www.implu.com/releases/2008/20081119/16608/implu_viewer -
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Published on: 11/19/2008
Last Visited: 11/20/2008
On November 13, 2008, as a result of not being able to reach an agreement to extend Mr. Delcarson's employment, the board voted unanimously to appoint one of its former directors, Richard J. Nathan, to succeed Mr. Delcarson to the position of Chief Executive Officer.
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The board also appointed Mr. Nathan to serve on the Company's board of directors until the next annual meeting of the shareholders or until such time as he resigns.
Mr. Richard J. Nathan previously served as a director of the Company from December 2007 to September 29, 2008.
Mr. Nathan founded JigSaw Tek, Inc. in May 2001, where he served as the Chief Executive Officer until 2005.
The company marketed high-end, integrated-circuit packaging solutions using proprietary, patent-pending embedded silicon technology.
Since that time, Mr. Nathan has pursued personal and professional interests and investments in various technology industries.
Mr. Nathan attended Denver University and majored in physics.
He also attended Adelphi University and completed numerous graduate and undergraduate courses in various science and business disciplines.
He has authored or co-authored eight U.S. patents.
As of the date of this report, the Company and Mr. Nathan are negotiating the terms of his employment agreement.
The Company anticipates a written employment agreement including salary level, bonus participation and a stock option grant will be entered into with 60 days hereof.
Notwithstanding, Mr. Nathan's official start date is November 17, 2008 the day on which he assumed the responsibilities of CEO and a director.
The Company has agreed that any salary or options granted pursuant to an employment agreement will have a commencement, grant and vesting date, if any, of November 17, 2008 and an exercise price of $0.10 per share reflecting the closing price of the Company's common stock on such date.
It is also anticipated that Mr. Nathan's employment will be "At-Will."
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On November 19, 2008, the Company issued a press release announcing the appointment of Mr. Richard Nathan to serve on the Company's board of directors.
Mr. Nathan was also appointed to serve as the Company's Chief Executive Officer and President.
A copy of the press release is attached to this report as Exhibit 99.1.
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/s/ Richard Nathan
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Richard Nathan
Chief Executive Officer
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