Release Details
TRANSACT EXTENDS AGREEMENT WITH EUROCOIN
Wallingford, CT - January 23, 2006 - TransAct Technologies Incorporated (Nasdaq: TACT), a leading producer of transaction-based printers for customers worldwide, today announced that it has extended its agreement for Eurocoin to serve as its exclusive distributor and service agent for the gaming and casino market in Europe and Africa. Under the agreement, Eurocoin will distribute TransAct's line of gaming printers through January 31, 2009.
Bart C. Shuldman, Chairman, President and Chief Executive Officer of TransAct Technologies, commented, "International gaming sales have grown significantly in 2005, primarily driven by the acceptance of our Epic 950ä gaming printer by gaming manufacturers and operators in the Ticket In, Ticket Out market. We are also gaining traction with our Epic 630ä and our new printer we just launched, the Epic 430ä printer, which targets new off-premise gaming opportunities, such as Amusements with Prizes (AWP) and Skills with Prizes (SWP) found in pubs in the UK, Video Lottery Terminals (VLT), and Fixed Odds Betting Terminals (FOBT) found in betting parlors in the UK and across Europe. Eurocoin has been a strong sales partner and has helped us to achieve success in the international gaming markets, specifically in Europe and Africa. Given the size of these markets and the successes we have already achieved together, it is clearly in both companies best interests to extend our partnership."
Colin Veitch, Director, Eurocoin, said, "We are delighted to have extended our commercial relationship with TransAct for the next three years. TransAct has proven themselves to be one of the true innovators in the gaming components sector, and their support for the European and African marketplace has been outstanding. Together, we have worked extremely hard to achieve our recent market successes. The high volume of repeat business and brand new orders demonstrates that in the Epic 950ä printer we have a truly world class product. Eurocoin is proud to announce the continuation of our long-term relationship with our colleagues at TransAct"
Founded in 1973, Eurocoin is one of Europe's leading suppliers of products for the amusement and gaming industries. The company remains under independent ownership. Eurocoin sells across Europe and Africa from its UK headquarters near London, and a network of international distributors.
About TransAct Technologies Incorporated
TransAct Technologies (Nasdaq: TACT) designs, develops, assembles, markets and services world-class transaction printers under the Epic(R) and Ithaca(R) brand names. Known and respected worldwide for innovative designs and real-world service reliability, TransAct's impact, thermal and inkjet printers generate top-quality receipts, tickets, coupons, register journals and other documents. The company 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. In addition, TransAct has a strong focus on the after-market side of the business, with a growing commitment to printer service, supplies and spare parts. For further information, visit TransAct's web site located at www.transact-tech.com.
About Eurocoin Ltd
Eurocoin is a privately-owned UK company that has been servicing the UK and European gaming industry for 35 years from its London headquarters. Employing 55 people across Europe and with sales of $20million, the company specializes in the sales, service and support of components for the gaming machine industry. For further information contact sales@eurocoin.co.uk or see our website www.eurocoin.co.uk.
CONTACTS: For TransAct: Steven 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
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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 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 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; price wars or other significant pricing pressures affecting the Company's products in the United States or abroad; and the outcome of lawsuits between TransAct and FutureLogic, Inc. 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.