Mangosoft (MGOF) expands board, makes executive management changes

Posted on: March 18th, 2010
Written by:

Mangosoft, Inc. (OTCBB: MGOF), a business internet solutions company based out of New York, announced today that the Company would be expanding the Board of Directors by welcoming two new directors, as well as announcing the appointment of Dennis Goett as Chairman and CEO of the Company.

The Board today announced that Elliott Singer and Joseph Luminoso were elected to the Company’s Board effective on Febuary 24, 2010. Both men bring years of experience from long and storied careers within the tech industry. First, Mr. Joseph Luminoso has enjoyed a successful career as software and services senior executive, managing Technical Solutions for 3Par, a manufacturer of systems and software for data storage and information management. Additionally, Elliott H. Singer brings experience in both corporate development and board service. He founded A+ Communications, a telecommunications company, and built it into a $100 million enterprise.

Furthermore, Selig Zises resigned his interim roles as Chairman and CEO. The resignation of Selig Zises from his interim role as Chairman and CEO is in keeping with his commitment to serve following the unexpected death of Dale Vincent last April, the Company’s former CEO.

Mr. Zises commented, “We have filled the management gap left by Dale’s tragic and unexpected death. With the additions of Elliott Singer and Joe Luminoso to the board, we now have a broader set of skills to guide the Company and assist the management team as we move into a new and exciting phase of Mangosoft’s existence. I will remain close to the management and board and assist the Company in any manner I can.”

The newly appointed Chairman of the Board and Chief Executive Officer, Dennis M. Goett, commented, “With the addition of Elliott Singer and Joe Luminoso to the Mangosoft board, the Company will benefit from their significant experience. These gentlemen bring a broad array of expertise needed to set the direction of Mangosoft and grow our company into a profitable enterprise with a sustainable business model.”

Goett continued, “The Company is fortunate to have had Mr. Zises step up at a time of uncertainty to provide solid leadership. He served without compensation and steadied the Company in the wake of the unforeseen loss of Dale Vincent. While Mr. Zises is stepping down from his official roles at this time, we are confident that we will have the benefit of his continued vision and guidance. The realigned Mangosoft team will focus our resources on new sectors that will deliver superior results to our shareholders.”

no comments

About Penny Stocks

The term "penny stocks," also known as micro-cap equities, micro caps, small caps, pink sheets, refers to shares in a company that trades for less than $5.00. Most penny stocks trade on the OTCBB market and the pink sheet electronic quotation service. Penny Stocks can be very volatile and can see gains as much as 500% in a day. Volatility in penny stocks is also dangerous because penny stocks can come down as quickly as they go up. If you trade penny stocks based on stock picks, make sure to always do your due diligence on the companies you're considering, use stop loss orders, and book your profits when you are in a position to do so.