CYBER ENVIRO-TECH ANNOUNCES THE ADDITION OF 2 KEY EXECUTIVES AND THE REDUCTION OF $1.55 MM IN DEBT
Rhea-AI Summary
Cyber Enviro-Tech, Inc. (OTC Pink: CETI) announced two new management appointments: Markham Broughton as the new board member and Dan Leboffe as Chief Financial Officer. Broughton brings extensive petrochemical experience and holds advanced degrees in Business Administration and International Business & Law. Leboffe has a solid background in financial modeling and strategic advisory roles, previously as a CPA. Additionally, CETI converted $1,550,000 of convertible debt into equity, removing debt from its balance sheet, which should positively affect financial performance.
Positive
- Appointment of experienced leaders Broughton and Leboffe strengthens management team.
- Conversion of $1,550,000 convertible debt to equity improves financial health.
Negative
- None.
News Market Reaction
On the day this news was published, CETI gained 5.19%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Scottsdale, Arizona, March 29, 2022 (GLOBE NEWSWIRE) -- Publicly-held Cyber Enviro-Tech, Inc. of Scottsdale, Arizona, (OTC Pink: CETI) is pleased to announce the addition of two new principals that have joined the management team of the Company, Markham Broughton and Dan Leboffe. Mr. Broughton has been invited to become the 3rd member of the board of directors and will replace Mr. Ivey who will be focusing more on our New Business Development division.
Mr. Broughton, an early investor in CETI, is an experienced petrochemical professional that has worked for decades across small, mid, and major oil conglomerates both domestically & internationally. His expertise in the disciplines of business development, performance improvement, and project management add to our leadership team. Mark blends his advanced education, extensive experience, best practices, innovative insights, contact network, and a formidable work ethic to deliver results on-time, on-scope, and on-budget. His undergraduate degree is in Business Administration. His Master’s degree is in International Business & Law. He attended the Rice Executive Program and regularly participates in continuing education.
Mr. Leboffe has joined the company in the capacity of Chief Financial Officer. For the past two years, he was a consultant for CETI primarily focused on financial modeling, investor presentations, business strategy and filings with OTC Markets and the SEC. Prior to CETI, he developed a diverse background in business over the past thirty-five years working with several Fortune 1000 companies in sales, marketing, product management, real estate and training. He co-founded Path Capital Advisors a growth and capital advisory service for CEOs, board of directors and business owners. Mr. Leboffe is a graduate of the Wharton School of Business and prior to that was a CPA with Price Waterhouse working with diverse audit and tax clients.
CETI recently completed the conversion of
ABOUT CYBER ENVIRO-TECH, INC. CETI is an environmentally driven, oil & gas company that employs innovative proprietary equipment and processes for increased oil production. The Company also specializes in hydrodynamics, the life blood of the oil industry. By leveraging technologies aggregated from around the world, the Company is able to remediate a wide spectrum of water contamination issues generated from the production of oil & gas. In order to showcase its technological capabilities, the Company has acquired and is the operator of record on a 500-acre pilot oil field located in the Texas Permian Basin. Through an extensive independent geological study, an estimated 45MM barrels of recoverable reserves have been identified underneath our property. CETI will ultimately partner with 3rd party operators to increase their oil & gas production.
FORWARD-LOOKING STATEMENTS
Any statements contained in this press release that do not describe historical facts constitute forward-looking statements. Forward-looking statements may include, without limitation, financial projections, statements regarding the plans and objectives of management for current and future operations, the development, regulatory approvals and commercialization of the Company's products, or any of the Company's proposed services, systems, services, licensing arrangements, joint ventures, partnerships or acquisitions. Such forward-looking statements are not meant to predict or guarantee actual results and performance and actual events or results may differ considerably. Factors that may cause actual results to differ materially from any projections may include, without limitation, delays in the Company's development of its products and services, the inability to obtain additional financing, the impact of significant new or changing government regulation on the industry, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's general failure to effectively implement the Company's business plans or strategies. The Company assumes no obligation to update any forward-looking statements to reflect any change in events or circumstances that may arise after the date of this release.
CONTACT:
Winston McKellar,
Dir of IR/PR
Cyber Enviro-Tech, Inc.
6991 E. Camelback Rd., Suite D-300
Scottsdale, AZ 85231
866.896.6856
Email: info@cyberenviro.tech
www.cyberenviro.tech
FAQ
What recent management changes occurred at Cyber Enviro-Tech, Inc. (CETI)?
How much convertible debt did CETI convert to equity?
What impact will the debt conversion have on CETI's financials?
What is the background of Markham Broughton, the new board member of CETI?
