NORWALK, CT, April 29, 2004 – Trans-Lux Corporation (AMEX: TLX) announced it has sold its stock holdings in its Australian subsidiary, which primarily distributed Trans-Lux’ slot machine controller & jackpot meter products within Australia and New Zealand, to Paltronics Australasia Pty Ltd. The announcement was made today by Michael R. Mulcahy, Trans-Lux President and Co-Chief Executive Officer.
The sale provides Paltronics Australasia with exclusive worldwide license to sell Trans-Lux’ line of meters, controllers and similar devices for use in slot machines and related equipment. In conjunction with the sale, Trans-Lux granted Paltronics Australasia a three-year exclusive distribution agreement to sell Trans-Lux’ full line of indoor and outdoor electronic display products in Australia and New Zealand.
“We are pleased to have signed this agreement with Paltronics Australasia,” said Mr. Mulcahy. “The sale of our Australian subsidiary will allow Trans-Lux to operate more efficiently and focus on our core lines of business. Paltronics Australasia’s expertise in the Australian gaming market provides us with an ideal distribution network for that marketplace, and we look forward to a successful working relationship.”
Trans-Lux will continue to design, manufacture, sell and rent its electronic display products relating to race and/or sports book applications in the gaming market, which remains a significant market for the Company. Trans-Lux’ indoor and outdoor display businesses of providing sophisticated display systems solutions to its core financial, gaming, corporate, sports, retail and transportation markets remain unchanged. In addition, the Company will continue to provide quality support services to its customers throughout the world.
Trans-Lux is a worldwide full-service provider of integrated multimedia systems for today’s communications environments. The essential elements of these systems are real-time, programmable electronic information displays we manufacture, distribute and service. Designed to meet the evolving communications needs of both the indoor and outdoor markets, these displays are used primarily in applications for the financial, banking, gaming, corporate, transportation, entertainment and sports industries. In addition to its display business, the Company owns and operates a chain of motion picture theatres in the western Mountain States.
