CENTENNIAL, Colo., March 02, 2018 (GLOBE NEWSWIRE) -- Michael Kelly, CEO of IoT Broadband, LLC, and former executive at DISH Network and Blockbuster, announced his resignation from the board of directors for Spindle (OTC:SPDL), an e-marketing solutions company. Kelly is the largest shareholder and holder of senior debt for Spindle.
Kelly outlined his resignation in an SEC filing and in a letter on Jan. 26, 2018, which identified the following management concerns:
- Misrepresenting to the board material facts regarding acquisition targets,
- Committing Spindle to transactions in which Spindle’s performance is wholly impractical due to fiscal challenges,
- Providing the board with misleading forecasts and memorandum,
- Entering into agreements, financing agreements, and accepting undocumented loans without consent of the board,
- Signing resolutions for the board without board consent,
- And generally precluding Kelly’s fulfillment of his fiduciary duties as a member of the board.
“I hope the company can work to correct these problems as soon as possible to provide value to Spindle’s shareholders,” said Kelly.
About IoT Broadband, LLC
IoT Broadband, LLC, is a Denver-based technology and internet-of-things investment company, founded by former DISH Network Executive Vice President and Blockbuster President Michael Kelly. The company holds investments in commerce and technology solution companies including AlphaBay, LLC, (www.alphabay.com), a SaaS, Cloud and enterprise point-of-sale technology; Spindle, Inc. (OTCQB:SPDL) (www.spindle.com), a merchant and retail unified commerce solutions provider; Unreel.me, an enabler of video streaming services for network and content providers, and Yowza!! (www.yowzarewards.com) which offers eCoupons and merchant loyalty rewards programs.
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Source:IoT Broadband LLC