Western Capital Resources, Inc. (OTCMKTS:WCRS) 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 Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
On June 14, 2018, Mr. Jonathan Tipton, director on the Board of Directors (the “Board”) of Western Capital Resources, Inc. (the “Company”), resigned his position on the Board effective immediately.
On June 14, 2018, Mr. Ellery Roberts, a current director on the Board, was considered appointed to the Board at the direction of BC Alpha Holdings I (“BC Alpha”), to certain director-appointment rights earlier granted to BC Alpha. Such appointment occurred in conjunction with Mr. Roberts accepting a position as a Managing Director with Blackstreet Capital Management, LLC (“Blackstreet Capital”), an affiliate of BC Alpha. As a result of Mr. Roberts’ service for Blackstreet Capital and appointment by BC Alpha, he is no longer “independent” for the purpose of serving on the audit committee and compensation committee of the Board.
The Board is actively searching for an independent director to fill the vacancy on the Board.
About Western Capital Resources, Inc. (OTCMKTS:WCRS)
Western Capital Resources, Inc. (WCR) is a holding company. The Company’s segments are Franchise segment, Cellular Retail segment, Direct to Consumer segment and Consumer Finance segment. The Franchise segment consists of AlphaGraphics, Inc., the franchisor of AlphaGraphics customized print and marketing solutions. Its Cellular Retail segment consists of an authorized Cricket Wireless dealer and involves the retail sale of cellular phones and accessories to consumers through its subsidiary PQH Wireless, Inc. and its subsidiaries. Its Direct to Consumer segment consists of an online and direct marketing retailer and distributor of live plants, seeds, holiday gifts and garden accessories, and an online and direct marketing distribution retailer of home improvement and restoration products operating as Van Dyke’s Restorers. Its Consumer Finance segment consists of retail financial services conducted through its subsidiaries, Wyoming Financial Lenders, Inc. and Express Pawn, Inc.