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.
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.
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