On February 10, 2016, the board of directors (the “Board”) of Latitude 360, Inc. (the “Company”)appointed John C. Maher and Susan Kurland to the Board, replacing John Alexon and Gregory Garson, each of whom resigned effective as of that date. Neither Mr. Alexon’s nor Mr. Garson’s resignation was the result of any dispute or disagreement with the Company. The reconstituted Board intends to embark on a restructuring plan for the Company, to seek to substantially reduce the Company’s overhead costs to be more in line with the Company’s projected revenues.
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