HAMDEN, Conn., Aug. 12, 2008 (PRIME NEWSWIRE) -- TransAct Technologies Incorporated (Nasdaq:TACT), a global leader in market-specific printers for transaction-based industries, today announced that Bart C. Shuldman, Chairman, President and Chief Executive Officer, and Steven A. DeMartino, Executive Vice President and Chief Financial Officer, each sold shares of TransAct Technologies common stock over the past week.
On Friday, August 8, Mr. Shuldman sold 28,635 shares of common stock in order to assist in paying taxes incurred from unrealized gains resulting from the vesting of certain restricted stock shares over the last several years. In conjunction with the sale, Mr. Shuldman intends to reinvest a portion of the proceeds by exercising 7,500 options and holding those shares. Upon exercise of the options, Mr. Shuldman will hold approximately 323,000 shares of TransAct common stock owned and under option.
On Friday, August 8 through Tuesday, August 12, Mr. DeMartino sold 17,799 shares of common stock, also in order to assist in paying taxes incurred from unrealized gains resulting from the vesting of restricted stock shares over the last several years. After this sale, Mr. DeMartino holds approximately 123,000 shares of TransAct common stock owned and under option.
"We felt it was prudent at this time for each of us to sell a small portion of our holdings in TransAct to recoup a portion of the cash taxes we had to pay on the vesting of the restricted stock over the last several years," said Mr. Shuldman. "We both retain significant holdings of stock in the Company and remain very optimistic about our business and the future of TransAct Technologies."
Both Mr. Shuldman and Mr. DeMartino will be filing a Form 4 today with the Securities and Exchange Commission.
About TransAct Technologies Incorporated
TransAct Technologies Incorporated (Nasdaq:TACT) is a leader in developing and manufacturing market-specific printers for transaction-based industries. These industries include casino, gaming, lottery, banking, kiosk and point-of-sale. 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(r) and Epic product brands. TransAct distributes its products through OEMs, value-added resellers, selected distributors, and direct to end-users. TransAct has over two million printers installed around the world. TransAct also has a strong focus on the after-market side of the business, with a high commitment to printer service, supplies and spare parts. TransAct is headquartered in Hamden, CT. For more information on TransAct, visit http://www.transact-tech.com or call 203.859.6800.