WALLINGFORD, Conn., March 13, 2006 -- TransAct Technologies Incorporated (Nasdaq: TACT) announced today that Bart C. Shuldman, the Company's Chairman, President and Chief Executive Officer, has adopted a securities trading plan designed to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934 and the Company's policies with respect to insider sales. Mr. Shuldman has approximately 45,000 options, granted to him at the time of the Company's founding 10-years ago, that expire in August 2006. Mr. Shuldman is adopting a new 10b5-1 Plan in order to exercise the expiring options in an orderly manner while also providing transparency to TransAct's shareholders. Mr. Shuldman remains a large shareholder of TransAct, with approximately 400,000 shares currently owned or under option.
Bart C. Shuldman, Chairman, President and Chief Executive Officer of TransAct Technologies, commented, "I remain confident about TransAct's future and believe strongly that the Company is well positioned for growth. At this time, I have options granted to me at the Company's inception that are set to expire. In order to exercise these options before they expire and to meet my personal cash and tax obligations, I have initiated a new 10b5-1 plan. The plan allows me to manage the options expiration and sale in a structured manner, by spreading them out over the next five months. I remain a large shareholder in TransAct and my interests remain aligned with our shareholders. TransAct's future looks bright and we continue to work diligently to meet our business objectives of further strengthening and growing the business."
About TransAct Technologies Incorporated
TransAct Technologies (Nasdaq: TACT - News) designs, develops, assembles, markets and services world-class transaction printers under the Epic 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 http://www.transact-tech.com .
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
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," "except," "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.