resignations

US Farms, Inc. Announces Change in Management

by on March 15, 2011

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US Farms, Inc. Announces Change in Management

by on March 15, 2011

SAN DIEGO, CA–(Marketwire – March 14, 2011) – US Farms, Inc. ( PINKSHEETS : USFM ) announced the appointment of Jim Farooquee as the company’s president, chief executive officer, chief financial officer and chairman of the board of directors, replacing Yan Skwara, effective March 8, 2011. In addition, effective March 9, 2011, the company accepted the resignations of Rick Hogan as the company’s chief operating officer and member of the board of directors. At this time, no one has been chosen to fill the vacancies left by the resignations of Mr. Hogan and Jim Farooquee is the company’s sole officer and director.

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US Farms, Inc. Announces Change in Management

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Deer Valley Corporation Announces Resignation of Two Directors

July 23, 2010

TAMPA, FL–(Marketwire – July 23, 2010) –  Deer Valley Corporation, (“Deer Valley” or the “Company”) ( OTCBB : DVLY ), today announced the resignations of Messrs Hans Beyer and Dale Phillips from the Company’s Board of Directors. Deer Valley’s CEO, Charles G. Masters, expressed his appreciation and that of the other Board member for the contribution these men have made to the Company’s success since they joined the Board in August of 2006. Mr. Masters commented, “The Company will miss the breadth of business expertise which these men brought to our Board. As we move forward to fill these vacant positions, we will be seeking to replace this expertise and to enhance the independence of the Board to bring the Board composition more in line with established NASDAQ and AMEX listing requirements.” 

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USA Signal Technology, Inc. Announces a Change of the Board of Directors

July 13, 2010

DALLAS, TX–(Marketwire – July 14, 2010) – USA Signal Technology, Inc. ( PINKSHEETS : USST ) ( http://www.usasignal.com/ ) announces the resignations of Bob Stevenson, President/CEO, and Paul Calixto, CFO, and the appointment of Gary Westbrook as President/CEO pursuant to the previously announced acquisition of substantially all the assets and liabilities of CTFLA, LLC., d.b.a. American Wholesale Health ( http://www.americanwholesalehealth.com/ ).

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Update on Status of Reverse Merger Between Delta Seaboard Well Service, Inc. and Hammonds Industries, Inc.

February 5, 2010

HOUSTON and KEMAH, Texas, Feb. 5, 2010 (GLOBE NEWSWIRE) — Delta Seaboard Well Service, Inc. (Delta), a majority-owned subsidiary of American International Industries, Inc. (Nasdaq:AMIN), announced today that the board of directors of Hammonds Industries, Inc. (Hammonds) (Pink Sheets:HMDI), has ratified and approved the Reverse Merger Agreement dated August 13, 2009, regarding the reverse merger of Delta into Hammonds. Also, Hammonds’ board of directors appointed Daniel Dror, Sherry Couturier, Rob Derrick, Jr., Ron Burleigh, and Steven Plumb to the Hammonds board. The newly appointed board accepted the resignations of Carl Hammonds, John Stump, III, and Richard Richardson as officers and directors of Hammonds.

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RBS Chairman Says Board Didn’t Threaten to Quit Over Bankers’ Bonus Limits

