TMCnet News
AXESSTEL INC FILES (8-K) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02. Departures of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 16, 2014 we appointed Dr. Kenneth Yu Keung Yum to our board of directors. Under the terms of the Securities Purchase Agreement dated September 24, 2014 with the stockholders of Flexcomm Limited, we agreed that for so long as the Flexcomm stockholders beneficially own an aggregate of 20% or more of our outstanding common stock they can nominate two members to our Board of Directors. Dr. Yu is the Flexcomm stockholders' second designee to our Board of Directors. Dr. Yu is an "independent" under the criteria established by the Nasdaq Capital Market stock exchange for independent board members. Concurrently with his appointment to our Board of Directors, Dr. Yu was appointed to serve as a member of the audit committee, compensation committee, and nominating and governance committee of our Board of Directors. Dr. Yu has been appointed to serve as the chairman of the nominating and governance committee. Dr. Yu brings over 33 years of experience in technology, product design and management. He spent 16 years with Lattice Semiconductor Corp. during which he started and managed a subsidiary company in Shanghai, China. An expert in all facets of semiconductor equipment and technologies, Dr. Yu has done memory and ASIC designs and is familiar with applications ranging from programmable logic devices, processors, telephony integrated circuits to charge coupled device imagers. He is the co-author of 25 technical articles and owner of 8 patents. Dr. Yu serves on the Board of Directors of Advanced Systems Automation Limited (SGX:ASDA.SI), a publicly-traded provider of automated semiconductor backend process equipment and precision engineering manufacturing services, and Dragon Group International Limited (SGX:DRGN.SI), a publicly-traded investment holding company. 2 |