CTI INDUSTRIES CORPORATION (NASDAQ:CTIB) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
CTI announced that the Board of Directors has appointed Art Gisonni as a member of the Board of Directors. Mr Gisonni has been a major investor with the Company for several years. He has been engaged in the staffing, management and financing of several companies and brings to the Board valuable experience in these areas. He has co-founded several companies with successful exits and continues to work in the venture capital and private equity space. He is an active investor in several enterprises.
Item . Regulation FD Disclosure.
As referenced in the Agreement, CTI has issued notices under the Worker Adjustment and Retraining Notification Act (“WARN”) and related state laws. The notices indicate that the Company facility in Lake Barrington, IL might close in late December 2019 or early January 2020. The possibility of closure required the issuance of these notices. However, management of CTI continues to seek financing which would permit the company to continue operations.
Item No. 9.01 – Financial Statements and Exhibits
| 10.1 | Amendment No. 4 and Forbearance Agreement dated October 18, 2019. |
CTI INDUSTRIES CORP Exhibit
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About CTI INDUSTRIES CORPORATION (NASDAQ:CTIB)
CTI Industries Corporation develops, produces and distributes various consumer products and sells these products throughout the United States and in over 35 other countries. The Company designs, manufactures and distributes film products. It is a developer of products, which employ flexible films, including balloons, pouches and rolls of film for vacuum sealing and storage of products in the home and films for commercial packaging applications. Its principal lines of products include Novelty Products, consisting of foil and latex balloons and other inflatable toy items, and also Candy Blossoms (small containers of arranged candy items, including a small inflated balloon); Vacuum Sealing Containers and Sealing Devices, which are for home and consumer use to vacuum seal, store and preserve food and personal items, and Flexible Films, for food and other commercial and packaging applications.