December 15, 2009

By Jon Menon and Andrew MacAskill Dec. 15 (Bloomberg) — Royal Bank of Scotland Group Plc Chairman Philip Hampton denied reports that the lender’s board threatened to quit over government limits on bankers’ bonuses. “Contrary to a number of media reports, there have been no threatened mass resignations of the board, at any time,” Hampton told a shareholder meeting in Edinburgh today, according to excerpts issued by the bank. While the RBS board understood the need to address “public concerns” on pay, it was obliged under British law to act for “shareholders as a whole,” Hampton said. On Dec. 2, the British Broadcasting Corp. reported that the RBS board was advised that it would have to resign if the government blocked bonuses they regarded as essential for the bank’s competitiveness. The bank was attacked at the time by politicians including Vince Cable, Liberal Democrat economics spokesman, who said the government should “welcome their resignations.” RBS is 70 percent owned by the U.K. government. The bank’s shareholders are meeting today to vote on the bank’s plan to insure about 282 billion pounds ($459 billion) of toxic assets including corporate loans and real estate mortgages, with the government’s Asset Protection Scheme. The U.K. is injecting 25.5 billion pounds under the APS, in addition to 20 billion pounds ploughed in last year, to enable the bank to avoid full nationalization. Impairments Weigh “Shareholders have suffered in recent years,” Hampton told the meeting. “It is extremely regrettable. We are expecting in 2010 that credit impairments will weigh heavily on the company’s performance.” It’s impossible to say when they will pay dividends again, he said. Hester this month said the bank is walking a “tightrope” as it attempts to retain and hire bankers while under government ownership. The bank handed control of 2009 bonuses to the government as part of the bailout. RBS’s directors are seeking to increase the amount the lender allocates for bonuses by at least 50 percent to 1.5 billion pounds to encourage workers to stay, the Sunday Times reported Dec. 5. To contact the reporter on this story: Jon Menon in London at jmenon1@bloomberg.net

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RBS Chairman Says Board Didn’t Threaten to Quit Over Bankers’ Bonus Limits

December 15, 2009

By Jon Menon and Andrew MacAskill Dec. 15 (Bloomberg) — Royal Bank of Scotland Group Plc Chairman Philip Hampton denied reports that the lender’s board threatened to quit over government limits on bankers’ bonuses. “Contrary to a number of media reports, there have been no threatened mass resignations of the board, at any time,” Hampton told a shareholder meeting in Edinburgh today, according to excerpts issued by the bank. While the RBS board understood the need to address “public concerns” on pay, it was obliged under British law to act for “shareholders as a whole,” Hampton said. On Dec. 2, the British Broadcasting Corp. reported that the RBS board was advised that it would have to resign if the government blocked bonuses they regarded as essential for the bank’s competitiveness. The bank was attacked at the time by politicians including Vince Cable, Liberal Democrat economics spokesman, who said the government should “welcome their resignations.” RBS is 70 percent owned by the U.K. government. The bank’s shareholders are meeting today to vote on the bank’s plan to insure about 282 billion pounds ($459 billion) of toxic assets including corporate loans and real estate mortgages, with the government’s Asset Protection Scheme. The U.K. is injecting 25.5 billion pounds under the APS, in addition to 20 billion pounds ploughed in last year, to enable the bank to avoid full nationalization. Impairments Weigh “Shareholders have suffered in recent years,” Hampton told the meeting. “It is extremely regrettable. We are expecting in 2010 that credit impairments will weigh heavily on the company’s performance.” It’s impossible to say when they will pay dividends again, he said. Hester this month said the bank is walking a “tightrope” as it attempts to retain and hire bankers while under government ownership. The bank handed control of 2009 bonuses to the government as part of the bailout. RBS’s directors are seeking to increase the amount the lender allocates for bonuses by at least 50 percent to 1.5 billion pounds to encourage workers to stay, the Sunday Times reported Dec. 5. To contact the reporter on this story: Jon Menon in London at jmenon1@bloomberg.net

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TCW Fund Managers Barach, Lucido Resign After Firing of Investment Officer

