Added an independent board member
As I previously indicated, Novikov resigning was almost certainly to facilitate the addition of an independent board member. This is critical for any future uplisting. Company needs to do a much better job getting the markets excited about the story, but it appears that the foundation has been set with the new CFO and revamping of the BOD.
From the 8-k (my emphasis in bold regarding independence):
On July 22, 2021, the board of directors (the “Board”) of Innovative Payment Solutions, Inc. (the “Company”) appointed David Rios (“Mr. Rios”) to the Board of the Company to serve until the Company’s next annual meeting of shareholders.
Mr. Rios is a currently a philanthropist. Prior to turning to philanthropy approximately ten years ago, Mr. Rios was the founder, Chairman, and Chief Executive Officer of D.F. Rios Construction, Inc., the largest framing construction company in the state of California, for over 30 years. Mr. Rios was also President of the California Framers Association and on the Board of Carpenters. Additionally, Mr. Rios sat on the Board of Pan Pacific Bank where he was instrumental in closing its acquisition by California Bank of Commerce in December 2015.
There are no family relationships between Mr. Rios and any of the Company’s directors or executive officers and the Company has not entered into any transactions with Mr. Rios that are reportable pursuant to Item 404(a) of Regulation S-K.
Mr. Rios will receive board fees of $2,500 per month effective July 1, 2021.
