DUBLIN, Ireland, July 16, 2004 (PRIMEZONE) -- Trintech Group Plc (Nasdaq:TTPA) (Prime Standard: TTP), a leading provider of transaction management and payment infrastructure solutions, today held its 5th Annual General Meeting (AGM) as a public company in Dublin, Ireland.
The Chairman welcomed the appointment by the Shareholders of Dr. Jim Mountjoy to the Board and the approval of the share buy back agreement with Deutsche Bank AG.
At the AGM, Cyril McGuire, co-founder, Chairman and CEO said, "Despite being in the early stage of the global IT recovery and the continuing challenging environment, Trintech performed solidly and in line with market expectations during the past year. Key performance indicators of stable revenues, lower operating costs, improved margins and a return to profitability were achieved and remain on track. Trintech's financial position remains strong and our goal is to increase shareholder value by continuing to make Trintech more competitive, more focused and better positioned in the marketplace.
Our strategy is to focus on our key profitable products and leverage our core competencies in transaction and payment solutions into new growth markets. The company continues to invest in new products and new channels in order to be more responsive to customer needs. This will provide the platform for building shareholder value through a sustainable profitable business." Commenting on the share buy back program McGuire added, "Shareholders today have renewed their approval for the use of up to $5m to be spent on the buy back programme. Returning capital to shareholders is intended to support the return on equity and achieve growth in long-term shareholder value."
About Trintech
Trintech is a leading provider of transaction management and payment infrastructure solutions to financial institutions, payment processors, enterprise retailers and network operators globally. Built on 17 years of experience, Trintech's solutions manage each area of the payment transaction cycle from authentication, authorization, settlement, dispute resolution and reconciliation - enabling its customers to reduce transaction costs, eliminate fraud, minimize risk, maximize cashflow and increase profitability. Trintech can be contacted in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: +353 1 2074000), in the US at 15851 Dallas Parkway, Suite 855, Addison, TX 75001 (Tel: +1 972 701 9802), and in the UK at 186-192 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AF (Tel: +44 (0) 1707 827000). www.trintech.com. http://hugin.info/130706/R/953162/135665.pdf
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CONTACT:
Trintech Press Contact: Paul Byrne Chief Financial Officer Trintech Group plc T. +353 1 207 4000 E. paul.byrne@trintech.com
This news release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any "forward looking statements" in this press release are subject to certain risks and uncertainties that could cause actual results to differ materially from those stated. "Forward looking statements" in this press release include statements, among others, relating to the rate of recovery of Trintech's product business line, the reduction of inventories, Trintech's future operating costs and its ability to extract costs from its business future PoS sales and Trintech's ability to accurately predict future PoS sales, the long term health of Trintech's business and ability to improve performance of the organization and its ability to reach profitability, and the rate of migration to chip-based credit and debit cards. Factors that could cause or contribute to such differences include the potential synergies of Trintech's recent acquisitions and their effects on its actual revenues and earnings, the ability of its customers to fulfill their commitments to adopt Trintech's eCommerce payment technology, the availability of financial resources to continue investment in research and development and sales and marketing programs, the growth of the eCommerce market, Trintech's ability to develop, market and sell eCommerce software, the market acceptance of the security standards for eCommerce payment transactions, the ability to improve and expand the functionality of products, the ability to develop strategic relationships, the ability to react to rapid technological change rapidly, the ability to resize the organization, reduce costs, consolidate locations, combine operations and eliminate redundancies in the organization and the effects of macroeconomic uncertainty on the demand for Trintech's products. Actual performance may also be affected by other factors more fully discussed in Trintech's Form 20-F for the fiscal year ended January 31, 2004, filed with the US. Securities and Exchange Commission (www.sec.gov). Lastly, Trintech assumes no obligation to update these forward-looking statements.