Richard Heddle appointed CEO. Pours $3M into JBII Treasury:
Effective on August 14, 2013, the Company appointed Mr. Richard Heddle as its new Chief Executive Officer and President and as a member of the Board. The terms of Mr. Heddle’s employment are still being finalized and will be reported by the Company once determined. Certain biographical information regarding Mr. Heddle is set forth below:
Richard W. Heddle, age 47, is an entrepreneur with over 25 years of executive business experience. Since 1987, Mr. Heddle has been the owner and President of Heddle Marine Services, Inc., the largest marine repair firm that operates floating dry docks on the Canadian side of the Great Lakes. Mr. Heddle grew the company from a small start-up with two employees to a company that employs over 60 people. Mr. Heddle has significant expertise in logistics, supply chain analytics and managing production and brings over 25 years of comprehensive experience in fabrication, engineering and machinery.
Finally, on August 14, 2013, the Company entered into a binding term sheet agreement with Richard Heddle to secure an investment in the Company of $3 million. The investment will consist of the purchase of a 12.5% Senior Secured Promissory Note (“Senior Debt”) secured by the property, plant and equipment and intellectual property of the Company, that bears an interest rate of 12.5%. The Senior Debt has a term of five years and has detachable warrants valued at 120% of the closing price of the stock on the date prior to funding.
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