HAMDEN, Conn., Nov. 21, 2008 (GLOBE NEWSWIRE) -- TransAct Technologies Incorporated (Nasdaq:TACT), a global leader in market-specific printers for transaction-based industries, today announced that through its $15 million stock repurchase program, the Company has repurchased approximately 100,000 shares of its common stock since the beginning of November 2008 at an average price of $4.30 per share. As of November 1, 2008, approximately $7 million remained available to purchase common stock pursuant to the stock repurchase program through March 31, 2010.
"Due to the deterioration of the stock market and our stock price in particular, we believe that buying back our common stock at these levels represents a good use of our capital," said Bart C. Shuldman, Chairman, President and Chief Executive Officer of TransAct. "While we know these are uncertain times, we feel confident about our growth outlook over the next several years and expect to continue to repurchase our common stock through the close of the trading window if the stock price remains at these low levels."
In addition, Graham Tanaka, a member of the Board of Directors of TransAct Technologies, last week sold 47,500 shares of TransAct Technologies common stock and is currently selling more shares for personal reasons that are not company specific. Mr. Tanaka will be filing a new Form 4 on Monday, November 24, 2008 with the Securities and Exchange Commission to report additional stock sales. Mr. Tanaka continues to be very confident over the future outlook of the company and remains one of the largest individual shareholders of the company.
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.
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, Latin America and Asia; economic and political conditions in the United States, Australia, New Zealand, Europe, Latin America and Asia; 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 risks associated with potential future acquisitions. 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.