Transact Technologies (TACT) Reports Board to Stop Quarterly Dividend, Effective Immediately

TransAct Technologies Incorporated (NASDAQ: TACT), a global leader in software-driven technology and printing solutions for high-growth markets, announced today that the Board of Directors has ceased, effective immediately, the quarterly cash dividend on the Company’s common stock. This decision will make available approximately $2.7 million annually to accelerate the Company’s investments in the sales and marketing and continued product development of the BOHA!™ ecosystem.

Bart Shuldman, Chairman and Chief Executive Officer of TransAct, commented, “We are really excited about the growing BOHA! opportunities and the dividend savings will allow us to invest in additional salespeople and marketing initiatives to accelerate revenue growth. Given the growing sales opportunities in the Convenience Store, Casino, University and Colleges and Food Service Management markets, we have also decided to change the name of Restaurant Solutions to Food Safety Technologies to better reflect the larger opportunity for BOHA!.”

BOHA! is the first single-vendor solution to help restaurants and food service providers reduce labor costs, provide quality food and meet new labeling standards. BOHA! combines applications for Food Safety Labeling, Temperature Monitoring of Food and Equipment, Timers, Checklists & Procedures, Inventory Management, Food Recalls, Equipment Service Management and Delivery Management in one fully integrated platform. Each BOHA! solution combines cloud-based SaaS applications with hardware and accessories to deliver superior results for critical back-of-house operations. BOHA! offers a one-stop solution for restaurants and food service companies to address their current back-of-house operating requirements while providing a future-ready platform capable of addressing back-of-house operations as they continue to evolve. BOHA! Terminal includes TEMS (TransAct Enterprise Management System) to ensure that only approved apps and functions are available on the device.

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