|
Michael E. Lobsinger has been a director of the Company since 1987. Mr. Lobsinger was the Chairman of the Board from 1987 to May, 2006, the Chief Executive Officer of the Company from 1993 to November 2003 and President of the Company from 1993 to 2000. As well, Mr. Lobsinger assumed the position of President and Chief Executive Officer from May 2005 to May 2006 as a result of the resignation of Michael D. Donnell, who had served as the Company's Chief Executive Officer from November 2003 to May 2005. According to the terms of the settlement agreement between the Company and the Receiver, signed in February 2007, Michael Lobsinger has conditionally agreed to resign as a director of the Company on the Settlement Agreement Effective Date, but will remain on as a consultant of the Company until December 31, 2007 - see Item 4 Information on the Company History and Development of the Company. | 