GAN Announces Leadership Transition

Rhea-AI Summary

Seamus McGill appointed Interim CEO of GAN Limited, Dermot Smurfit resigns. McGill brings 25 years of gaming and technology experience. Smurfit may have a consulting arrangement. GAN evaluating indications of interest. No immediate positive or negative impact on stock price.

Positive

• Seamus McGill appointed Interim CEO with 25 years of experience
• Evaluation of indications of interest

Negative

• No immediate impact on stock price

Board member and industry veteran, Seamus McGill, appointed Interim Chief Executive Officer

IRVINE, Calif.--(BUSINESS WIRE)-- GAN Limited (the “Company” or “GAN”) (NASDAQ: GAN), a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, announced that its Board of Directors has accepted the resignation of Dermot Smurfit from his position as the Company’s Chief Executive Officer and as a director of the Company and its operating subsidiaries. The Company and Mr. Smurfit are evaluating a consulting arrangement for Mr. Smurfit, who remains a substantial stockholder in the Company.

The Company has appointed Seamus McGill, its current Chairman of the Board, to the position of Interim Chief Executive Officer effective as of September 26, 2023. Mr. McGill brings 25 years of experience in the gaming and technology industries and joined the Board of GAN in April 2014.

“On behalf of the entire Board and GAN team, I want to extend our appreciation to Dermot for his commitment to the Company since joining twenty years ago. Under Mr. Smurfit’s leadership, GAN experienced many great accomplishments and reached numerous milestones as a Company,” commented McGill. “Having served on the Board since 2014, I have a deep understanding of the Company, our talented teams, and our market position. I am honored to assume leadership of all of the Company’s executive functions and have been heavily involved in our ongoing strategic review process. We will continue to evaluate the indications of interest that we have received and will work to optimize the process and its outcome for shareholders in due course.”

Seamus McGill Background

Mr. McGill brings 25 years of direct industry experience and has been a member of the board of directors for over nine years. Previously, Mr. McGill was President of JOINGO, a mobile software company. Prior to JOINGO, Mr. McGill spent five years at Aristocrat Technologies Limited as Chief Operating Officer helping drive outsized growth in North America including changing the strategic focus to recurring revenue games. Prior to Aristocrat, Mr. McGill was President of Cyberview Technology, Inc. and orchestrated its sale to International Game Technology plc. Mr. McGill held senior positions at WMS Gaming Inc. and as managing director of international operations helped spearhead the company’s growth into several new markets across the globe. He started his career in gaming with Mikohn Gaming Corporation. Prior to moving to the U.S., Mr. McGill worked for 7 years in Japan and 3 years in Singapore.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding future business opportunities as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Please refer to the Company's annual, quarterly and current reports filed on Forms 10-K, 10-Q and 8-K from time to time with the Securities and Exchange Commission for a further discussion of the factors and risks associated with the business. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230927723414/en/

Investors:

GAN

Robert Shore

Vice President, IR and Capital Markets

(610) 812-3519

rshore@GAN.com

Alpha IR Group

Ryan Coleman or Davis Snyder

(312) 445-2870

GAN@alpha-ir.com

Source: GAN Limited