Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
On June 16, 2011, the District Court in and for Clark County, Nevada, issued an order (the “Order”) appointing Joseph Arcaro as custodian of Convergence Ethanol, Inc., a Nevada corporation (the “Corporation”). Pursuant to the Order and applicable state law, the court-appointed custodian by and through his counsel of record, Fox Rothschild LLP, reinstated the Corporation’s charter with the Nevada Secretary of State and has taken other required actions to revitalize the Corporation, including the appointment of Mr. Arcaro on an interim basis to serve as the Corporation’s President, Secretary, Treasurer and sole Director until such time as his replacement(s) can be appointed. On January 31, 2011, the court-appointed custodian entered into a definitive agreement with Industrias y DesarrollosMineros Alfa SAS (“Industrias”), pursuant to which Industrias will be merged into the Corporation. Industrias is in the mining and mineral exploitation industry.
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