Jim Urie Resigns As Exec. Chairman At CUR Media As Other Execs Exit And Staff Is Terminated
August 19, 2016 at 4:08 AM (PT)
Rumors of the demise of CUR MEDIA continue to swirl, with the company cutting ties with several of its executives.
In a form 8-K filing with the SECURITIES AND EXCHANGE COMMISSION, the company noted, "On AUGUST 12, 2016, JAMES URIE resigned as Executive Chairman of the Board of Directors (the "Board") of CÜR MEDIA, INC. ("we," "us," "our," or the "Company), thereby reducing our Board from three to two members. He also resigned as our Interim President and Interim Chief Executive Officer as of such date. As a result of his resignation, Mr. URIE has relinquished his role as the Company's "Principal Executive Officer" for Securities and Exchange Commission ("SEC") reporting purposes. Mr. URIE's resignation was not the result of a disagreement with us on any matter relating to our operations, policies, or practices."
In addition to URIE, CUR wrote, "On August 16, 2016, we terminated KELLY SARDO as our Chief Financial Officer and Treasurer. As a result of her termination as Chief Financial Officer and Treasurer, Ms. SARDO no longer serves as the Company's "Principal Financial and Accounting Officer" for SEC reporting purposes. At this time, Ms. SARDO continues to serve as our Secretary.
"In addition, on AUGUST 16, 2016, WILLIAM CAMPBELL was terminated as our Chief Strategy Officer. Mr. CAMPBELL continues to serve as a member of our Board. Further, on AUGUST 16, 2016, we terminated JOHN EGAZARIAN as our Chief Operating Officer, MICHAEL BETTS as our Chief Technology Officer, J.P. LESPINASSE as our Chief Marketing Officer and JOSEPH LAPLANTE as our Chief Content Officer."
The filiing explains, "As previously reported, we have been actively seeking sources of equity or debt financing to support our operations. To date, our efforts have not been successful, and we currently do not have sufficient cash to meet our operating needs. On AUGUST 16, 2016, we were forced to lay off all of our employees. Going forward, we intend to seek, investigate and, if such investigation warrants, engage in a business transaction that presents an opportunity for our securityholders. No specific transaction has been definitively identified, and there is no certainty that any such transaction will be identified, or consummated. If a business transaction is not consummated, we will need to cease operations."