TRANSCAT INC — Director's Dealing 2007

May 14, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TRANSCAT INC (TRNS)
CIK: 0000099302
Period of Report: 2007-05-10

Reporting Person: GARELICK E LEE (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-10	Common Stock, $.50 par value	M	4000	$.97	Acquired	252226	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-10	Warrant (Right to Buy)	$.97	M	4000	Disposed	2007-08-19	Common Stock, par value $.50 per share (4000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Warrant (Right to Buy)	$2.31	2008-08-19	Common Stock, par value $.50 per share (4000)	4000	Direct
Warrant (Right to Buy)	$2.88	2009-08-17	Common Stock, par value $.50 per share (4000)	4000	Direct
Warrant (Right to Buy)	$4.26	2010-08-16	Common Stock, par value $.50 per share (4000)	4000	Direct
Warrant (Right to Buy)	$5.80	2011-08-15	Common Stock, par value $.50 per share (2400)	2400	Direct

Footnotes

F1: This non-transferable warrant was previously reported by Mr. Garelick.

F2: This non-transferable warrant was previously reported by Mr. Garelick. Mr. Garelick can exercise this warrant pro rata with respect to one-third of the shares subject to the warrant on the first, second and third anniversaries of the 8/18/04 grant date.

F3: This non-transferable warrant was previously reported by Mr. Garelick. Mr. Garelick can exercise this warrant pro rata with respect to one-third of the shares subject to the warrant on the first, second and third anniversaries of the 8/17/05 grant date.

F4: This non-transferable warrant was previously reported by Mr. Garelick. Mr. Garelick can exercise this warrant pro rata with respect to one-third of the shares subject to the warrant on the first, second and third anniversaries of the 8/16/06 grant date.