Release Details
TransAct Technologies Enters Into 10b5-1 Plan to Purchase Shares of Common Stock Under Its Repurchase Program
HAMDEN, Conn., Dec. 16, 2011 (GLOBE NEWSWIRE) -- TransAct Technologies Incorporated (Nasdaq:TACT - News), a global leader in market-specific printers for transaction-based industries, today announced that it has entered into a 10b5-1 plan (the "Plan") for the purchase of up to 100,000 shares of TransAct common stock under its current repurchase program. The Plan is effective from December 16, 2011 until January 31, 2012.
Under the current repurchase program, TransAct is authorized to repurchase up to $10 million of its outstanding shares of common stock from time to time on the open market until May 27, 2013, depending on market conditions, share price and other factors. As of September 30, 2011, approximately $7.8 million remained authorized for future repurchases under this program.
A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. A broker selected by TransAct will have the authority under the terms and limitations specified in the Plan to repurchase shares on TransAct's behalf in accordance with the terms of the Plan. Because the repurchases under the Plan are subject to certain pricing parameters, there is no guarantee as to the exact number of shares that will be repurchased under the Plan, or that there will be any repurchases pursuant to the Plan.
About TransAct Technologies Incorporated
TransAct Technologies Incorporated (Nasdaq:TACT - News) is a leader in developing and manufacturing market-specific printers for transaction-based and other industries. These industries include casino, gaming, lottery, banking, kiosk, point-of-sale, 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 are designed from the ground up based on market specific requirements and are sold under the Ithaca®, Epic and Printrex® product brands. TransAct distributes its printers through OEMs, value-added resellers, selected distributors, and direct to end-users. TransAct has over two million printers installed around the world. TransAct is committed to world-class printer service, spare parts and accessories required by a growing worldwide installed base of printers. Beyond printers, TransAct is a leader in providing printing supplies to the full transaction printer market. Through its TransAct Services Group, TransAct provides a complete range of supplies and consumables 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 on TransAct, visit http://www.transact-tech.com or call 203.859.6800.
Contact:
TransAct Technologies Incorporated
Steven DeMartino, President and Chief Financial Officer
203-859-6810
ICR Inc.
William Schmitt
203-682-8200