GlobeNewswire Inc | Sep 21, 2020 04:35PM EDT

September 21, 2020

BRIDGEWATER, N.J., Sept. 21, 2020 (GLOBE NEWSWIRE) -- Synchronoss Technologies, Inc.(NASDAQ:SNCR), aglobal leader and innovator of cloud, messaging, digital and IoT products, today announced that its Board of Directors has appointedJeff Miller as interim President and Chief Executive Officer, effective immediately, in addition to his role as Chief Commercial Officer.He succeedsGlenn Luriewhohasresigned asthe CompanysPresident and Chief Executive Officer,and asamember of its Board ofDirectors,following the Board of Directors review of allegations of personal misconduct by Mr. Lurie in violation of the Companys policies. His resignation is not related to the Companys strategy, financial or business performance. Given the expectation that all employees will respect Synchronoss values and adhere to the Companys code of conduct, the Board has accepted Mr. Luries resignation. The Board of Directors will conductan executive search to identify a permanentPresident andChief Executive Officer.

Synchronoss continues to develop innovative technology and solutions for some of the worlds leading technology and telecommunications companies, saidStephenWaldis,Founder andChairman of the Boardof Synchronoss. The Board and I look forward to workingwithJeff,our Chief Financial OfficerDavid Clarkandthe broaderSynchronossmanagement teamto drive forwardthe ongoing transformation of Synchronoss, building onthe strength of ourcustomer relationships,and delivering long-term value to our shareholders. We anticipate a smoothleadershiptransition aswe commencea robustsearch process forthe Companysnext CEO.

Mr. MillerjoinedSynchronossin2018as Chief Commercial OfficerfromIDEAL Industries,a firm focusedondesigning and delivering solutions for smart commercial buildings and spaces, where he was Presidentof the Technology Group.Mr. Millerpreviously served16 yearswithMotorola,most recentlyas Corporate Vice President and General Manager of Operations in North America for Motorola Mobility, LLC,a division of Lenovo, and heldvarious leadership positions in Sales Management, Marketing and Product Managementat AT&T duringan 11-year tenure.

Jeff Miller, Interim President and CEO, commented, We see many attractiveopportunities for growth across our Cloud, Messaging, Digitaland IoT platforms. I look forward to maintaining thedepth andlong-term nature of ourglobalcustomer relationships,a hallmark of Synchronoss, as now, more than ever,our customerslook to us to address their business challenges.Iwelcome the opportunity towork closely with the Board andourmanagement team todrive enhanced performance throughout our organization,capitalize on strategic opportunities in the telecomand digitalspacesand help position Synchronoss for our next stage of growth.

In parallel,Synchronoss ismaintainingits 2020 guidance on EBITDA of $20 million to $25 million, aspreviouslycommunicatedin its second quarter earnings release dated August 10, 2020. Additional details relatingtothe Companys financial performance and business outlook will be provided during its customary quarterly earnings call in November 2020.

About Synchronoss Technologies, Inc.

Synchronoss transforms the way companies create new revenue, reduce costs and delight their subscribers with cloud, messaging, digital and IoT products, supporting hundreds of millions of subscribers across the globe. Synchronoss secure, scalable and groundbreaking new technologies, trusted partnerships, and talented people change the way TMT customers grow their businesses. For more information, visit us atwww.synchronoss.com.

Forward-looking Statements

This press release includes statements concerning the Company and its future expectations, plans and prospects that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words may, should, expects, plans, anticipates, could, intends, believes, potential or continue or other similar expressions are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks relating to the Companys ability to sustain or increase revenue from its larger customers and generate revenue from new customers, the Companys expectations regarding expenses and revenue, the sufficiency of the Companys cash resources, the Companys growth strategies, the anticipated trends and challenges in the business and the market in which the Company operates, the Companys expectations regarding federal, state and foreign regulatory requirements, the pending lawsuits against the Company described in its most recent SEC filings, and other risks and factors that are described in the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of the Companys Annual Report on Form 10-K for the year ended December 31, 2019, which is on file with the SEC and available on the SECs website at www.sec.gov. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

Media Contacts:

Diane RoseCCgroup(North America)T: +1 727.238.7567E:diane@ccgrouppr.com

Richard FoggCCgroup(International)T: +44 7887 845 238E: synchronoss@ccgrouppr.com

Investor Contact:

David ClarkChief Financial Officer+1 800.575.7606investor@synchronoss.com