Healthcare Integrated Tech Inc (HITC)

[I-Glow]

Have you researched the CEO - Scott Boruff - his track as a CEO has been dismal. Check out Scott Boruff and Miller Energy.

"Tennessee's Miller Energy bankruptcy wraps up, firm is reorganized, stock voided

"the bankruptcy case for former Knoxville-based company Miller Energy Resources came to a close Thursday, with the company reorganized into separate entities, its stock declared void and a plan in place to issue new common stock.

Meanwhile, Miller Energy is facing a lawsuit by shareholders seeking class-action status for all purchasers of certain Miller preferred shares.

March 29 was the date for a reorganization plan approved by a U.S. Bankruptcy Court in Anchorage, Alaska, for Miller Energy to take effect. Under the plan, the company will establish a new board of directors empowered to adopt any agreements or documents, or take any actions outlined in the plan. The company will continue but as separate entities represented by its 11 subsidiaries.

In March 29 filings with the Security and Exchange Commission, the company reported that under the agreement with the court, all shares of Miller Energy common stock and other equity and securities are terminated. In a form 8-K filing, the company said that the reorganized company had secured up to $20 million in exit financing with Apollo Investment Corp., plus an extra $20 million in incremental term loan financing.

Also on March 29, the reorganized company issued 10 million shares of new common stock, at $0.0001 per share to the secured lenders. Apollo Investment Corp. and other investment funds managed by Highbridge Principal Strategies hold 100 percent of the new notes and new common stock, and therefore control the company, according to the 8-K filing. Don Dimitrievich and Jeffery Fitts, both of Highbridge, were named directors of the new board.

Also on the March 29 date, Scott M. Boruff, Bob G. Gower, Gerald Hannahs and A. Haag Sherman departed the company's board of directors"

Lobetti the CFO of HITC was also involved with Miller Energy.

I read the 10-K and it wasn't very impressive.

IG