ALPHARETTA, GA, September 9, 2013 - (ACCESSWIRE) - F3 Technologies, Inc., (OTC Pink: FTCH), a Software as a Service (SAAS) company announces a major change to the corporate management team and operations of the Company, as well as, a new pathway to growth and profitability in 2013, while reducing significant debt.
On September 5, 2013 the company elected Mr. Jeffrey Cosman to the Board of Directors and appointed him as the new Chief Executive Officer and Secretary. The company also accepted the resignation of Mr. Frank Connor as the sole member of the Company's Board of Directors and Chief Executive Officer. As part of his resignation on September 5, Mr. Connor assigned to Mr. Cosman his 13,000,000 shares of restricted common stock of F3 Technologies, and all of the issued and outstanding preferred shares of F3 Technologies and entered into a debt settlement agreement with the Company.
Jeffrey Cosman is a very accomplished businessman and entrepreneur who immediately saw the financial potential of both Interactive Defense and the FargoTube platforms. Not content with just two game-changing products, Mr. Cosman has also set his sites on the acquisition of other emerging technologies as well as other revenue producing entities that he feels will increase F3's share value very significantly. Mr Cosman spent the last several years building and buying companies that are both profitable and viable. Early on after his professional baseball career in the New York Mets minor league system, Mr. Cosman spent considerable time in a financial role at Republic Services during the growth phase between 1997-1999. Republic Services today is an $11.5 billion dollar entity founded by Wayne Huizinga, is the 2nd largest Solid Waste Company in the United States. Mr. Cosman worked closely with his father, Jim Cosman, Sr. who at the time was the President and Chief Operating Officer of Republic Services when Republic went from a $500 million dollar solid waste company to a $2.1 billion dollar empire through acquisitions and subsequently listing Republic Services public on the NYSE.
"I am focused on revenue acceleration that will drive stockholder value. This means Rapid Profitable Growth. To begin down this path, as a software development company, we must finalize the development of our core technologies and launch them aggressively into their respective markets. Our vision will change from being a software development company with products in the pipeline to becoming a leader in our industries, driving products to the market. In addition, we will grow through acquisition. Technology is meant to make life more efficient, while driving down costs and creating revenue opportunities. We will create these opportunities for the market through development or acquisition of game changing products," stated Mr. Cosman.
The Company accepted the resignations of Frank Connor on September 5, 2013. Mr. Connor resigned to pursue other opportunities and there are no disagreements with Mr. Connor on any matter relating to F3's operations, policies or practices. As part of his resignation, F3 recognized and settled all debt owed to Mr. Connor for service past rendered in exchange for 10.5 shares of Interactive Defense, LLC and 49% of the rights and interests of the FargoTube product. As a result F3 will reduce the debt on its balance sheet by over $460,000.00.
ABOUT F3 TECHNOLOGIES, INC.
F3 Technologies is Software as a Service (SaaS) platform provider that creates mobile and cloud based platforms for industries ranging from entertainment to law enforcement and municipalities. Its products includes; Interactive Defense System[TM], for law enforcement and other municipal departments; and FargoTube[TM] (http://www.fargotube.com), a scalable and mobile platform for online distribution and social networking of entertainment professionals and their content.
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Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update forward-looking statements as the result of new information or future events. We urge investors to review the risks and uncertainties within its filings with the OTC Markets and/or Securities and Exchange Commission.
Jeff Cosman, CEO
SOURCE: F-3 Technologies
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