On November 7, 2013, Patrick G. Rooney, the Company’s Chairman and Chief Executive Officer, converted previously made advances in the amount of $250,000 into 2,500,000 shares of Series H Junior Convertible Preferred Stock (the “Series H Preferred Stock”). The Series H Preferred Stock is convertible into shares of the Company’s common stock at a rate equal to the number of shares of Series H Preferred Stock being converted multiplied by $0.10 and divided by 70% of the daily weighted volume average price for the three trading days prior to conversion. The Series H Preferred Stock is entitled to two hundred votes per share of Series H Preferred Stock on all matters which holders of common stock are entitled to vote.
On November 12, 2013, the Company appointed Joseph G. Oliverio its Chief Technical Officer and Executive Director of PET and Director as the Company’s President, effective immediately. Mr. Oliverio will continue in his other capacities with the Company.
Also effective November 12, 2013, Charles S. Conroy resigned as the Company’s Chief Operating Officer and Executive Director of Sales and Marketing. Mr. Conroy will continue with the Company in a Business Development capacity.
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