The Board of Directors of FalconStor Software, Inc. accepted the resignation of Patrick McClain from his positions as Executive Vice President, Chief Financial Officer and Treasurer of the Company effective April 9, 2018. Mr. McClain will assist in the transition of the Chief Financial Officer role and will transition into a senior advisor role in the Company. On April 5, 2018, the Company announced the appointment of Brad Wolfe to serve as the Company's Executive Vice President, Chief Financial Officer and Treasurer, effective April 9, 2018.

Mr. Wolfe shall also assume the roles of principal financial officer and principal accounting officer of the Company. Mr. Wolfe, 58, brings more than 30 years of finance and operations experience, including extensive growth-focused leadership within public and private equity, as well as M&A. Prior to joining the Company, Mr. Wolfe served as Chief Financial Officer for Asure Software from October 2014 to July 2017. Prior to joining Asure Software, Mr. Wolfe spent most of the last 14 years with DCI Group and their related entities and investments, where he served in consulting, office and executive finance and operational roles for the firm's subsidiary and portfolio companies to promote their growth and profitability.