August 23 2005
Perhaps observers could have seen the writing on
the wall. Earlier this month, Kevin Bachus, President and Chief
Operating Officer of Infinium Labs, Inc. (OTCBB: IFLB) was interviewed
on a website called, of all things, CEOcast.com, which had been paid to
promote the Company and its long-delayed video product, the “Phantom
Gaming System.” Mr. Bachus was not the CEO – Chief Operating Officer –
of Infinium at the time.
But he is now.
On August 15, 2005, Bachus became the Company’s CEO, replacing Timothy Roberts, Infinium’s founder in that capacity. Roberts, who remains on Infinium’s Board of Director, resigned from his positions as CEO and as Acting Chief Financial Officer.
Under a Separation and Release Agreement, Roberts agreed to surrender any claims he might have against the Company. In return, Infinium agreed to pay Roberts $250,000 in twelve monthly installments beginning September 1, 2005; issue him 10 million shares of restricted Infinium common stock; and consent to the immediate vesting of options to purchase 10 million shares of its common stock at 7 cents a shares.
Infinium offered only a brief explanation for the management change. According to Roberts, “[w]hile the company has accomplished a tremendous amount already, the Board saw the need for a major change that would consolidate operations and reinvigorate the organization.”
Infinium also announced that it was relocating its headquarters from Sarasota, Florida to Seattle, Washington, where Mr. Bachus is based.
IF YOU HAVE QUESTIONS OR COMMENTS FOR STOCKPATROL.COM, CONTACT US AT editor@stockpatrol.com
Mr. Bernstein has been a featured speaker before securities industry and investor groups. Mr. Bernstein is admitted to practice in the State of New York and is a member of the bar of the United States Courts for the Southern and Eastern Districts of New York and the Court of Appeals for the Second Circuit.
But he is now.
On August 15, 2005, Bachus became the Company’s CEO, replacing Timothy Roberts, Infinium’s founder in that capacity. Roberts, who remains on Infinium’s Board of Director, resigned from his positions as CEO and as Acting Chief Financial Officer.
Under a Separation and Release Agreement, Roberts agreed to surrender any claims he might have against the Company. In return, Infinium agreed to pay Roberts $250,000 in twelve monthly installments beginning September 1, 2005; issue him 10 million shares of restricted Infinium common stock; and consent to the immediate vesting of options to purchase 10 million shares of its common stock at 7 cents a shares.
Infinium offered only a brief explanation for the management change. According to Roberts, “[w]hile the company has accomplished a tremendous amount already, the Board saw the need for a major change that would consolidate operations and reinvigorate the organization.”
Infinium also announced that it was relocating its headquarters from Sarasota, Florida to Seattle, Washington, where Mr. Bachus is based.
IF YOU HAVE QUESTIONS OR COMMENTS FOR STOCKPATROL.COM, CONTACT US AT editor@stockpatrol.com
Mr. Bernstein has been a featured speaker before securities industry and investor groups. Mr. Bernstein is admitted to practice in the State of New York and is a member of the bar of the United States Courts for the Southern and Eastern Districts of New York and the Court of Appeals for the Second Circuit.
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