AXIOM HOLDINGS, INC. (OTCMKTS:AIOM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On June 17, 2017, shareholders of Axiom Holdings, Inc. (the
Company) holding in excess of 65% of the issued and outstanding
common stock of the Company appointed Yang Baigui as Chairman of
the Board of Directors (the Board) and Yang Yunyoug as a director
of the Company. Following their appointments to the Board, the
Board appointed Yang Baigui as its Chief Executive Officer and
President, appointed Yang Yunyong as its Chief Financial Officer,
removed Mr. Riley as a member of the Board and terminated him as
the Companys Chief Executive Officer and Chief Financial Officer.
Mr. Yang Baigui has over 15 years of experience on construction,
management and operations of hotel, powerplant and commercial
properties development as well as logistics. For more than the
past five years, Mr. Yang Baigui has owned and operated a
construction and management company in the hospitality industry
in the Sichuan Province of China.
Mr. Yang Yungyong has over 25 years experience in the operation
and management of Power Plant operations, including planning,
financial operations and hands on operations. For more than the
past five years, Mr. Yang Yungyong has worked in a variety of
roles for State Grid Sichuan Xiaojin Country Company Ltd., a
hydropower station operator in China.
Item 8.01 Other Events.
Following the termination of Mr. Riley as the Companys Chief
Executive Officer, Chief Financial Officer and Director on June
17, 2017, Mr. Riley issued unauthorized press releases on June
19, 2017 and June 20, 2017 that are untrue and retaliatory. The
Company believes that Mr. Riley issued these press releases to
cause financial harm to the Company and its shareholders stemming
from his unmet demands for compensation, among other things,
leading up to his dismissal.
The Company reaffirms that it completed the acquisition of CJC
Holdings, Ltd. and its subsidiaries on December 21, 2016 as
reported in the Companys Form 8-K as filed with the SEC on
December 23, 2016. Furthermore, the Company denies any suggestion
by Mr. Rileys false statements that it acted improperly based on
a subpoena the SEC issued to the Company. The subpoena was issued
in connection with an SEC investigation of another company that
is not related to Axiom Holdings, Inc. The Company is in the
process of assembling the requested documents and responding to
the subpoena. The Company has also taken further steps to prevent
Mr. Riley from improperly disseminating any further false and
misleading information regarding the Company and is exploring all
lawful means to address his prior actions.