Transit, Inc. (the “Company”) today announced that it entered into a settlement agreement (the “Agreement”) with an unrelated third party, Discovery Carbon Environmental Securities Corporation (“DCE”), a Nevada corporation, where the parties terminated the Exchange Agreement between the parties dated May 8, 2013. As part of the settlement, all parties agreed to dismiss their respective lawsuits against each other.The shares of stock issued to the DCE’s president were returned to the Company and will be cancelled.
As part of the Agreement, among other things, the Company will amend it Articles of Incorporation to change its name.
As part of the transaction, the Company has appointed a new CEO, Kenneth Bosket, who previously served as its CEO and Montse Zaman was appointed as Secretary, the position she held prior to the Exchange Agreement.Mr. Bosket and Mrs. Zaman were also appointed directors, replacing William Barnwell, who was CEO and director, Arnold Sock and Shad Sullivan, both directors of the Company. The size of the Board has been increased to six and the following have also been appointed directors: Harold Gewerter, John Scrudato, who will also serve as CFO, Mark Vega and Arnulfo Saucedo-Bardan.
As part of the Agreement, Kenneth Bosket and Montse Zaman were appointed as directors, replacing William Barnwell, Arnold Sock and Shad Sullivan. Subsequent to the resignations of the former directors, four additional directors were appointed: Harold Gewerter, John Scrudato, Mark Vega, and Arnulfo Saucedo-Bardan.
MONTSE ZAMAN. Montse Zaman is a director and the Company’s Secretary. Montse Zaman was the Secretary and Treasurer and a director for the Company from July, 2011 to June, 2013. She worked for Zaman & Company, a private business consulting firm, as an administrative assistant from 2003 until the end of 2008 when she joined the Company. Ms. Zaman has extensive organizational experience and is involved in handling the day-to-day administrative operations of the Company. Ms. Zaman has an extensive background in journalism and has a degree in Communications from Instituto Superior De Ciencia Y Technologia A.C. in Mexico. Mrs. Zaman possesses strong administrative credentials which have proven invaluable in handling the daily operations of the Company and reporting and working directly with the Company’s CFO in ensuring that all financial transactions are accurately and properly reported.Mrs. Zaman is also an officer and director of Crown Equity Holdings, Inc., a position she has held since February, 2008.Crown Equity trades under the symbol “PINKSHEET:CRWE”
JOHN SCRUDATO. John Scrudato is CFO and a director.John Scrudato CPA has for the past twenty five years acted as managing partner of Scrudato & Co., CPA's, and John Scrudato CPA. Mr. Scrudato has administered and supervised the Company's audit, accounting, and tax clients, provided CFO services for individual clients, as well as Edgar financial oversight, and is an invaluable resource for all public accounting issues. This accounting professional is a registered agent with the PCAOB and audits publicly traded companies through their oversight policies. Mr. Scrudato is also an officer and director of Crown Equity Holdings, Inc., a position he has held since July, 2013. Crown Equity trades under the symbol “PINKSHEET:CRWE.”
Source: EQCO2, Inc.