Supplemental Information Disclosure to Report Other Events
FrankSpeech Network, Inc.
1550 Audubon Rd Chaska, MN 55318 www.fsbn.com
FrankSpeech Network, Inc. is referred to herein as “us”, “we”, “our” or the “Company”.
On or about December 24, 2024, the Company became aware that Joe Oltmann, the Company’s former Chief Operating Officer and Director, misappropriated the Company’s source codes. Numerous attempts were made by the Company and its personnel, including its CEO, CFO and CTO, to have the codes returned to the Company, but Mr. Oltmann refused.
On January 23, 2025, Mr. Oltmann threatened in a text message to the Company’s CEO, CFO and CTO to completely shut down the FrankSpeech network over a payment dispute and if funds and restricted stock in the Company are not immediately turned over to him.
The source codes are the property of the Company, and access to the source codes is necessary to operate the Company’s business, FrankSpeech, because the Company's TV network utilizes these source codes in order to broadcast various programs and hosts. As a result of Mr. Oltmann’s refusal to provide the Company with the source codes, the Company’s operations may be materially and negatively impacted.
Mr. Oltmann has alleged the Company subsidiary FrankSpeech, Inc. owes him the sum of $959,223.43, which the Company disputes.
The Company believes that Mr. Oltmann’s actions constitute wrongful conversion of the Company’s property, a breach of contract and also violate the Computer Fraud and Abuse Act (CFAA) U.S.C. § 1030, unauthorized access to computers and related fraudulent activity.
The Company is considering all options, including potential legal action. CERTIFICATION:
I, Michael Lindell, certify that:
1. I have reviewed this Supplemental Information Disclosure for FrankSpeech Network, Inc.; and
2. Based on my knowledge, this Supplemental Information Disclosure statement does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the information covered by this disclosure statement.
January 24, 2025
/s/ Michael Lindell
Michael Lindell, Chief Executive Officer and Chairman