Monday, August 22, 2016 5:49:46 PM
root9B Technologies Announces Strategic Shift to Pure Cybersecurity
http://www.otcmarkets.com/stock/RTNB/news/root9B-Technologies-Announces-Strategic-Shift-to-Pure-Cybersecurity?id=138998
NEW YORK, Aug. 22, 2016 /PRNewswire/ -- The Board of root9B Technologies (OTCQB: RTNB) has approved a series of actions that will shift the organization to a "pure play" cybersecurity company and will seek shareholder approval for a reverse stock split.
Joe Grano, Chief Executive Officer of root9B Technologies, has received approval from the Board of Directors to pursue shareholder approval to commence a reverse stock split in order to uplist the company's shares.
"The status of our company's shares precludes many institutional and private equity potential investors from purchasing our shares as many of their charters restrict ownership of shares not traded on a major exchange," Mr. Grano said.
Mr. Grano further commented that the Board of Directors has agreed to a reconfiguration of the Board in order to commensurately align the Board with a transition to a pure cybersecurity company. In that regard, Eric Hipkins, Chief Executive Officer of the root9B subsidiary, has been named to the Board of the parent company. The Board also approved an evaluation for the divestiture of non-cybersecurity assets, primarily its IPSA International division, and any remaining components of its energy practice.
In conjunction with the evaluation, all the owners of the company's series C preferred stock have agreed to give up certain rights pertaining to the approval of transactions involving sale and disposition of assets, consolidation, mergers, reorganizations and nominating and control provisions.
Mr. Grano has agreed to lead the transition until his contract expires on May 14, 2017. In the interim Mr. Grano and the Board will execute a succession plan.
You can lead a horse to water. But you can't make him get down on one knee and do an Al Jolson impression!
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM