KNOXVILLE, TN - Healthcare Integrated Technologies Inc. (OTC Bulletin Board: HITC) announced on Monday the appointment of Micheal J. Burt to its Board of Directors for a three-year term, effective August 23, 2024. The company, which operates in the amusement and recreation services sector, disclosed the addition in a filing with the Securities and Exchange Commission.
Mr. Burt will be compensated with a three-year restricted stock award totaling 2,000,000 shares of the company’s common stock. According to the terms of the agreement, half of the shares will vest immediately, with the remaining 1,000,000 shares to vest in equal portions on August 25 of 2025, 2026, and 2027.
Healthcare Integrated Technologies, formerly known as Grasshopper Staffing, Inc. and Tomichi Creek Outfitters, is headquartered in Knoxville, Tennessee, and is incorporated in Nevada. The company's fiscal year ends on July 31.
The appointment of Mr. Burt comes as the latest strategic move by the company, which is led by CEO and Chairman Scott M. Boruff. The news of the board expansion was accompanied by no further details regarding Mr. Burt's background or the specific reasons for his selection.
This corporate governance update is based on a press release statement and serves as a factual report on the company's recent executive changes. Healthcare Integrated Technologies has not provided additional commentary on the appointment's implications for the company's strategic direction or operations.
In other recent news, Healthcare Integrated Technologies Inc. has announced the resignation of its Chief Financial Officer (CFO) and principal accounting officer, Charles B. Lobetti III, effective July 31, 2024. This development was reported in a Form 8-K filing with the Securities and Exchange Commission.
Lobetti has decided to step down from his role to pursue other business opportunities but will continue to support the company on a contractual basis to ensure a smooth transition to a new CFO.
The Nevada-based company, which operates within the amusement and recreation services sector, has not yet announced a successor for Lobetti. Despite this major change, Healthcare Integrated Technologies continues to navigate the competitive industry.
As of now, the company has not shared further information about potential candidates for the CFO position or specific plans for the transition period following Lobetti's departure. These are the latest developments in the company's operations.
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