Release Details
TransAct Technologies Announces 3-For-2 Stock Split
TransAct Technologies Announces 3-For-2 Stock Split
March 4, 2004
TransAct Technologies Announces 3-For-2 Stock SplitWallingford, CT, March 4, 2004 - TransAct Technologies Incorporated (Nasdaq: TACT), a leading producer of transaction-based printers for customers worldwide, today announced that its Board of Directors approved a three-for-two stock split of its common stock to be effected in the form of a 50 percent stock dividend.
The additional shares will be payable April 2, 2004 to shareholders of record at the close of business on March 17, 2004. As a result of the stock dividend, stockholders of record will be entitled to receive one additional share of common stock for every two shares of common stock held on the March 17th record date, and cash instead of any fractional shares. The number of outstanding shares of common stock will increase to approximately 9.0 million from approximately 6.0 million.
Bart C. Shuldman, Chairman and Chief Executive Officer of TransAct Technologies, said, "Our Board's declaration of our first stock split as a public company recognizes the growth TransAct has achieved and its strong prospects for continuing this success. Importantly, the share distribution will make our common shares more accessible to both institutional and individual investors, and we believe it will serve to increase shareholder value."
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.
The additional shares will be payable April 2, 2004 to shareholders of record at the close of business on March 17, 2004. As a result of the stock dividend, stockholders of record will be entitled to receive one additional share of common stock for every two shares of common stock held on the March 17th record date, and cash instead of any fractional shares. The number of outstanding shares of common stock will increase to approximately 9.0 million from approximately 6.0 million.
Bart C. Shuldman, Chairman and Chief Executive Officer of TransAct Technologies, said, "Our Board's declaration of our first stock split as a public company recognizes the growth TransAct has achieved and its strong prospects for continuing this success. Importantly, the share distribution will make our common shares more accessible to both institutional and individual investors, and we believe it will serve to increase shareholder value."
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.