WaveDancer Interim Chief Financial Officer Appointed to Permanent CFO Position

Rhea-AI Summary

WaveDancer Appoints Timothy G. Hannon as CFO

On March 11, 2022, WaveDancer (NASDAQ: WAVD) appointed Timothy G. Hannon as Chief Financial Officer, having served as Interim CFO since September 2021. Hannon brings over 30 years of financial management experience, including expertise in mergers and acquisitions and turnaround management. Under his leadership, WaveDancer aims to enhance value for shareholders while transitioning into a cybersecurity technology leader. The company specializes in zero trust software solutions and blockchain technologies for U.S. Government clients.

Positive

• Appointment of a permanent CFO strengthens the management team during organizational transformation.
• Timothy G. Hannon brings over 30 years of executive experience, potentially improving financial strategies.

Negative

• Hannon's interim role may indicate prior uncertainty in the CFO position.
• Dependence on Hannon's experience raises concerns about the company's execution capability without a proven track record.

Move Solidifies Key Management Team During Period of Transformation Into Cybersecurity, Blockchain and Zero Trust Leader

FAIRFAX, Va., March 11, 2022 (GLOBE NEWSWIRE) -- WaveDancer, Inc. (NASDAQ: WAVD) today announced the appointment of Timothy G. Hannon as its Chief Financial Officer. Hannon has served as Interim CFO since joining the company in September 2021.

Mr. Hannon joined WaveDancer in September with over 30 years of executive financial management and advisory services experience including an extensive background in Mergers and Acquisitions, capital structure design, turnaround management, strategic planning, integration of finance organizations, governance, ERP systems implementation and treasury management.

Prior to joining WaveDancer on a permanent basis, Mr. Hannon was a member of B. Riley Advisory Services where he specialized in providing M&A related services as well as interim executive management. Prior to B. Riley he was Chief Financial Officer for a $1 billion national food company and prior to that he served as CFO for several private equity backed companies in the retail, manufacturing, and consumer products industries. In these roles, Mr. Hannon conducted due diligence on multiple target companies and managed the integration of acquisitions. As a CFO, Mr. Hannon has managed all aspects of Finance as well as the Information Technology, Legal, Risk Management and Human Resources functions.

He is a Certified Public Accountant and has also earned the designations of Certified Management Accountant and Certified Insolvency and Reorganization Advisor. Mr. Hannon received his B.S. in Accounting from the State University of New York at Albany.

"During my six months at WaveDancer as Interim CFO, I have had the opportunity to work with a capable management team and see the vision for WaveDancer unfold. I am extremely excited to take the permanent CFO role at this critical time in WaveDancer’s transformation into a cybersecurity technology leader and will remain focused on enhancing value for our shareholders,” said Mr. Hannon. 

"We brought Tim on as Interim CFO during a time when the organization was beginning to undergo significant changes,” said Chairman and CEO Jamie Benoit. "Tim's success and experience in a number of challenging leadership positions and his financial expertise will be an invaluable addition to the team during this early phase of executing our strategy and our development of world-class zero-trust and cybersecurity capabilities."

Benoit added, "Tim will continue to focus on helping lead WaveDancer through its organizational transformation, M&A, capital raising and internal reorganization. Tim’s breadth of experience successfully implementing change and driving efficiency will be a critical component of our ongoing efforts to transform our business."

About WaveDancer

WaveDancer (www.wavedancer.com), headquartered in Fairfax, Virginia, is a provider of zero trust software solutions, blockchain and IoT technologies. Our software solutions are in production in support of the complex global missions of US Government customers. First developed as part of advanced research and development in support of a global national security-focused organization, the ground-breaking technology is available to the entirety of the United States Government and corporate organizations.

Additional information for investors

This release may contain forward-looking statements regarding the Company's business, customer prospects, or other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in the forward-looking statements. Investors should read and understand the risk factors detailed in the Company's 10-K for the fiscal year ended December 31, 2020 and in other filings with the Securities and Exchange Commission.

For additional information contact:

Jeremy Hellman, CFA
Vice President
The Equity Group Inc.
jhellman@equityny.com
(212) 836-9626

FAQ

What recent leadership change occurred at WaveDancer (WAVD)?

WaveDancer appointed Timothy G. Hannon as Chief Financial Officer on March 11, 2022.

What experience does Timothy Hannon bring to WaveDancer (WAVD)?

Timothy Hannon has over 30 years of financial management experience, including roles in mergers and acquisitions.

How does the new CFO impact WaveDancer's stock (WAVD) outlook?

Hannon's appointment could positively influence WaveDancer's strategy during its transformation into a cybersecurity leader.

What is WaveDancer's focus under new leadership (WAVD)?

Under Hannon's leadership, WaveDancer aims to advance its zero trust and cybersecurity capabilities.