On 24th October’14, BrilliantPennyStocks.com initiated coverage on FONU. The stock declined by 25% since the coverage was initiated.
WASHINGTON headquartered FONU2 Inc (OTCMKTS:FONU) informed the Securities and Exchange Commission in mid October that it’s company CEO had decided to resign. The company reported that on 1st of October, its board of directors that included Robert B. Lees, Nicole Leigh and Roger Miguel had decided to accept the resignation of Mr. Lees from the post of President and Chief Executive Officer. Mr. Miguel is currently officiating as the Chief Operating Officer at FONU2 Inc (OTCMKTS:FONU) 100% owned subsidiary, FONU2 CCN, Inc.
Mr. Lee Replaced By Current COO
In place of Mr. Lees, Mr. Miguel will be appointed as the company President and Chief Executive Officer. The update to SEC also specifies that Mr. Lees will continue to execute the functions of Chief Financial Officer and would continue to be a director of the company.
Mr. Miguel – 30 Year Veteran Of IT Industry
The SEC update then goes on to provide the regulators with a short description of Mr. Miguel bio-data. It recalls that Mr. Miguel is a graduate from the University of Toronto and holds an Honors degree in Commerce and Economics. He has been described as a 30 year veteran of the Information Technology Industry.
Express Clarification On Mr. Miguel Business Interests
The SEC update goes on to expressly clarify to SEC that during the period of December 31, 2012 and 2011 “there were no transactions and there are no currently proposed transactions, in which the Company was or is to be a participant and the amount involved exceeds the lesser of $120,000 or one percent of the average of the Company’s total assets in which Mr. Miguel had or will have a direct or indirect material interest.”
In an unrelated update to SEC, FONU2 Inc (OTCMKTS:FONU) reported that American Arbitration Association had struck down the claims made against the company by its business associate Summit Trading.
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