News

Tranax terminates agreement with Nautilus Hyosung

January 10, 2007

FREMONT, Calif. — Tranax Technologies Inc., developer of ATMs and self-service kiosks, announced its decision to continue its own manufacturing, and terminate its agreement with Korean manufacturer Nautilus Hyosung Inc. The decision comes on the heels of successful launches of two products produced in-house.

"The partnership between Tranax and Nautilus Hyosung has served both companies profitably and well," said Dr. Hansup Kwon, founder and chief executive of Tranax. "It provided Tranax with a strong manufacturing partner with which to enter the U.S. retail ATM market. It gave Nautilus Hyosung a partner that understands how to design a high-value product for the U.S. market backed up by a high level of service and support. But now it's time for Tranax to take greater control of its own products and destiny. … (This decision) will in no way disrupt the availability of equipment or parts, nor will it impact the production of a host of new innovative products designed for the retail, banking, and self-service industries."