DROR RESIGNED IN NOVEMBER!!!!!!!!!
Effective on November 9, 2012, the Board of Directors of Onteco Corporation, a Nevada corporation (the "Company"), accepted the resignation of Dror Svorai as the Chief Executive Officer, Treasurer/Chief Financial Officer, Chairman of the Board of Directors and a member of the Board of Directors. The resignation is in accordance with that certain share exchange agreement dated October 25, 2012 (the "Share Exchange Agreement") with Cyber Centers Worldwide Corporation, a private Florida corporation (“CCWC”), and the shareholders of CCWC (the "CCWC Shareholders"). The resignation is also in accordance with the spin-off of NexPhase Lighting Inc., the Company's wholly-owned subsidiary and a private Florida corporation ("NexPhase").
Mr. Svorai will be the president/chief executive officer of NexPhase, which spin-off was effected in order to maximize the earning potential of NexPhase by taking on a more diverse and more profitable corporate strategy in the business of designing, developing, manufacturing and marketing a high quality and high efficiency full line of LED intelligent lighting fixtures and control systems for commercial applications and projects involving both new construction and retrofits . As of the date of this Current Report, the spin-off of NexPhase and the distribution of NexPhase shares to the Company's shareholders is being effected by the Company's transfer agent.
Mr. Svorai did not resign as a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Therefore, as of the date of this Current Report, the sole member of the Board of Directors is Jorge L. Schcolnik, who is also currently the President of the Company.
Effective November 9, 2012, the Board of Directors accepted the consent of Mr. Schcolnik as the President, Secretary and Treasurer/Chief Financial Officer.
