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Quotes & Info
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| DPAC.OB > SEC Filings for DPAC.OB > Form 8-K on 23-Nov-2009 | All Recent SEC Filings |
23-Nov-2009
Change in Directors or Principal Officers
Effective November 18, 2009, Mr. Creighton K. Early resigned from the Board of Directors of the registrant and Mr. Donald L. Murfin was appointed to its Board of Directors in the position vacated by Mr. Early.
Mr. Murfin is the Executive Vice President of the general partner of Development Capital Ventures, LP ("DCV"), the majority shareholder of the registrant. Mr. Murfin has not been appointed to serve on any of the committees of the Board of Directors and it has not been determined at this time whether Mr. Murfin will be appointed to any committee of the board in the future.
As previously reported on the registrant's current report on Form 8-K (filed October 6, 2009) and quarterly report on Form 10-Q (file November 16, 2009), DCV, an affiliate of Mr. Murfin, agreed to serve as an intermediary for the registrant's wholly owned subsidiary Quatech, Inc. ("Quatech") in the asset purchase transaction described in such reports, and to fund the purchase of and take initial ownership of the assets described therein, and, upon completion of such transaction, to immediately transfer such assets to QuaTech in consideration for the issuance of 8,750 shares of the registrant's Series A Convertible Preferred Stock.
As a director, Mr. Murfin will be eligible to participate in compensation and reimbursement arrangements applicable generally to all directors of the registrant.
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