Item 4 — Purpose of Transaction
The purpose of the acquisition of the Common Stock is for investment, and the acquisitions of the Common Stock were made in the ordinary course of business and were not made for the purpose of acquiring control of the Issuer. Although no Reporting Person has any specific plan or proposal to acquire or dispose of the Common Stock, consistent with its investment purpose, each Reporting Person at any time and from time to time may acquire additional Common Stock or dispose of any or all of its Common Stock depending upon an ongoing evaluation of the investment in the Common Stock, prevailing market conditions, other investment opportunities, liquidity requirements of the Reporting Persons, and/or other investment considerations. Also, consistent with the investment purpose, the Reporting Person (Mr. Gillman) may engage in communications with one or more shareholders of the Issuer, one or more officers of the Issuer and/or one or more members of the board of directors of the Issuer and/or one or more representatives of the Issuer regarding the Issuer, including but not limited to its operations. The Reporting Person may discuss ideas that, if effected, may result in any of the following: the acquisition by persons of additional Common Stock of the Issuer, an extraordinary corporate transaction involving the Issuer, and/or changes in the board of directors or management of the Issuer. Mr. Gillman believes that the company is facing unique and very complicated challenges in its BOHA business. Mr. Gillman believes that these challenges require an immediate and urgent review of the BOHA business, including an exploration of strategic alternatives. To this end, Mr. Gillman believes that it is important for the board to add multiple new directors with the skills and experience to carry out this exploration of strategic alternatives for BOHA. Mr. Gillman believes that shareholders who share these concerns should communicate their concerns directly to each member of the incumbent board of directors. Mr. Gillman believes that the by laws of the company allow shareholders holding a majority of the voting rights to call a special meeting. Mr. Gillman believes that every single shareholder should today consider whether it is advisable at this time to call a special meeting of shareholders for the purpose of electing additional members to the board. At this time, Mr. Gillman has no specific plan or proposal to acquire or dispose of his Common Stock. Mr. Gillman may from time to time acquire additional Common Stock or dispose of any or all of his Common Stock depending upon an ongoing evaluation of the investment in the Common Stock, prevailing market conditions, other investment opportunities, liquidity requirements and/or other investment considerations. Also, consistent with the investment purpose, he may engage in communications with one or more shareholders of the Issuer, one or more officers of the Issuer and/or one or more members of the board of directors of the Issuer and/or one or more representatives of the Issuer regarding the Issuer, including but not limited to its operations. Mr. Gillman may discuss ideas that, if effected, may result in any of the following: the acquisition by persons of additional Common Stock of the Issuer, an extraordinary corporate transaction involving the Issuer, and/or changes in the board of directors or management of the Issuer. Except to the extent the foregoing may be deemed a plan or proposal, he has no plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D. Mr. Gillman may review or reconsider his position at any time. Mr. Gillman may change his goals with respect to TransAct at any time. Except to the extent the foregoing may be deemed a plan or proposal, Mr. Gillman has no plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D. Mr. Gillman may, at any time and from time to time, review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto. Mr. Gillman believes that Daniel Friedberg effectively owns more stock in TransAct Technologies than any other board member. For this reason Mr. Gillman believes that Mr. Friedberg should be made board chairman and calls on the board to make this change immediately.