IT Group Holdings (fka ITGL)

[TechKim]

Removal of Chief Executive Officer


Effective September 11, 2007, our Board of Directors for cause removed Charlie Yiasemis as our Chief Executive Officer and as a director. The basis for our Board’s removal of Mr. Yiasemis was his refusal as the Company’s Chief Executive Officer to proceed with an agreement for an equity financing required by the Company, which agreement and financing had been approved by the Board of Directors.


On September 13, 2007, our Board of Directors authorized and completed the removal of the directors (including Mr. Yiasemis) of our U.K. subsidiary, Internet Telecommunications Plc, and elected new directors for that company. The new directors of our subsidiary suspended Mr. Yiasemis as Chief Executive Officer of the subsidiary and elected new officers for that company.
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The volume is questionable for its intent. Yiasemis is still supposedly missing from prosecution. No word from anyone on the company outlook, other than it was a scam with a pyramid structure of financing and skimmings of so called projects and contractors.