Transact Technologies Receives Civil Complaint From Avery Dennison
HAMDEN, Conn., June 28, 2012 (GLOBE NEWSWIRE) -- TransAct Technologies Incorporated (Nasdaq:TACT) today announced that Avery Dennison Corporation (NYSE:AVY) filed a civil complaint against the Company in the Court of Common Pleas in Lake County, Ohio. The complaint alleges that TransAct misappropriated unspecified Avery Dennison trade secrets related to the design of the Company's Food Safety Terminals. The complaint requests a preliminary and permanent injunction against TransAct from manufacturing and selling its Ithaca® 9700 and 9800 Food Safety Terminals. A hearing on the plaintiff's motion for preliminary injunction is currently scheduled for August 2, 2012.
Bart Shuldman, CEO of TransAct, stated, "We intend to vigorously defend against this lawsuit, which we believe is baseless. Avery Dennison's claims are not true. The fact is we have internally designed a great solution for the hospitality industry, and believe this lawsuit is nothing more than an attempt by a bested competitor to thwart its introduction to the market. We feel that Avery Dennison's groundless lawsuit merely confirms the superior design of our product."
Mr. Shuldman continued, "We will in fact show that TransAct developed the Ithaca® 9700 and 9800 through its own proprietary engineering efforts, and designed the products' features in response to specification requests from its customers, as it always does."
About TransAct Technologies Incorporated
TransAct Technologies Incorporated (Nasdaq:TACT) is a leader in developing and manufacturing market-specific solutions, including printers, terminals, software and other products for transaction-based and other industries. These industries include casino, gaming, lottery, banking, kiosk, point-of-sale, food safety, hospitality, oil and gas, and medical and mobile. 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 and products are designed from the ground up based on market specific requirements and are sold under the Ithaca®, Epic, EPICENTRAL® and Printrex® product brands. TransAct distributes its printers through OEMs, value-added resellers, selected distributors, and direct to end-users. TransAct has over two million printers installed around the world. TransAct is committed to world-class printer service, spare parts and accessories required by a growing worldwide installed base of printers. Beyond printers, TransAct is a leader in providing printing supplies to the full transaction printer market. Through its TransAct Services Group, TransAct provides a complete range of supplies and consumables items used in the printing and scanning activities of customers in the hospitality, banking, retail, gaming, government and oil and gas exploration markets. Through its webstore, http://www.transactsupplies.com, and a direct selling team, TransAct addresses the on-line demand for these products. TransAct is headquartered in Hamden, CT. For more information, please visit http://www.transact-tech.com or call 203.859.6800.
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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" or "continue" or the negative thereof or other similar words. All forward-looking statements involve risks and uncertainties, including, but are not limited to, the Company's ability to successfully integrate the Printrex business with its existing operations; 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; dependence on contractor manufacturers for the assembly of a large portion of our products in China; the ability to protect intellectual property; 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; risks associated with potential future acquisitions; and the outcome of the lawsuit between TransAct and Avery Dennison Corporation. 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.
CONTACT: TransAct Technologies Incorporated Steven DeMartino, President and Chief Financial Officer 203-859-6810 ICR Inc. William Schmitt 203-682-8200
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