NEW NEWS:
On May 31, 2010, Mr. James Lynch tendered his resignation as a Director and as the President and Chief Executive Officer of PhytoMedical Technologies, Inc. (the “ Company ”) effective as of noon on May 31, 2010. The resignation constituted a termination of the employment agreement between Mr. Lynch and the Company dated March 15, 2010 (the “ Lynch Employment Agreement ”). None of the options previously granted to Mr. Lynch pursuant to his Lynch Employment Agreement have vested and the options have been terminated and cancelled.
On June 1, 2010, Mr. Gary Branning tendered his resignation as a Director of the Company effective as of that date.
The resignations of Messrs. Lynch and Branning were not due to any disagreement between the Company and each of Messrs. Lynch and Branning.
On June 3, in order to fill vacancies created by the resignations of Messrs. Lynch and Branning, the Board of Directors appointed each of Messrs. Amit S. Dang and Jeet S. Sidhu to the Company’s Board of Directors.
Mr. Dang holds a Bachelors degree (B.B.A.) in Finance from Wayne State University (2003), with advanced academic studies in contract, criminal, civil, and policy law; management, finance, logistics, and strategy; and audit theory; from Michigan State University (2003-2004), The University of Michigan (2004-2006), and the Institute of Internal Auditors (2006-2008), respectively. From May 2005 to August 2005, Mr. Dang was employed as an Accountant at Noir Medical Technologies / Laser Company, and from February 2006 to June 2006, he served as a Business Process and Development Consultant for Sterling Solutions and Systems. From June 2006 to May 2008, Mr. Dang worked as a Risk and Performance Services Consultant at Crowe Horwath, where he specialized in identifying high-risk areas for public and private companies and helped develop and re-engineer core business processes for greater efficiency and control. Since May 2008, Mr. Dang has served as the Managing Director for Infinitus Ventures, facilitating the early incubation, capital funding, and development of client companies. Mr. Dang also served as the Interim President and Chief Executive Officer of HepaLife Technologies,
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Inc. from October 13, 2009 through May 11, 2010. Mr. Dang was invited to join the Board of Directors due to his experience with public companies in the matters relating to business development, financial reporting and legal compliance.
Mr. Sidhu graduated from the British Columbia Institute of Technology with a Diploma in Corporate Finance in 1995. From 2002-2009, Mr. Sidhu was Vice-President of Montgomery Asset Management Corporation, a privately held firm providing financial and management consulting services to emerging growth corporations. Mr. Sidhu served as a member of the board of directors for U.S. Petroleum Corporation from August 2003 until August 2006. Since September 2008, Mr. Sidhu has been a director of Entheos Technologies, Inc. Mr. Sidhu was invited to join the Board of Directors due to his experience with public companies in the matters relating to business development, financial reporting and legal compliance.
On June 3, 2010 the Board of Directors also approved the terms of an Interim Executive Services Agreement between the Company and Mr. Dang (the “ Executive Services Agreement ”) pursuant to which Mr. Dang was appointed the Company’s President and Chief Executive Officer. Mr. Dang will receive a salary of $5,000 per month during the term of the Executive Services Agreement. The Executive Services Agreement may be terminated at any time with or without cause by the Company.
