Release Details
TransAct Services Group Signs Contract Renewal Agreement Valued at $1.7 Million
TransAct Services Group Signs Contract Renewal Agreement Valued at $1.7 Million
April 18, 2005
TransAct Services Group Signs Contract Renewal Agreement Valued at $1.7 MillionWALLINGFORD, CT, April 18, 2005 - TransAct Technologies Incorporated (Nasdaq: TACT), a leading producer of transaction-based printers for customers worldwide, today announced that it has extended its services agreement with Fujitsu Services to support the current installed base of TransAct dot matrix printers serving the U.K. Postal Service. The 12-month agreement to serve as exclusive service provider to Fujitsu Services supporting dot matrix printers covered under their U.K. Postal service contract extends through April 2006 and is valued at approximately $1.7 million.
Jim Stetson, Senior Vice President, TransAct Services Group, stated, "We are tremendously pleased to continue the strong relationship we have developed with Fujitsu and with the U.K. Post Office. This is a demanding and high visibility printer services project and Fujitsu's decision to renew their contract with us is an endorsement of TransAct's ability to provide superior service. This contract renewal is a significant win for the Services Group as it demonstrates our ability to service printers installed in the international markets."
Bart C. Shuldman, Chairman, President and Chief Executive Officer of TransAct Technologies, said, "The TransAct Services Group has become a very significant revenue and profit driver for the Company. This significant win with a top tier business partner like Fujitsu validates our ability to mobilize and to win world-class service projects, both domestically and internationally."
About TransAct Technologies Incorporated TransAct (Nasdaq: TACT) designs, develops, manufactures and markets transaction-based printers under the ithaca® name. 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 banking, 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.
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.
Jim Stetson, Senior Vice President, TransAct Services Group, stated, "We are tremendously pleased to continue the strong relationship we have developed with Fujitsu and with the U.K. Post Office. This is a demanding and high visibility printer services project and Fujitsu's decision to renew their contract with us is an endorsement of TransAct's ability to provide superior service. This contract renewal is a significant win for the Services Group as it demonstrates our ability to service printers installed in the international markets."
Bart C. Shuldman, Chairman, President and Chief Executive Officer of TransAct Technologies, said, "The TransAct Services Group has become a very significant revenue and profit driver for the Company. This significant win with a top tier business partner like Fujitsu validates our ability to mobilize and to win world-class service projects, both domestically and internationally."
About TransAct Technologies Incorporated TransAct (Nasdaq: TACT) designs, develops, manufactures and markets transaction-based printers under the ithaca® name. 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 banking, 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.
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.