Transact Technologies (TACT) Appoints John Dillon Interim Chief Executive Officer, Maintains Guidance

TransAct Technologies Incorporated (Nasdaq: TACT) (“TransAct” or the “Company”), a global leader in software-driven technology and printing solutions for high growth markets, today announced that, on April 4, 2023, its Board of Directors (the “Board”) appointed John M. Dillon, a member of the Board, as interim Chief Executive Officer, effective immediately. Mr. Dillon succeeds Bart C. Shuldman, who resigned as CEO and as a director of the Company.

Mr. Shuldman served as TransAct’s CEO since 1996. His steadfast leadership helped the Company successfully emerge from the challenges presented by the COVID-19 pandemic, and he has been integral in developing the Company’s strategic direction.

“On behalf of the Board, we want to thank Bart for his nearly three decades of dedication and service to TransAct and our valued customers. We are fortunate to have in John a highly experienced former chief executive who has been intimately involved in the development of our strategic plan as a director to step in as interim CEO and lead our implementation efforts. He is very familiar with our culture and our operations, having served on our Board for more than a decade,” said Board Chair Haydee Olinger.

“I am eager to take a more active leadership role in the business as we look to grow revenue and execute on our strategic plan,” added Mr. Dillon.

“After 27 years of serving as TransAct’s CEO, it feels like the right time to step away and spend more time with my family. The Company is in a position of strength, and I have no doubt that John will help lead TransAct into its next stage of growth,” said Bart Shuldman.

Mr. Dillon has been a Board member since 2011, is an experienced executive, and has previously served as the CEO of several companies. He is Chairman of Aerospike, Inc. and previously served as Chief Executive Officer of Aerospike, Chief Executive Officer Engine Yard, Inc., Chief Executive Officer of Navis, Inc., Chief Executive Officer of Salesforce.com, and President & Chief Executive Officer of Hyperion Solutions. He began his career as a Systems Engineer for EDS (Electronic Data Systems) and then moved into a variety of sales management positions for various high-tech companies, including Oracle Corporation. Mr. Dillon received an undergraduate degree from United States Naval Academy and an MBA from Golden Gate University.

Fiscal Year 2023 Outlook

Management is reiterating its fiscal year guidance of revenue between $70 million and $72 million and total adjusted EBITDA between $5.2 million and $5.4 million.

Outlook for non-GAAP adjusted EBITDA is presented only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure is available without unreasonable effort, primarily due to uncertainties relating to the occurrence or amount of these adjustments that may arise in the future. If one or more of the currently unavailable items is applicable, some items could be material, individually or in the aggregate, to GAAP reported results.

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