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EXHIBIT 99.1
Westport, CT November 1, 2000: TRIDEX CORPORATION ("Tridex") (OTC Bulletin
Board: TRDX), a leading provider of retail technology solutions through its
Progressive Software subsidiary ("Progressive"), today announced that all
outstanding litigation between Tridex, Progressive and Paul Smith in connection
with its purchase of the stock of Progressive in April of 1998 has been settled.
Pursuant to the Settlement Agreement, Tridex and Smith agreed that the return by
Paul Smith of 714,000 shares of Tridex common stock issued to him in connection
with the purchase of his shares and by return by Mr. Smith of $1,226,000 will be
treated as an adjustment to the purchase price paid by Tridex for the
Progressive shares. Additionally, Tridex and Mr. Smith agreed that the
Progressive headquarters' space lease with the Smith Family Partnership will be
terminated effective December 31, 2000 as opposed to March 31, 2001, and that
the outstanding litigation between Tridex and Mr. Smith concerning a sales tax
escrow established at the time of Tridex's purchase of Progressive would also be
terminated. As a result of the settlement, the basic and diluted outstanding
shares of Tridex common stock will be reduced from 6,368,289 to 5,654,289.
Seth M. Lukash, Chairman and CEO of Tridex, said, "We believe that this
settlement is in the best interest of Tridex and Progressive. It will permit us
to focus entirely on our business and will help Tridex avoid significant legal
expenses that would have been associated with litigating the various matters to
conclusion. In addition, the shortening of the Progressive lease will permit us
to occupy new space effective January 1, 2001 without an overlap in lease
payments."
Tridex Corporation, through its Progressive subsidiaries, is a leading provider
of POS and back office application software for the food service industry. The
Company offers a full range of products and services for major chains as well as
franchisees and multi-unit independence. Progressive Software is the solution of
choice for Starbuck's, Steak n' Shake, Golden Corral, Jack-in-the-Box and many
others.
The statements contained in this release which are not historical facts may be
deemed to contain forward-looking statements with respect to events, the
occurrences of which involve risks and uncertainties, including, without
limitation, the risks and uncertainties detailed in Tridex's Securities and
Exchange Commission filings.
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