Dublin, Ireland/Dallas, Texas - July 18, 2003 Trintech (NASDAQ: TTPA: Prime Standard: TTP), a leading provider of transaction management and payment infrastructure solutions, today Friday 18th July 2003 held its fourth Annual General Meeting (AGM) as a public company in Dublin, Ireland.
The resolution renewing the terms of our share buy back agreement with Deutsche Bank AG was approved. Given current share price levels and Trintech's belief that the Company is undervalued, the Company is convinced that buying back Trintech stock is an attractive investment.
At the AGM, Cyril McGuire, co-founder, Chairman and CEO said "Despite the continuing challenging environment, Trintech performed in line with market expectations during the past year with key performance indicators of stable revenues, lower operating costs and reduced losses remaining on track. Our goal is to increase shareholder value by making Trintech more competitive, more responsive to customer needs and better positioned to pursue new growth opportunities. Our strategy is to focus on our key profitable products and leverage our core competencies in transaction and payment solutions into new growth markets. This will provide the foundation blocks for building shareholder value through a sustainable profitable business." Commenting on the progress of the share buy back program McGuire added, "Trintech has spent over $650,000 during the past year acquiring 307,078 Trintech ADSs. Shareholders today have renewed their approval for the use of up to $5m to be spent on the buy back programme and with over $40 million in cash, earning a very modest interest income, we believe that in current market conditions we are making a prudent investment decision in the best interest of the Group and our shareholders. 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 over 15 years of experience, Trintech's solutions manage each area of the payment 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).
Visit Trintech on the web at www.trintech.com
This press 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 Trintech's ability to reach profitability and the timeframe for reaching it, Trintech's ability to build the foundation for sustained profitability and enhance shareholder value, the timeframe for the implementation of the Chip and PIN transactional standard, the likelihood, size and timing of the implementation of the PayWare SmartPIN trial and the countries in which EVS and Brodos AG may roll out Trintech's POS terminals to their respective markets. Factors that could cause or contribute to such differences include the ability of Trintech to generate synergies from the continued integration of acquisitions, the ability of its customers to fulfill their commitments to adopt Trintech's payment technology, the availability of financial resources to continue investment in research and development and sales and marketing programs, the growth of the payment software 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, the effects of macroeconomic uncertainty on the demand for Trintech's products, delays for any reason in the implementation of PayWare SmartPIN, and changes by Brodos in its planned roll-out of Trintech's POS terminals. 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, 2003, filed with the US Securities and Exchange Commission (www.sec.gov). Lastly, Trintech assumes no obligation to update these forward-looking statements.
Media Contact
Paul Byrne
Chief Financial Officer
Trintech Group Plc
T. +353 1 207 4000
paul.byrne@trintech.com