Tuesday March 29 NEWS:
CYBER ENVIRO-TECH ANNOUNCES THE ADDITION OF 2 KEY EXECUTIVES AND THE REDUCTION OF $1.55 MM IN DEBT
Press Release | 03/29/2022
Scottsdale, Arizona, March 29, 2022 (GLOBE NEWSWIRE) -- Publicly-held Cyber Enviro-Tech, Inc. of Scottsdale, Arizona, (OTC Pink: CETI) is pleased to announce the addition of two new principals that have joined the management team of the Company, Markham Broughton and Dan Leboffe. Mr. Broughton has been invited to become the 3rd member of the board of directors and will replace Mr. Ivey who will be focusing more on our New Business Development division.
Mr. Broughton, an early investor in CETI, is an experienced petrochemical professional that has worked for decades across small, mid, and major oil conglomerates both domestically & internationally. His expertise in the disciplines of business development, performance improvement, and project management add to our leadership team. Mark blends his advanced education, extensive experience, best practices, innovative insights, contact network, and a formidable work ethic to deliver results on-time, on-scope, and on-budget. His undergraduate degree is in Business Administration. His Master’s degree is in International Business & Law. He attended the Rice Executive Program and regularly participates in continuing education.
Mr. Leboffe has joined the company in the capacity of Chief Financial Officer. For the past two years, he was a consultant for CETI primarily focused on financial modeling, investor presentations, business strategy and filings with OTC Markets and the SEC. Prior to CETI, he developed a diverse background in business over the past thirty-five years working with several Fortune 1000 companies in sales, marketing, product management, real estate and training. He co-founded Path Capital Advisors a growth and capital advisory service for CEOs, board of directors and business owners. Mr. Leboffe is a graduate of the Wharton School of Business and prior to that was a CPA with Price Waterhouse working with diverse audit and tax clients.
CETI recently completed the conversion of $1,550,000 of convertible debt, previously held by 25 Note Holders, to equity in the Company. The notes were converted at a discounted share price of $ .40 per share plus the bonus incentive shares for a total of 4,644,182 shares of 144 common stock. Kim D. Southworth, CEO of CETI stated,” This was a very positive move for both the Note Holders and CETI. This will not only have a direct impact on the financial statements, removing the debt from the balance sheet but, will also eliminate the debt service associated with those notes”.
