Form 8-K for NEW WORLD BRANDS INC
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15-Jan-2010
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On October 10, 2009, New World Brands, Inc. (the "Company") announced that the Board of Directors of the Company (the "Board") had appointed R. Steven Bell as the Company's President as of October 5, 2009. Simultaneously, the Company announced its agreement with Aeropointe Partners, Inc. and attached as an exhibit the Asset Purchase Agreement by and between the Company and Aeropointe Partners, Inc. ("Asset Purchase"). Mr. Bell has since served on the Company's Executive and Audit Committees of the Board.
As part of the Asset Purchase Agreement, Mr. Bell was to become the Company's Chief Executive Officer and effective January 11, 2010, the Board has affirmed that Mr. Bell has been appointed Chief Executive Officer of the Company replacing David Kamrat.
Over the last 30 years, Mr. Bell has held various executive level management positions in the telecommunications industry. From 1976 to 1985, as Senior Vice President of Telecommunication Services, Inc. a national interconnect company. From 1985 to 1988, as Senior Vice President, Bell South Communications, Inc., a national interconnect provider. From 1988 to 1991, President/CEO of Altus Technologies, Inc., a store and forward information company. That company was sold to Intellicall, Inc., a NYSE company, in 1991 specializing in smartphone technology where Mr. Bell was Senior Vice President under a two year management agreement. From 1993 to 1999, Chairman /CEO of Solutioneering, Inc. a provider of prepaid calling cards and vending machines. From 1999 to 2009, as Chairman and CEO of Altus Investments, Inc., a telecom services and distribution company.
In connection with Mr. Bell's appointment, he will receive compensation as an employee-director in accordance with the Company's standard employee-director compensation practices and his existing employment agreement remains unchanged.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers (continued).
The Company also announced that David Kamrat has resigned from the position of Chief Executive Officer, effective on January 11, 2010. Mr. Kamrat shall continue to remain a member of the Company Board of Directors and was nominated as Chairman of the Board of Directors of the Company at the Company's Board of Director's meeting on January 6, 2010. Mr. Kamrat shall also serve the Company as its Director of Business Development, a new position formed for the purpose of capitalizing on growth opportunities for the company.
In connection with Mr. Kamrat's reassignment, he will receive compensation as an employee-director in accordance with the Company's standard employee-director compensation practices and his existing employment agreement remains unchanged.
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