SITO Mobile Ltd (STTO)

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Hope so. Maybe that will allow Jerry to free up the cash that he stole

SITO Mobile Names Interim CFO Lawrence Firestone
JERSEY CITY, N.J., March 16, 2017 (GLOBE NEWSWIRE) -- Today, SITO Mobile Ltd. (NASDAQ:SITO), a leading mobile engagement platform, announced that it has named Lawrence Firestone as Interim CFO.
Mr. Firestone has held numerous executive positions at both public and private companies. His experience includes over a decade of public company CFO experience with large technology companies.  For more background, please reference SITO Mobile’s website for Mr. Firestone’s biography. Kurt Streams has resigned as CFO. 
Following the resignation of former CEO Gerard Hug, the Audit Committee of the Board of Directors engaged an independent law firm and an accounting consulting firm to conduct an inquiry into the use of the company's charge and debit cards, as well as certain cash withdrawals. The ongoing inquiry identified the misappropriation of company funds by each of Streams and Hug.  The company is implementing changes and enhancements to its controls and procedures with respect to these matters.  
The findings from this review relate to expense items that have been recognized in the company’s financial statements.
“SITO Mobile’s Board of Directors takes a zero-tolerance approach on these matters and took prompt and decisive action,” said Rory O’Connell, SITO’s Interim CEO. “We look forward to putting this process behind us while SITO Mobile’s highly capable team focuses on the tremendous opportunities in location-based mobile media.”
The company also reiterates its previously announced media placement revenue expectation for the 4th quarter ended December 31, 2016.
Based on sales activity thus far in Q1 2017, the company remains confident that its Q1 Media Placement revenue will deliver strong growth over last year’s Q1 Media Placement revenue.
About SITO Mobile Ltd.
SITO Mobile provides a mobile engagement platform that enables brands to increase awareness, loyalty, and ultimately sales. For more information, visit www.sitomobile.com.