TransAct Technologies Incorporated appointed Mr. William J. DeFrances, Vice President, SEC & Financial Reporting, to serve as the Company's Chief Accounting Officer and principal accounting officer. Mr. DeFrances will report to Mr. Steven A. DeMartino, the Company's President, Chief Financial Officer, Treasurer and Secretary. Mr. DeMartino had been serving as principal accounting officer on an interim basis following the departure of the Company's prior Chief Accounting Officer.

Mr. DeFrances, age 57, joined the Company on July 12, 2022. Mr. DeFrances previously served as Corporate Controller at Omega Engineering Inc., an electronics and instrumentation company that was, during Mr. DeFrances' tenure, a subsidiary of Spectris plc, a UK public company listed on the London Stock Exchange, from September 2020 to July 2022. From August 2019 to August 2020, Mr. DeFrances worked as an independent financial consultant.

Prior to this, Mr. DeFrances held various positions with United Technologies Corporation (now Raytheon Technologies) (“UTC”) and Sikorsky Aircraft (owned by Lockheed Martin Corporation), both NYSE-listed aerospace and defense companies. Mr. DeFrances previously served as an Associate Director of Military Finance for Pratt & Whitney, a subsidiary of UTC, from October 2018 to August 2019, and the Business Unit Controller, USG/Military and International Military for Sikorsky Aircraft from October 2015 to October 2018. Prior to this, Mr. DeFrances also served as the Assistant Controller, Financial Reporting for Sikorsky Aircraft from 2009 to 2013.

In addition, Mr. DeFrances held various accounting and financial roles (VP Treasurer and VP Controller) from 2005 to 2009 at ATMI Inc., a Nasdaq-listed advanced manufacturing company in the semiconductor industry. Mr. DeFrances also served from November 1996 to December 2005 in various accounting and financial reporting positions at CUNO Incorporated, an industrial and machinery manufacturer, including most recently as Vice President, Controller and Assistant Secretary. Mr. DeFrances started his career at PricewaterhouseCoopers as an audit senior manager from August 1987 to November 1996.

Mr. DeFrances is a certified public accountant and holds a B.S. in business administration, with a concentration in accounting, from Bryant University and an M.B.A. from the University of Connecticut with a concentration in International Finance.