Q2POWER TECHNOLOGIES INC (OTCMKTS:QPWR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Appointment of Certain Officers
On July 10, 2017, Q2Power Technologies, Inc. (the “Company”) appointed Kevin M. Bolin as Chief Executive Officer of the Company. Mr. Bolin, age 54, has served as the Company’s Chairman of the Board of Directors since March 2016, a position that he will retain.
Mr. Bolin’s recent industry positions include: CEO of Orège North America (2015 – May 2017), the US subsidiary of a publicly-held French biosolids solutions company; and Executive Chairman of the Board and CEO of Alter NRG (Interim CEO 2011-2012, Chairman 2011-2015), a publicly-traded (TSX) company in plasma gasification of waste feedstock technology. Prior to that, Mr. Bolin was CEO, President and Director of EnerTech Environmental (1992-2010), a renewable energy and biosolids technology company. He is also an Industrial Advisor to EQT Infrastructure (2013-present), a global private equity firm with over 20 Billion Euros under management. Mr. Bolin is a certified public accountant who holds a BBA from the University of Notre Dame.
Mr. Bolin has an Employment Agreement that provides for a two-year term with renewal options, a base salary of $350,000 per year and performance based bonuses, a 12-month severance for termination without cause or for “good reason”, non-compete / non-solicitation covenants, and other standard features. Mr. Bolin will receive $12,500 per month in lieu of his base salary until the Company completes its next round of funding of at least $5 million.
In connection with Mr. Bolin’s appointment to the position of CEO, Christopher Nelson, the Company’s previous CEO (a position he held since July 2014 when he founded the Company), assumed the role of President and General Counsel. Mr. Nelson, age 47, will be in charge of mergers, acquisitions and funding transactions for the Company. He also serves on the Company’s Board of Directors.
In addition to his role with Q2Power, Mr. Nelson serves as Managing Director of GreenBlock Capital LLC in Palm Beach, Florida, a boutique merchant bank specializing in technology investments and growth capital. Until July 31, 2014, Mr. Nelson served as President and General Counsel of Cyclone Power Technologies, positions he held since March 2011. Mr. Nelson has practiced law in Florida for over 20 years, and since 2001 has represented many start-up, early stage and established businesses seeking financing, acquisitions and general growth management counseling. Between 1997 and 2000, Mr. Nelson was an associate with Greenberg Traurig PA, and between 1995 and 1997 an associate with Akerman Senterfitt PA, both in Miami, Florida. At both firms he served in their corporate and securities practice, representing NYSE and NASDAQ companies. Mr. Nelson was involved in the legal end of the 1995 – 2000 roll-up of both Republic Industries and AutoNation. Mr. Nelson received a BA from Princeton University, and JD from University of Miami School of Law.
Mr. Nelson has an Employment Agreement that provides for a two-year term with renewal options, a base salary of $220,000 per year and performance based bonuses, a 12-month severance for termination without cause or for “good reason”, non-compete / non-solicitation covenants, and other standard features. Mr. Nelson will receive $10,000 per month in lieu of his base salary until the Company completes its next round of funding of at least $5 million.
Neither Mr. Bolin nor Mr. Nelson have any family relationships with any other Company executive or Board member. Mr. Bolin is not party to any related transaction. The Company leases office space from Greenblock Capital, a firm Mr. Nelson works for but does not hold any equity or ownership position.
Item 9.01 Financial Statements and Exhibits.
(b) Exhibits.
| 10.1 | Employment Agreement with Kevin Bolin, filed previously with the Company’s Form 10-K for the year ended December 31, 2016 |
| 10.2 | Employment Agreement with Christopher Nelson, filed previously with the Company’s Form 10-K for the year ended December 31, 2016 |
| 99.1 | Press Release dated July 11, 2017 |
Q2Power Technologies, Inc. ExhibitEX-99.1 2 ex99-1.htm EXHIBIT 99.1 Q2Power Appoints Kevin M. Bolin as CEO; Experienced Executive to Lead Compost and Soil Business Palm Beach,…To view the full exhibit click here
About Q2POWER TECHNOLOGIES INC (OTCMKTS:QPWR)
Q2Power Technologies, Inc., formerly Anpath Group, Inc., is a holding company for its subsidiary, Q2Power Corp. (Q2P). The Company, through Q2P, operates a renewable power company focused on the conversion of waste to energy and other reuse products. In May 2016, the Company began exploring other synergistic business lines, such as composting from waste water biosolids. Its system harvests waste biogas from waste water treatment facilities, landfills and livestock farms. Through an external combustion process, it converts these resources into green electricity for use at the host facility or back to the grid. The Company’s pilot installation is located at the waste water treatment plant in Lancaster, Ohio. The Company’s technology includes a reciprocating piston external heat engine (the Q2P Engine). It has also developed other technologies to support a total combined heat and power (CHP) system around the Q2P Engine, such as waste fuel burners, controls and other subcomponents.
