Replies to post #10909 on Health Discovery Corp (HDVY)

[king oil]

Looks like Quirk wants to go down with the ship

On July 31, 2013, the Board of Directors (the "Board") of Health Discovery Corporation (the "Company") increased the size of the Board of Directors to seven directors. Mr. William Quirk was appointed to the Board of Directors to fill the open position. Mr. Quirk was appointed by a unanimous vote of the directors present at the meeting. Messrs. Kaplan, Kowbel, Norris, and Winger all voted for Mr. Quirk's appointment.

Mr. Quirk, age 71, was the first outside director to join the Board in October 2005 and served until June 2008, during which time he provided critical financial and business resources to the Company. Mr. Quirk is a private investor who purchased a significant equity stake in the company in its private placement in July 2005. Prior to his retirement in 1996, he held a variety of senior executive positions in finance and management including: Fidelity Management & Research in the mutual fund industry; the investment banking firm Peterson, Diehl, Quirk & Company; leveraged buyout firm Kelso & Company; and auto parts supplier Inline Brake Manufacturing. Mr. Quirk earned his B.S. from the U.S. Naval Academy and an MBA from the Harvard Business School.

The Board voted on Friday, August 2, 2013, to terminate the employment agreement of Mr. John Norris, its CEO, which termination took effect immediately.

The Company also did not renew the consulting agreement with Mr. Robert Kelly, which expired by its terms on July 31, 2013.

The Company also announces that Mr. Kevin Kowbel, the new Chairman of the Board of Directors, will serve as interim Chief Executive Officer without pay. Further, Mr. Kowbel submitted his entire allotment of director options to the company for cancellation so that they can be used as necessary to execute company business. Lastly, Mr. Kowbel will not seek reimbursement; or back pay, for costs related to his performing in the position of Interim Chief Executive Officer for as long as it takes for the company to return to profitability. Mr Kowbel's is willing to hold the position at zero cost to company for as long as necessary and without the requirement to be compensated for his efforts at any time in the future.