Agritech Worldwide, Inc. (OTCMKTS:FBER) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 14, 2017, Mr. Edward B. Smith tendered his resignation as a Director, acting Chief Executive Officer, principal executive officer and principal financial officer of Agritech Worldwide, Inc. (the “Company”), effective immediately. Mr. Smith’s resignation was in connection with the winding down of the Company’s operations and winding up of the Company’s business affairs, and not a result of any disagreement with the Company.
Election of Director and Officer.
On July 14, 2017, the Company’s sole Director elected Craig R. Jalbert, age 55, as a director, effective immediately. In addition, the Company’s sole Director appointed Mr. Jalbert as acting Chief Executive Officer, principal executive officer and principal financial officer of the Company.
Mr. Jalbert will serve as a director with a term expiring at the Company’s next annual meeting of stockholders and until his successor has been duly elected and qualified. Mr. Jalbert is an independent director to those rules and regulations issued to the Securities Exchange Act of 1934, as amended. Mr. Jalbert will serve as an officer of the Company with a term expiring at the Company’s next annual meeting of stockholders and until his successors have been duly elected and qualified.
Mr. Jalbert has served as a principal of the Foxboro, Massachusetts accounting firm of Verdolino & Lowey, P.C. since 1987. For over 25 years he has focused his practice in distressed businesses and has served, and continues to serve, in the capacities of officer and director for numerous firms in their wind-down phases. For the past 15 years, he has been frequently appointed as both a federal and state court receiver and also as a confirmed Chapter 11 bankruptcy post-effective date fiduciary of companies in numerous matters. Mr. Jalbert also regularly consults with distressed business and their advisors.
There are no arrangements or understandings between Mr. Jalbert and any other persons to which Mr. Jalbert was named a director of the Company. Mr. Jalbert has no direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K or Item 5.02(d) of Form 8-K.
About Agritech Worldwide, Inc. (OTCMKTS:FBER)
Agritech Worldwide, Inc., formerly Z Trim Holdings, Inc., is an agricultural technology company. The Company owns existing, and seeks to develop new, products and processes that convert generally available agricultural by-products into multi-functional all-natural ingredients that can be used in food manufacturing and other industries. Its products cater to food and nutritional beverage industry, including fat-free, low-fat, reduced-fat and full-fat, across meats, baked goods, dairy and non-dairy products, snacks, beverages, dressings, sauces and dips. Its industrial products division focuses on the manufacture, marketing and sales of products designed specifically for industrial applications, including oil drilling fluids, petroleum coke, charcoal briquettes, hydraulic fracturing, and paper and wood adhesives. Its product portfolio of multifunctional food ingredients includes Corn Z Trim (both genetically modified organism (GMO) and non-GMO) and Oat Z-Trim.