HAMDEN, Conn.--(BUSINESS WIRE)--
TransAct Technologies Incorporated (Nasdaq:TACT) ("TransAct" or "the
Company"), a global leader in market-specific solutions, including
printers, terminals, software and other products for transaction-based
and other industries, announced today that the Company and Avery
Dennison Corporation have resolved the dispute which was the subject of
the lawsuit filed by Avery Dennison to the parties' mutual satisfaction.
"With this litigation behind us, management can now commit its full
attention to our existing businesses and our many long-term growth
opportunities," said Bart C. Shuldman, Chairman and CEO of TransAct
Technologies. "The Company's Board of Directors remains committed to
returning capital to shareholders through ongoing quarterly dividends
and our existing stock repurchase program. However, we have decided to
cancel the non-discretionary, pre-scheduled Rule 10b5-1 trading plan
that was part of our stock repurchase authorization which was otherwise
scheduled to end on April 30, 2015. Our current share repurchase
authorization remains in effect with approval to purchase shares from
time to time and as market and business conditions warrant."
About TransAct Technologies Incorporated
TransAct Technologies Incorporated is a leader in developing and
manufacturing market-specific solutions, including printers, terminals,
software and other products for transaction-based and other industries.
These industries include casino and gaming, lottery, food safety,
banking, point-of-sale, hospitality, oil and gas, and medical and
mobile. Each individual market has distinct, critical requirements for
printing and the transaction is not complete until the receipt and/or
ticket is produced. TransAct printers and products are designed from the
ground up based on market-specific requirements and are sold under the
Ithaca®, RESPONDER, Epic, EPICENTRAL® and Printrex® product brands.
TransAct distributes its printers and terminals through OEMs,
value-added resellers, selected distributors, and direct to end-users.
TransAct has over 2.5 million printers and terminals installed around
the world. TransAct is also committed to providing world-class printer
service, spare parts, accessories and printing supplies to its growing
worldwide installed base of products. Through its TransAct Services
Group, TransAct provides a complete range of supplies and consumable
items used in the printing and scanning activities of customers in the
hospitality, banking, retail, gaming, government and oil and gas
exploration markets. Through its webstore, http://www.transactsupplies.com,
and a direct selling team, TransAct addresses the on-line demand for
these products. TransAct is headquartered in Hamden, CT. For more
information, please visit http://www.transact-tech.com
or call 203.859.6800.
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 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; 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; our new line of food safety and oil and gas products will
drive increased adoption by customers; the outcome of the lawsuit
between TransAct and Avery Dennison Corporation; and other risk factors
detailed from time to time in TransAct's 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.
TransAct Technologies Incorporated
Investor:
Steve
DeMartino, 203-859-6810
President and Chief Financial Officer
or
JCIR
Richard
Land, Joseph Jaffoni, Jim Leahy, 212-835-8500
tact@jcir.com
Source: TransAct Technologies Incorporated
News Provided by Acquire Media
