3 Sixty Secure CEO, CFO Resign, Interim Replacements Named

3 Sixty Risk Solutions (CSE: SAFE) this morning announced management changes among other updates to the market. First and foremost, founder and CEO Thomas Gerstenecker has stepped down from his role with the company effective immediately. No justification was provided for the decision.

Taking Gerstenecker’s place will be that of Andrew Ellis, whom was appointed to the board of directors while taking the role of CEO on an interim basis. David Beck meanwhile was appointed as Chairman of the board, while Margarita Simkin was appointed to the board as well. Simkin will also be taking on the role of COO on an interim basis.

Finally, Ernest Petrasovic resigned as CFO of the company, with the chair of the audit committee, Nitin Kaushal, to “provide oversight on the company’s financial operations as it seeks a replacement CFO.”

3 Sixty meanwhile has secured $2.6 million in capital via an asset based lending facility with Pillar Capital Corp to support near term working capital. In exchange, Pillar was granted general security on owned and unencumbered equipment. A $4.0 million receivables facility was also entered into with Sallyport Commercial Finance, under which the company can sell up to 90% of its receivables to Sallyport.

3 Sixty Risk Solutions remains halted on the CSE, having last traded at $0.055 on July 15, 2020.

Information for this briefing was found via Sedar and 3 Sixty Risk Solutions. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply