CLOUD SECURITY CORPORATION (OTCMKTS:CLDS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Principal Officers; Election
of Directors; Appointment of Principal Officers.
Derek Yu Resignation
On June 23, 2017, Mr. Derek Yu resigned as Cloud Security
Corporations (the Company) Chief Executive Officer, Chief
Financial Officer, President, Secretary, Treasurer and Chairman
of the Board of Directors (the Board) effective immediately. Mr.
Yus resignation was not the result of any disagreement with the
Company on any matter relating to the Companys operations,
policies, practices, or otherwise.
The Board approved and accepted Mr. Yus resignation from such
positions on June 23, 2017.
Jie Lai Resignation
On June 23, 2017, Ms. Jie Lai resigned as the Companys Director
effective immediately. Ms. Lais resignation was not the result of
any disagreement with the Company on any matter relating to the
Companys operations, policies, practices, or otherwise.
The Board approved and accepted Ms. Lais resignation as a
Director on June 23, 2017.
Michael R. Dunn Appointment
On June 23, 2017, the Board appointed Mr. Michael R. Dunn, age
65, as the Companys Chief Executive Officer, Chief Financial
Officer, President, Secretary, Treasurer and Chairman of the
Board to serve until the next annual meeting and until his
successor is duly appointed. Mr. Dunn is also the Companys
Director and has served in such position since February 11, 2015.
The biography for Mr. Dunn is set forth below:
Mr. Dunn is an experienced business leader and executive with
extensive experience managing and operating public companies. Mr.
Dunn has served as Chief Executive Officer, Chief Financial
Officer, and Chairman of the Board of Directors of Global Future
City Holding Inc. (OTCQB: FTCY) (fka FITT Highway Products, Inc.)
since May 28, 2008 until present. From December 1995 through
2010, Mr. Dunn was the Chief Executive Officer of Bankers
Integration Group, Inc., an e-commerce company serving the
automotive finance and insurance industry. In mid-1995 through
2006, Mr. Dunn started a company that generated a $60 million
auto portfolio which later sold the paper to a subsidiary of
General Motors. Mr. Dunn interfaced with the top CEOs of
automotive companies, including Harold Poling, the former CEO and
Chairman of Ford Motor Company, and Bob Eaton, the former
Chairman and CEO of Daimler Chrysler. Mr. Dunn secured $22.2
million in equity financing for the Company, plus an additional
$20.8 million and $1.9 million in debt and lease financing,
respectively. Bankers Integration Group, Inc. filed for Chapter
11 bankruptcy protection in October of 2007, and Mr. Dunn acted
as the Trustee and coordinated the sale of the assets. The case
was closed on November 17, 2010. Mr. Dunn also served as Chairman
and Chief Executive Officer of Mountaineer Gaming, a gaming and
entertainment company, where he coordinated the design and
implementation of a $10 million renovation of the racetrack, and
put into service over 700 new video lottery machines. The park
had over 450 employees while Mr. Dunn was Chairman and CEO of the
public company. He was instrumental in raising investor capital
of approximately $17 million, plus an additional $17 million in
construction loan and equipment lease financing. Mr. Dunn has
vast experience as being the owner, manager, and director of
various businesses, both large and small. Mr. Dunn attended La
Crosse State University, Wisconsin, in business and has extensive
training in business management and leadership.
Family Relationships
Mr. Dunn is not related to any Officer or Director of the
Company.
Related Party Transactions
There are no related party transactions reportable under Item
5.02 of Form 8-K and Item 404(a) of Regulation S-K.
About CLOUD SECURITY CORPORATION (OTCMKTS:CLDS)
Cloud Security Corporation is an early-stage security and information access technology software company. The Company delivers immediate information with secure access to computer desktops and other consumer electronic devices from remote locations. The Company develops its cloud security technology, MyComputerKey, and related cloud computing security software product lines. The Company’s product, MyComputerKey, is a technology that provides a secure multi-factor validation and authentication system for cloud-based infrastructures and protects data accessed from remote locations across the world. The Company also focuses on developing an application version of this product for mobile devices (MyMobileKey) and tablets (MyTabletKey). MyComputerKey provides secure authentication prior to accesses of a user’s same, consistent and familiar desktop where all of their customized and personal applications and files reside.