December 7, 2009

By Sree Vidya Bhaktavatsalam Dec. 7 (Bloomberg) — Two top money managers resigned from TCW Group Inc. after the Dec. 4 firing of Chief Investment Officer Jeffrey Gundlach , who oversaw the Los Angeles-based firm’s Total Return Bond Fund, its biggest. Phil Barach , co-manager of the $11.9 billion Total Return Bond, and Louis Lucido , a managing director at the firm, quit over the weekend, Gundlach said today in an interview. Erin Freeman , a spokeswoman for TCW, confirmed the resignations, which were reported earlier today by the Los Angeles Times. Gundlach, 50, said he’s considering starting his own firm or linking up with another asset manager. His fund returned an average of 7.9 percent annually in the past 10 years, topping the 7.7 percent gain by Pacific Investment Management Co.’s Total Return Fund , managed by Bill Gross , according to data from Chicago-based Morningstar Inc. “Starting my own firm is a possibility,” Gundlach said. He said he’s received “many inquiries” about partnering with existing firms. Neither Barach nor Lucido could be reach at their offices. TCW Group, which oversees about $110 billion, dismissed Gundlach without giving a reason. The firm said in a Dec. 4 statement that it “deeply regrets the need to take this action.” Gundlach called the firing a “cost-cutting move.” He was replaced by Tad Rivelle , investment chief of Metropolitan West Asset Management LLC. TCW announced the change along with its acquisition for an undisclosed amount of Los Angeles-based Metropolitan West, which oversees $30 billion. As many as 20 members of TCW’s mortgage-backed securities team have submitted resignations, Gundlach said. Freeman said “only a handful of people left.” She declined to comment further. Societe Generale Societe Generale SA, the Paris-based bank that owns TCW, has said it would consider taking the fund unit public and hired Citigroup Inc. in July to explore changes to the firm’s ownership structure. Gundlach, who worked for TCW since 1985, held conversations earlier this year with rivals including Legg Mason Inc.’s Western Asset Management Co. and BlackRock Inc. about a role at those firms, according to people familiar with the talks. The conversations ended and no agreement was struck, the people said. To contact the reporter on this story: Sree Vidya Bhaktavatsalam in Boston at sbhaktavatsa@bloomberg.net .

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TCW Fund Managers Barach, Lucido Resign After Firing of Investment Officer

December 7, 2009

By Sree Vidya Bhaktavatsalam Dec. 7 (Bloomberg) — Two top money managers resigned from TCW Group Inc. after the Dec. 4 firing of Chief Investment Officer Jeffrey Gundlach , who oversaw the Los Angeles-based firm’s Total Return Bond Fund, its biggest. Phil Barach , co-manager of the $11.9 billion Total Return Bond, and Louis Lucido , a managing director at the firm, quit over the weekend, Gundlach said today in an interview. Erin Freeman , a spokeswoman for TCW, confirmed the resignations, which were reported earlier today by the Los Angeles Times. Gundlach, 50, said he’s considering starting his own firm or linking up with another asset manager. His fund returned an average of 7.9 percent annually in the past 10 years, topping the 7.7 percent gain by Pacific Investment Management Co.’s Total Return Fund , managed by Bill Gross , according to data from Chicago-based Morningstar Inc. “Starting my own firm is a possibility,” Gundlach said. He said he’s received “many inquiries” about partnering with existing firms. Neither Barach nor Lucido could be reach at their offices. TCW Group, which oversees about $110 billion, dismissed Gundlach without giving a reason. The firm said in a Dec. 4 statement that it “deeply regrets the need to take this action.” Gundlach called the firing a “cost-cutting move.” He was replaced by Tad Rivelle , investment chief of Metropolitan West Asset Management LLC. TCW announced the change along with its acquisition for an undisclosed amount of Los Angeles-based Metropolitan West, which oversees $30 billion. As many as 20 members of TCW’s mortgage-backed securities team have submitted resignations, Gundlach said. Freeman said “only a handful of people left.” She declined to comment further. Societe Generale Societe Generale SA, the Paris-based bank that owns TCW, has said it would consider taking the fund unit public and hired Citigroup Inc. in July to explore changes to the firm’s ownership structure. Gundlach, who worked for TCW since 1985, held conversations earlier this year with rivals including Legg Mason Inc.’s Western Asset Management Co. and BlackRock Inc. about a role at those firms, according to people familiar with the talks. The conversations ended and no agreement was struck, the people said. To contact the reporter on this story: Sree Vidya Bhaktavatsalam in Boston at sbhaktavatsa@bloomberg.net .

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