$OTHM new CEO will be appointed by the Board of Directors.
Director, Nelson Tin, was voted off of the Board of Directors. His duties will also conclude on Friday, September 12th, 2014, at 5:00 p.m. (PDT).
As part of the proposed succession strategy, a plan of merger and acquisition also was presented for a final vote. This opportunity has been on the table for several months. Up until the resignation of Mr. Chua, the mutual benefit of the merger proposal was hampered. However, in light of recent events, merging with a fully operating and solvent entity -- along with the acquisition of its executive officer -- to positively bolster Oriens' balance sheet, was finally achievable.
Announcements concerning the merger and successor [to Mr. Ken Chua] plan is expected to be forthcoming as the Company finalizes financing and structural logistics to accommodate the anticipated transition.
