Current Report Filing (8-k)
November 16 2015 - 5:23PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 9,
2015
VISCOUNT SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Nevada |
000-49746 |
88-0498181 |
(State or other jurisdiction |
(Commission |
(IRS Employer |
of incorporation) |
File Number) |
Identification No.) |
4585 Tillicum Street, Burnaby, British Columbia, Canada
V5J 5K9
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (604)
327-9446
(Former name or former address, if changed since last report)
______________________
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation to the registrant under
any of the following provisions:
[ ] Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a -12)
[ ] Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
[ ] Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
Item 5.02 |
Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers |
On November 9, 2015, in connection with a proposed financing for Viscount
Systems, Inc. (the Company), each of Dennis Raefield, George Eli
Birnbaum and Robert Liscouski resigned as directors of the Company. Messrs.
Raefield and Liscouski indicated that their resignations were directly related
to the proposed financing since they could not vote to approve the financing.
Attached as Exhibit 17.1 are the correspondence with each of the directors
relating to their resignations.
On November 9, 2015, Craig Nemiroff was appointed as a director of the
Company.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
17.1 Correspondence on Departures of Directors
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Dated: November 16, 2015
VISCOUNT SYSTEMS, INC.
|
By: |
/s/ Scott Sieracki |
|
|
Name: Scott Sieracki |
|
|
Title: Interim Chief Executive
Officer |
EXHIBIT INDEX
Ned -
I too am dissatisfied with the course our latest financing has taken. I cannot in good conscience agree to financing that destroys common shareholder value. A “No” vote on the proposed terms closes off the company’s desperate need
of cash, but a “Yes” vote basically puts the assets of the company at high risk for the benefit of preferred shareholders.
I cannot give my consent to the proposed resolution so I am resigning to not stand in the way of the employees’ ability to survive, even though the cost seems high. My best wishes are with the remaining Directors, employees, and Scott to turn
this around and return the company to value.
I have enjoyed working with the other directors, and especially with you, Ned, and your willingness to devote an inordinate amount of time and energy to make Viscount a success. You are in good hands with Scott, since what we need is revenue. If
anyone can make this grow, it is Scott.
I will remain available to Scott as an unpaid advisor whenever he needs help. That will be his call.
I take this moment to remind the remaining Directors that my employment agreement requires the company to maintain D&O insurance for three years after my termination. If the company ceases to exist, you should purchase a D&O tail policy to
protect all Directors and Officers with your last cash, since one tail policy will protect everyone.
Best to you all.
Dennis Raefield
Ned -
In light of the financing proposed by Jim Cacioppo and Jeff Arens and the demand requesting my resignation post signing of the Board Consent, I am resigning effective 9 November 2015. I do not desire to hold up the company’s opportunity to
acquire more financing for its operations, but, I am not going to sign the Consent form only to immediately resign my position, hence I am submitting it without signing the Consent. I understand the company needs more working capital, but I believe
the amount of working capital offered by this financing isn’t sufficient and the terms aren’t favorable to the company, however, it is clearly the only alternative at the present time.
I have enjoyed working with you, the other directors and the executive team and wish you continued success.
Best regards,
Bob
![](http://www.sec.gov/Archives/edgar/data/1158387/000106299315006251/resignation2.jpg)
![](http://www.sec.gov/Archives/edgar/data/1158387/000106299315006251/resignation1.jpg)
![](http://www.sec.gov/Archives/edgar/data/1158387/000106299315006251/resignation3.jpg)
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