August, 7 2014. Today former CEO Jim Ryan contacted local police when he was not allowed access to the Company’s corporate offices. Upon arrival, local police requested that Mr. Ryan leave the premises. After leaving the Company’s offices Former CEO, Jim Ryan, withdrew $6,000.00 from the Company’s bank account.
A major shareholder has spoken to company employees and they informed the shareholder that Mr. Ryan threatened them with prosecution in Federal Court if they return to the Company office in order to perform their daily tasks and duties.
Mr. Ryan has committed the company to a $3,400.00 per month lease on an executive suite; however, to date the company is two months delinquent on rental payments totaling $7,000.00.
During his tenure, Mr. Ryan and Mr. Nichols issued Board Members, Employees and insiders 5.1 million shares of Company stock.
Mr. Ryan mysteriously holds 9 million shares in a corporate name, yet Company filings do not mention how or from whom Mr. Ryan obtained these shares, and most importantly they don’t mention what price he paid for these shares. We have been informed by another shareholder that Mr. Ryan obtained these shares at a 98.5% discount.
Additionally, it has been discovered that there is an IRS notice for delinquent and unpaid payroll taxes in excess of $10,000.00 , during which time he taking a monthly salary totaling as of date over $33,000 and utilizing the Company’s accounts for reimbursement of expenses.
Mr. Ryan was appointed CEO because he represented he was going to be able to increase revenue, market cap and market liquidity while raising capital and the Company stock price. Mr. Ryan has done the opposite. The shareholders have clearly spoken with their decision to remove Mr. Ryan and Mr. Nichols from the Company. Mr. Ryan’s continuous detrimental actions exhibit a complete and utter disregard to the wellbeing of the Company and his fiduciary responsibility towards the shareholders. A shareholder update will be released tomorrow.
FORWARD-LOOKING STATEMENTS
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company's periodic filings with the OTC Markets.