Bio-AMD Inc. (fka BIAD)

[BlockTrade]

I see this latest PR as an attempt to save what ever credibility and finances this company my still have......not seeing much for shareholder benefits here other then the fact the company can survive another year without dilution of shares.......managements been living high on the hog past 12 months Imo.

Departure of Directors or Certain Officers

On June 14, 2016, Mr Robert Galvin was removed as Principal Financial Officer, Treasurer and director of the Company for cause, based on his not explaining certain expenses charged to the Company's subsidiary Bio-Alternative Medical Devices Limited ("Bio") over a two year period.

The registrant has conducted a preliminary investigation into Mr Galvin causing Bio to pay a rental in 2014 and 2015 ostensibly for Bio's use of Mr Galvin's ARM Partnership ("ARM") offices located at 14, South Molton Street, London ("Rental"). The Company believes that (a) the Rental was not required by Bio as it had and has far more appropriate offices at its operational headquarters; (b) Mr Galvin is unable to name any meetings that took place that would have required the Rental; (c) the ARM offices were not wheelchair accessible to one of Bio's directors; (d) the Rental appears to have been paid from two unsecured loans sought by Mr Galvin on behalf of Bio and loaned down from the Company for business purposes such as equipment, contracted design work and to aid the closing of commercial contracts; and (e) Mr Galvin was already contracted by Bio to work from the ARM offices. The Company seeks to discover if the Rental was a means by which Mr Galvin was supplementing his income as paid through ARM, which was not intended in his employment arrangement.

Mr Galvin also caused Bio to change his day rate consultancy contract with Bio to a monthly salary regardless of days worked, which is believed in breach of a Subscription and Shareholders' Agreement entered into by the Company, Mr Galvin and others, and otherwise not economically justified on the basis of the workload.

Mr Galvin's and ARM's position taken in respect of the investigations and questions raised by the foregoing is that the board of directors of Bio agreed to the actions and payments were approved from time to time. The Company disagrees, and does not believe responsibility can simply be shifted to other directors who contend that they were deliberately misled, or that responsibility is mitigated by time passing and repeated payments.

Appointment of Certain Officers

On June 14, 2016 our President and director, Mr David Miller, who is responsible for the management of our periodic filings, was appointed as Principal Financial Officer and Treasurer for the time being, supported by our UK and US accountants.

https://biz.yahoo.com/e/160620/biad8-k.html