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INFERX CORP FILES (8-K) Disclosing Change in Directors or Principal Officers
(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 21, 2012, Paul B. Silverman was appointed as President and CEO of
the registrant ("InferX"), and both Paul B. Silverman and Carl B. Eckstein were
elected by the current sole Board member, B.K. Gogia, to the Board of Directors
of InferX to fill vacancies on the Board. B.K. Gogia, the founder of InferX,
remains as Chairman of the Board and has resigned the positions of Acting
President and CEO of InferX.
Paul B. Silverman, 68, has for the last five years provided business consulting
services, most recently serving as Managing Partner for the Gemini Group, LLC, a
firm providing consulting services to emerging technology companies. From May
2008 through December 2008 Mr. Silverman was interim President and CEO of
InferX. Mr. Silverman is an experienced entrepreneur, public company CEO, global
corporate management advisor and senior corporate management executive. He is
also an adjunct faculty member at the R.H. Smith School of Business at the
University of Maryland. Mr. Silverman has a diversified and successful track
record spanning more than 30 years, including 19 years in senior corporate
management with RCA Corporation, Xerox Corporation, GTE and Satellite Business
Systems (a division of IBM) in areas of international management and marketing,
strategic planning and international business development, and nine years in
senior management consulting with Coopers and Lybrand, Booz Allen and Hamilton
and James Martin Strategy, Inc. where he served as CEO for North America. Mr.
Silverman holds a Bachelor of Science degree in Physics from City College of New
York and an Master of Science degree in Management from Polytechnic University
of New York.
Carl B. Eckstein, 73, has served as Managing Partner of Sundial Ventures, LLC, a
business development firm, for the last five years. Mr. Eckstein also has served
as Managing Director of NextGen Capital I and II venture capital funds that have
made equity investments in private emerging technology companies. In this role
he has directly participated in 22 investments and in some cases served as CEO
of several portfolio companies. Mr. Eckstein has over thirty years of experience
as a venture capitalist, consultant and the owner of several software firms
engaged in GIS and information technology consulting. Mr. Eckstein's experience
also includes serving as a principal with Arthur Young, consultant at Price
Waterhouse, and a systems engineer at IBM. Mr. Eckstein has a Bachelor of
Science degree in Microbiology from Ohio State University.
InferX has granted to Mr. Silverman 15,000,000 performance-based warrants to
acquire shares of InferX common stock at an exercise price of $0.03 per share
that are exercisable for five years to vest as follows: 3 million warrants upon
raising a minimum of $200,000 in equity investment; 2 million warrants upon
InferX reporting minimum quarterly revenues of $800,000 for two consecutive
quarters; 2 million warrants upon InferX reporting minimum quarterly revenues of
$1.25 million for two consecutive quarters; 2 million warrants upon InferX
achieving a minimum market capitalization (defined as the average closing price
for InferX's common stock times the number of its issued shares of common stock
on a fully diluted basis) of $10 million for 14 consecutive days; 3 million
warrants upon InferX achieving a minimum market capitalization of $15 million
for 14 consecutive days; and 3 million warrants upon InferX raising a minimum of
$2 million in equity or debt financings. InferX has granted to Mr. Eckstein
400,000 shares of InferX's common stock to serve as a member of the Board of
Directors. As compensation to serve as a Senior Advisor, Mr. Eckstein was
granted a warrant to purchase for five years 600,000 shares of InferX's common
stock at an exercise price of $.03 per share which vest at 150,000 shares per
quarter during his term of service commencing March 31, 2013.
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InferX issued a press release to announce the appointment of Paul B. Silverman
as an officer and director of the company and Carl B. Eckstein as a director of
the company. A copy of the press release is attached to this Current Report on
Form 8-K as Exhibit 99.1.
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