Ominto, Inc. (OTCMKTS:OMNT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On February 15, 2019, the Board of Directors (the “Board”) of Ominto, Inc., a Nevada corporation (the “Company”) accepted the resignation of Jim Spielman as the Chief Financial Officer of the Company, and on February 20, 2019, the Board announced the appointment of Sarwar Uddin to serve as Chief Financial Officer of the Company.
Prior to joining the Company, Mr. Uddin spent two years as Corporate Controller at Twinlab Consolidated Corporation, publicly traded health and wellness product manufacturing company, where he was responsible for financial reporting, cost accounting, treasury, SEC reporting, tax and SOX compliance. Prior to joining Twinlab in 2017, Mr. Uddin spent two years as Vice President of Finance and Corporate Controller Excelium Holdings LLC, a management consulting and business accelerator, where he provided leadership on all financial matters including treasury/cash management, financial reporting, strategic planning, budgeting & analysis, compliance, and financial systems. Prior to joining Excelium, from 2014 to 2015, Mr. Uddin spent one year as Interim Chief Financial Officer of DCR Workforce, contingent workforce management and services procurement solutions provider, and from 2013 to 2014, he spent one year as Interim Chief Financial Officer of Morrison, Brown, Argiz & Farra, LLC, an accounting and advisory firm. Earlier in his career, Mr. Uddin gained global experience during his tenure with Devcon International Corp. and Venali, Inc. as well as a variety of strategic, operational and financial disciplines working with start-ups, turnaround situations and Fortune 500 companies. He has a long history of managing vendor relationships and negotiating favorable terms with creditors and contracts that have direct and immediate bottom line impact. His experience includes some high-profile organizations, namely, Tribune Media Company, The Hertz Corporation, and the Florida Marlins Baseball Club. He earned a BS in Business Administration and an MBA in Finance from Florida International University and a Master of Accounting from Florida Atlantic University. He is a Certified Public Accountant in the State of Florida and State of Delaware. In 2010, Mr. Uddin was a finalist for CFO of the Year by the South Florida Business Journal.
Mr. Uddin will be paid a base salary of $250,000 per annum, which may be increased by up to $100,000 upon the satisfaction of certain milestones. Additionally, he will be eligible to receive a discretionary bonus of up to 30% of his base salary upon the achievement of certain milestones. The Company will also grant Mr. Uddin options to purchase a total of 600,000 shares of the Company’s common stock under the Company’s 2017 Omnibus Equity Compensation Plan, which shall vest over 3 years. Other than the foregoing, there are no arrangements or understandings between Mr. Uddin and any person to which Mr. Uddin was appointed to serve as Chief Financial Officer, and there are no actual or proposed transactions between Mr. Uddin or any of his related persons and the Company that would require disclosure under Item 404(a) of Regulation S-K (17 CFR 229.404(a)) in connection with his appointment as Chief Financial Officer.
Mr. Uddin does not have any family relationship with any director, executive officer, or person nominated or chosen to become a director or executive officer of the Company.
On February 20, 2019 the Company issued a press release announcing the appointment of Mr. Uddin, which is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
|Item 9.01.||Financial Statements and Exhibits.|
|99.1||Press Release dated February 20, 2019.|
Ominto, Inc. Exhibit
EX-99.1 2 f8k021519ex99-1_ominto.htm PRESS RELEASE DATED FEBRUARY 20,…
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About Ominto, Inc. (OTCMKTS:OMNT)
Ominto, Inc. (Ominto), formerly DubLi, Inc., is engaged in online cash back shopping. The Company’s shopping portal serves customers in approximately 100 countries. Using its consumer-adaptive e-commerce sites, shoppers are linked and can browse third party Websites with different categories of products, which Websites feature, including international and local brands, travel, coupons, discounts and vouchers. The Company offers its product and service lines in the E-Commerce and Memberships segment, which includes business license fees, membership subscription fees and commission income, and advertising and marketing programs. The Company has adapted its Cash Back platform to serve over 10 international markets in approximately 10 languages and currencies. Its Websites feature various regional and international brands, including Amazon.com, Zalando, Groupon and Expedia. Its e-commerce platform allows consumers to shop at online stores and earn cash back with each purchase.