ioWorldMedia, Inc. Announces Appointment of Two New Board Members (new CEO & COO)

[Chob]

NEW YORK, Sept. 3, 2013 (GLOBE NEWSWIRE) -- ioWorldMedia, Inc. (IWDM) today announced the appointment of Zachary McAdoo and Julia Miller to its Board of Directors. The Company also has appointed Mr. McAdoo to serve as the Company's Chairman, President, Chief Executive Officer and Chief Financial Officer, and Julia Miller to serve as the Company's Chief Operating Officer and Secretary. Mr. McAdoo replaces Thomas J. Bean, who remains on the Company's Board of Directors. The Company believes that Mr. McAdoo's experience in advising and investing in small and microcap public companies will add valuable insight to the Company's senior management team, and Julia Miller's experience with technology, marketing and executive management functions will increase the capabilities of the senior management team. The new management team will focus on the further expansion of the Company's Internet radio content into the business to business and business to consumer markets.

More here:
http://finance.yahoo.com/news/ioworl...195420431.html

[Chob]

8-K here:
http://biz.yahoo.com/e/130903/iwdm8-k.html

There's also this nugget:

Effective August 27, 2013, Bubba the Love Sponge Clem resigned from the board of directors of the Company (the "Board"). Effective August 27, 2013, the Board appointed Zachary McAdoo and Julia Miller to fill two vacancies on the Board, each to serve as directors until the next annual meeting of the shareholders of the Company and until their respective successors are elected and qualify.

[RS]

IO.....

they are in Convertible Debenture territory now, l m f a o.

[Chob]

Originally Posted by RS IO..... they are in Convertible Debenture territory now, l m f a o.

Care to dumb it down?

[RS]

Originally Posted by Chob Care to dumb it down?

It's commonly known as a "death spiral" scenario. I really don't feel like explaining, stole this from another site:

"
Many small companies rely on selling convertible debt to large private investors to fund their operations and growth. This convertible debt, often convertible preferred stock or convertible debentures, can be converted to the common stock of the issuing company often at steep discounts to the market value of the common stock. Under the typical “death spiral” scenario the holder of the convertible debt initially shorts the issuer’s common stock which often causes the stock price to decline at which time the debt holder converts some of the convertible debt to common shares with which he then covers his short position. The debt holder continues to sell short and cover with converted stock which along with selling by other shareholders alarmed by the falling price continually weakens the share price making the shares unattractive to new investors and can severely limit the company’s ability to obtain new financing if the need arises."

[PissJug]

pump and dump

[RS]

thats way past a regular pump and dump

[Cpt. Mcgillicutty]

RS hit the nail on the head. IO is circling the proverbial drain. "This is the end, beautiful friend." See ya IO, wouldn't want to be ya.
Also from the financial pages:
The Company entered into Employment Agreements with each of Zachary McAdoo and Julia Miller. The Employment Agreements provide that Mr. McAdoo and Ms. Miller will not initially receive any base salary, but that the Company may pay base salary to each of them in the future if the board of directors (the "Board") determines that the Company has sufficient revenue and/or investment capital to pay cash compensation. The Employment Agreements further provide that the Board, in its sole discretion, may award bonus compensation to Mr. McAdoo and Ms. Miller, which shall be based on such performance criteria as developed by the Board and Mr. McAdoo and Ms. Miller, respectively. In addition, as discussed under Item 3.02 above, Ms. Miller's Employment Agreement provides that the Company will issue 30,000,000 shares of Common Stock to her upon the effectiveness of an amendment to the Company's Articles of Incorporation that increases the number of authorized shares of Common Stock to a level that allows for such issuance. Each Employment Agreement also contains a six (6) month non-compete provision and a twelve (12) month non-solicitation of customers and employees provision.

[Ulfric Stormcloak]

That is all.

[PissJug]

just gotta hang on until January when all the EEs re-up