TransAct Technologies Concludes New Credit Pact
WALLINGFORD, CT--(BUSINESS WIRE)--Feb. 2, 1998--TransAct
Technologies Incorporated (NASDAQ: TACT) said today that it has
concluded a new credit agreement with Fleet National Bank which
increases the funds available to the Company from $5 million to $15
million.
According to Richard L. Cote, Executive Vice President and Chief
Financial Officer, "The new agreement, which replaces a $5 million
working capital line, consists of a new $5 million revolver and a
second $10 million revolving facility that may be converted to a term
loan at the Company's election after mid-1999. The $10 million
revolver may be used for such activities as acquisitions and share
repurchases. We are pleased with the credit terms obtained from Fleet,
including favorable interest rate options," Cote concluded.
TransAct designs, develops, manufacturers and markets
transaction-based printers and related products under the ITHACA and
MAGNETEC brand names. The Company's printers are used to provide
transaction records such as receipts, tickets, coupons, register
journals and other documents. TransAct serves four vertical markets:
point-of-sale, gaming and lottery, financial services and kiosk. The
Company sells its products directly to end users, original equipment
manufacturers, value-added resellers and selected distributors. Please
visit TransAct's website located at transact-tech.com, to
receive more information about the Company's products and selected
financial data.
This release contains certain forward-looking statements that are
subject to various risks and uncertainties, including, but not limited
to, demand and competition for the Company's products, which could
cause actual results to differ materially. These and other risks and
uncertainties are detailed in the Company's Securities & Exchange
Commission filings.
CONTACT:
TransAct Technologies Investor Access Corp.
Richard L. Cote Michael Seely
Tel: 203-269-1198 Tel: 212-692-9060
Fax: 203-949-9048 Fax: 212-661-2399
KEYWORD: CONNECTICUT
BW1148 FEB 02,1998 |
