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May 25, 2010 - Insight Management announces departure of President/CEO, Jennifer Rapacki, and appointment of interim President/CEO, John Vota
Effective as of May 20, 2010, Jennifer Rapacki resigned as President/CEO of Insight Management with immediate effect per section 5 (c) of the President/CEO Employment Agreement, “Termination for Good Reason”. Ms. Rapacki also resigned as Treasurer of Insight Management, as well as, any directorship and officer positions in any Insight Management subsidiary. The President/CEO resigning does not indicate that she has any dispute or disagreement relating to the Company’s operations, policies or practices.
Effective as of May 25, 2010, Insight Management appoints John P. Vota as interim President/CEO pending the completion and execution of an employment agreement, including but not limited to term of office and compensation. The current Board of Directors of Insight Management, Stephen Vlahos and Kevin Jasper, shall constitute the Board of Directors of each of the subsidiaries of the Company.
Mr. Vota, age 71, has extensive experience in the management of large publicly traded entities having been the Vice President and General Manager of Swingline, Inc. and its subsidiaries, (the consumer products division of American Brands) during its tenure as a wholly owned subsidiary of American Brands, Inc., now known as Fortune Brands. Prior to joining American Brands, John held increasingly more responsible positions with XLO and General Motors. He retired from Swingline in 1991 and has been instrumental in the formation of several closely held corporations, and continues to work as a management consultant to manufacturing enterprises on Long Island. He is a graduate of Fordham University, and GM Management training. After graduation, Mr. Vota served as an officer in the United States Air Force before beginning his business career.
May 13, 2010 - Insight Management Files Form 10Q
Insight Management filed its Form 10Q today for the quarter ended March 31, 2010.
Click here to view the complete Form 10-Q document.
May 5, 2010 - Insight Management Files 10-K Annual Report
Insight Management filed its 10-K Annual Report today for the year ended December 31, 2009.
Excerpt from 10-K Annual Report, Item 7 - Management's Discussion and Analysis or Plan of Operation:
"On March 2, 2010, Insight Management Corporation and Rebel Testing, Inc. (“RTI”) terminated the stock purchase acquisition agreement (“acquisition agreement”) that was signed on March 6, 2009. The continuing slow recovery of the economy from the recession and the overall uncertainty in the business environment greatly impacted Insight Management’s ability to raise capital for the acquisition. RTI had granted two extensions for the initial payment, December 31, 2009, and February 28, 2010. Insight Management was not able to secure funding in time to meet the February deadline and could not give RTI a definitive timeframe as to when funding could be secured. As such, RTI declined to grant a third extension of the payment date. For accounting purposes the accompanying financial statements retrospectively reflect the loss of control and deconsolidation of RTI as effective upon the Company’s first default of the Purchase Agreement on October 1, 2009. Therefore, the Company re-entered the Development Stage as of October 1, 2009. In connection with the RTI deconsolidation, all of the RTI assets were transferred to the RTI Sellers and the acquisition debt was cancelled as provided for under the terms of the Purchase Agreement.
Management is assessing the options for continuing to pursue its strategic plan as defined below which is dependent upon developing additional sources of capital. The Company will also consider opportunities to seek a business combination with an operating or development stage business in a related or unrelated industry, which desires to employ the Company to become a reporting corporation under the Securities Exchange Act of 1934." |
Click here to view the complete 2009 10-K Annual Filing document.
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