U.S. PRECIOUS METALS, INC. (OTCMKTS:USPR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Removal of Officers and Directors and Appointment of New Officers and Directors.
On September 7, 2018, the then current members of the Company’s Board of Directors and the then current officers of the Company were removed from their respective position with the Company.
A majority of shareholders voted to irrevocably remove each and every member of the Company’s current Board of Directors, including John Leufray, Carlos Hernandez, Yesit J. Campo and Paul Michael Muncy (to the extent that each was a director of the Company). In addition, the majority shareholders appointed the Joseph Spano, Wayne Ackerman and Robert N. Garff as the sole and exclusive new directors of the Company (“New Directors”).
On September 7, 2018, the New Directors irrevocably removed each and every current officer of the Corporation, including (i) John Leufray as Chief Executive Officer, Yesit J. Campo as Chief Financial Officer and Susan Acquino as Corporate Secretary and (ii) Mr. Carlos Hernandez, Jr., as Chief Operations Officer and the “Authorized Legal Representative” to U.S. Precious Metals de Mexico S.A. de C.V. The New Directors appointed Joseph Spano as the sole acting officer of the Company.
Background of New Directors.
Joseph Spano. Mr. Spano (Age 60) has been a managing member of Spano Partners Holding, LLC. since 2000. The firm is located in Millstone Township, New Jersey and is involved in numerous real estate and solar construction and development projects, among other businesses. Mr. Spano has B. A. from Rider University and is a Certified Public Accountant. He also is the founding member of The Spano Family Charitable Foundation.
Wayne Ackerman. Mr. Ackerman (Age 55) has been Chief Financial Officer of Argo Turboserve Corporation, Lyndhurst, New Jersey since 2006. In his officer capacity, he oversaw all aspects of six diversified business operations which generated $350 million in revenues. Mr. Ackerman is a Certified Public Account with a B.A and M.B.A from Rutgers University.
Robert N. Garff. Mr.Garff (Age 66) worked in the financial services industry for 35 years. He worked for Goldman Sachs andMerrill Lynch in Institutional Fixed Income Trading and Sales. He worked forMerrill Lynch, Morgan Stanley Smith Barney, and UBS Financial Services in Private Wealth Management. Mr. Garff has been an active investor in early and development stage companies for the past 35 years. Mr. Garff earned a BA in Finance from The University of Utah in 1974 and an MBA from The University of Michigan in 1976.
At the present time, there are no compensation or consulting arrangements with any of the above-named parties.
There are no family relationships between our new officers and/or directors. Except as stated herein, there have been no transactions since the beginning of our last fiscal year, or any currently proposed transaction, in which we were or are to be a participant, exceeding $120,000 and in which our new officer and director had or will have a direct or indirect material interest. There is no material plan, contract or arrangement (whether or not written) to which our new officers and director are a party or in which he participates that is entered into or a material amendment in connection with the triggering event or any grant or award to any such covered person or modification thereto, under any such plan, contract or arrangement in connection with any such event. Each officer serves in such executive positions at the discretion of the Board of Directors.
About U.S. PRECIOUS METALS, INC. (OTCMKTS:USPR)
U.S. Precious Metals, Inc. is an exploration-stage company. The Company operates as a mineral exploration company. The Company and its Mexican subsidiary company, U.S. Precious Metals de Mexico, S.A. de C.V, (U.S. Precious Metals Mexico), are engaged in the acquisition, exploration and development of mineral properties. It is focused on gold and base minerals primarily located in the State of Michoacan, Mexico where it owns exploration and exploitation concessions to approximately 37,000 contiguous acres of land (the Solidaridad Property). The Solidaridad properties consist of eight concessions granted by the Mexican government. Its concessions include Solidaridad I; Solidaridad II; Solidaridad II, Fraction A; Solidaridad II, Fraction B; Solidaridad III; Solidaridad IV; Solidaridad V (AKA Le Ceiba), and La Sabila. The Solidaridad deposit is a gold, silver, copper deposit within Guerrero Terrain of southern Michoacan.