CARBON SCIENCES, INC. (OTCMKTS:CABN) 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 and Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
General. Effective July 1, 2017, Carbon Sciences, Inc., a Nevada corporation (the “Company”) appointed Gerard F. Hug as a new director and the new chief executive officer of the Company. Mr. William E. Beifuss, Jr. stepped down as the interim chief executive officer of the Company, effective July 1, 2017.
Compensation Arrangements. In consideration for Gerald F. Hug’s services as the chief executive officer of the Company on an “at-will,” full-time basis, the Company has agreed to pay Mr. Hug a base salary in the amount of $20,000 per month. Mr. Hug executed the Company's standard Employment Confidentiality and Inventions Agreement.
Gerald F. Hug, age 50, is a seasoned business executive with experience in the mobile communications and data collection and analytics industry. Mr. Hug served as the chief executive officer of SITO Mobile, Ltd. (“SITO”) from November 2014 to February 2017, where he architected and executed the transformation of the company from an SMS aggregator to a Location-Based Mobile Advertising company. Mr. Hug joined SITO in 2011 as its director of corporate development, was then promoted to executive vice president in March 2013, and was then promoted to interim chief executive officer in August 2014. Between 2007 and 2010, Mr. Hug was the co-founder and president of Waveyard Development LLC, a water-sports resort destination development company. From 2003 to June 2006, Mr. Hug served as the executive vice president and chief strategy officer of Wireless Retail Inc., a $400 million wireless services company that was among the first U.S. businesses to use the store-in-store business model to sell mobile phones for wireless carriers through large nationwide retailers. Mr. Hug was the interim chief financial officer for Wireless Retail Inc. leading up to its sale to Radio Shack Corporation. From 2002 to 2004, Mr. Hug was the managing partner of Redwood Partners, an early-stage merchant bank and advisory firm that focused on providing early-stage capital and executive management to technology, media and telecommunications businesses.
About CARBON SCIENCES, INC. (OTCMKTS:CABN)
Carbon Sciences, Inc. is a development-stage company. The Company is engaged in researching and developing graphene-based technologies and devices. It focuses on licensing its graphene manufacturing processes and device designs to other companies. Graphene can enable applications, such as bendable touchscreen displays, rapid charge batteries, super-capacitors, low cost solar cells, extreme high-speed semiconductors and biosensors, as well as water purification. The Company was formed to develop a new graphene-based optical modulator, which is a fiber optics component needed to help unclog the existing bottlenecks and enable communication in data centers for Cloud computing. By exploiting the natural optical and electrical properties of graphene, it intends to develop the fiber optics components that are low power and low cost. The Company has not generated any revenues.