Release Details
TransAct Technologies Announces New Business Unit Structure to Maximize Growth Opportunities
Wallingford, CT, October 28, 2004 - TransAct Technologies Incorporated (Nasdaq: TACT), a leading producer of transaction-based printers for customers worldwide, today announced a new business structure to maximize growth opportunities in the Company's core business markets. The business units will each be led by a Senior Vice President, Business Manager, who will report to Bart Shuldman, Chairman, President and Chief Executive Officer of TransAct Technologies. Scott Carter will lead point of sale and banking; John Berkley will lead gaming and lottery; and Jim Stetson will lead the TransAct Services Group.
Bart C. Shuldman, Chairman, President and Chief Executive Officer of TransAct Technologies, said, "Over the past few years our business has evolved and grown dramatically by design. Our rapid growth continues to mirror the growth and focus we have placed in our three businesses: point of sale and banking, gaming and lottery, and services. Because each of our business units has achieved a critical mass, it now makes sense to implement this new structure to position TransAct to even more aggressively penetrate each individual market."
"As part of our new structure, we have appointed an executive to lead each business unit. Scott, John and Jim have the experience we need in each market and have shown their ability to lead their new business unit. We have the highest confidence in these executives, which is why we are charging them with direct responsibility for achieving revenue and profit growth targets for their respective business units. Our gaming and lottery market has been a primary driver of our growth over the past few years. This growth has been complemented by our point of sale and banking market. Our new structure also acknowledges the growing importance of our services business, which has become a very significant revenue and profit driver for us as our number of installed printers has steadily increased. We are excited about our new structure and we are very optimistic about our business and its growth prospects. This is a great and exciting time for the Company as there are many opportunities in front of us."
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 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.
CONTACTS:
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:
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.