote currently owns or holds options to purchase an aggregate of 146,000 TransAct shares.
Mr. Cote, commented, "My financial advisors suggested diversification of my holdings in anticipation of my previously announced retirement from TransAct at the end of 2004. Such prudent diversification through this routine plan will help provide for my family's well-being and quality of life during my retirement years. I remain highly confident about TransAct's future and am proud of everything we have accomplished during my tenure as CFO."
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:
Richard L. Cote, Chief Financial Officer, 203-269-1198 Ext. 6020
or David Pasquale, 646-536-7006, or Jim Olecki, 646-536-7021 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, 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; risks associated with the determination of payments to a competitor that has advised the Company that certain of its printers may use the competitor's patents; 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.
On January 13, 2004 TransAct Technologies announced that its Board of Directors approved a Chief Financial Officer succession plan under which, Richard L. Cote, 62 years old, would step down as Executive Vice President and CFO as of June 1, 2004. Cote will continue in a consulting capacity through the end of 2004 to ensure a smooth transition. Steven A. DeMartino, Senior Vice President of Finance and Information Technology, who has been with TransAct since 1996, will succeed Cote as Chief Financial Officer as of June 1, 2004.
Under this 10b5-1 Plan, Mr. Cote has authorized the sale of a maximum of 9,000 shares per month over the next twelve months, for a potential total of 108,000 shares of the Company's common stock over the next twelve months. Cote currently owns or holds options to purchase an aggregate of 146,000 TransAct shares.
Mr. Cote, commented, "My financial advisors suggested diversification of my holdings in anticipation of my previously announced retirement from TransAct at the end of 2004. Such prudent diversification through this routine plan will help provide for my family's well-being and quality of life during my retirement years. I remain highly confident about TransAct's future and am proud of everything we have accomplished during my tenure as CFO."
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:
Richard L. Cote, Chief Financial Officer, 203-269-1198 Ext. 6020
or David Pasquale, 646-536-7006, or Jim Olecki, 646-536-7021 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, 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; risks associated with the determination of payments to a competitor that has advised the Company that certain of its printers may use the competitor's patents; 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.