The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
CTI announced that the Board of Directors has appointed Art Gisonni as a member of the Board of Directors. Mr Gisonni has been a major investor with the Company for several years. He has been engaged in the staffing, management and financing of several companies and brings to the Board valuable experience in these areas. He has co-founded several companies with successful exits and continues to work in the venture capital and private equity space. He is an active investo r in several enterprises.
Regulation FD Disclosure
As referenced in the Agreement, CTI has issued notices under the Worker Adjustment and Retraining Notification Act (WARN) and related state laws. The notices indicate that the Company facility in Lake Barrington, IL might close in late December 2019 or early January 2020. The possibility of closure required the issuance of these notices. However, management of CTI continues to seek financing which would permit the company to continue operations.
Item No. 9.01 Financial Statements and Exhibits
Amendment No. 4 and Forbearance Agreement dated October 18, 2019.
Pursuant to the requirements of the Securities Exchange Act of 1934, CTI Industries Corporation has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized, in the Village of Lake Barrington, Illinois, October 24, 2019.
CTI INDUSTRIES CORPORATION
/s/ Jeffrey S. Hyland
Jeffrey S. Hyland, Chief Executive Officer and President
Amendment No. 4 and Forbearance Agreement dated October 18, 2019
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