SITO MOBILE, LTD. (NASDAQ:SITO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Principal Officers; Election
of Directors; Appointment of Principal Officers.
Effective March 10, 2017, Kurt Streams resigned as Chief
Financial Officer and Chief Operating Officer of SITO Mobile,
Ltd. (the Company).
On March 14, 2017, Lawrence Firestone was appointed to serve as
Interim Chief Financial Officer of the Company.
Mr. Firestone, age 59, is the Chief Executive Officer and
President of FirePower Technology, Inc., a provider of power
supplies to the high performance computing market, a position he
has held since January 2014. From June 2012 through June 2013,
Mr. Firestone served as Chief Executive Officer and President of
Qualstar Corporation (Symbol: QBAK), a public manufacturer of
tape libraries. Previously, from February 2011 through June 2012,
Mr. Firestone served as Chief Financial Officer of Xiotech
Corporation, a privately held manufacturer of performance hard
disk storage serving big data users. Mr. Firestone is also a
member of InterimExecs (interimexecs.com)a service
provider of interim executivesto fillthe immediate needs of
companies around the worldand he performs interim executive
consulting services. Mr. Firestone’s public company management
experience also includes Executive Vice President and Chief
Financial Officer of Advanced Energy Industries, Inc. (Symbol:
AEIS),Senior Vice President and Chief Financial Officer at
Applied Films Corporation (Symbol: AFCO). Mr. Firestone’s public
company board experience includes CVD Equipment (Symbol: CVV),
Qualstar Corporation (Symbol: QBAK), Amtech Systems, Inc.
(Symbol: ASYS) and Hyperspace Communications, Inc.(Symbol: HCO).
Mr. Firestone is contracted through an Interim Executive Advisory
Agreement (the Advisory Agreement) between the Company and Rapid
Deployment LLC (RD). to the Advisory Agreement, the Company shall
pay a monthly fee of $50,000 and reimburse RD for certain
expenses related to Mr. Firestones provision of services to the
Company. The Advisory Agreement can be terminated upon 30 days
advance notice and provides for indemnification of RD by the
Company under certain circumstances.
There is no arrangement or understanding with any person to which
Mr.Firestone was selected as Interim Chief Financial Officer, and
there are no family relationships between Mr.Firestone and any
director or executive officer of the Company.
A copy of the Companys press release announcing Mr. Streams
resignation and Mr. Firestones appointment is attached as Exhibit
99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
|99.1||Press Release dated March 16, 2017|
About SITO MOBILE, LTD. (NASDAQ:SITO)
SITO Mobile, Ltd. operates a mobile location-based advertising platform serving businesses, advertisers and brands. The Company’s offerings include SITO Location-Based Advertising and SITO Mobile Messaging. SITO Location-Based Advertising delivers display advertisements and videos on behalf of advertisers, including various features, such as Geo-fencing, Verified walk-in, Behavioral Targeting, and Analytics and Optimization. Geo-fencing targets customers within a certain radius of location and uses technology to push coupons, advertisements and promotions to mobile applications. Verified Walk-in tracks foot-traffic to locations and which advertisements drive action. Behavioral Targeting tracks past behaviors over 30 to 90 day increments allowing for real-time campaign management. Analytics and Optimization is a culling and building measurement system. SITO Mobile Messaging is a platform for building and controlling programs, including messaging and customer incentive programs. SITO MOBILE, LTD. (NASDAQ:SITO) Recent Trading Information
SITO MOBILE, LTD. (NASDAQ:SITO) closed its last trading session up +0.02 at 2.19 with 63,535 shares trading hands.