Written by Ι Stock Market Media Group Staff — March 19, 2015
NEW YORK, NY – On February 1, James R. Thompson, Esq. took the reigns at SPYR, Inc. (OTCQB: SPYR), formerly Eat at Joe’s, Ltd., after being named the company’s CEO, President and General Counsel. From day one, Thompson hit the ground running and has aggressively transformed Eat at Joe’s into SPYR and SPYR into a digital media holding company, with an initial focus on digital publishing and advertising.
Thompson came on board with more than $6.7 million available in SPYR’s coffers and what appears to be the strongest balance sheet in the company’s history. According to a Form 8-K filed on January 7, 2015, two creditors holding combined notes payable totaling principal of $10,763,611 and interest of $268,686, agreed to completely extinguish all amounts owed to them in exchange for the company’s issuance of non-interest-bearing shares in a series of preferred stock.
With a strong balance sheet, SPYR’s CEO has confidently announced significant plans for the company. It’s very rare in the public space, especially on the OTC exchange, for a CEO to immediately announce a “to-do list” and then actually accomplish each item on that list as promised. But, Thompson has done just that! One day after taking the helm at SPYR, the CEO released a list of expectations for the company.
- Announce new directions and initiatives for Eat at Joe’s – Check!
Needless to say Thompson and the Board of Director’s hit a homerun here, as they clearly had a new direction in mind, and then three weeks after the CEO’s mandate, he pulled it off with the acquisition of Franklin Networks, Inc., a digital publishing and advertising company, and its eight online brands: Flawless.com; Entrée.com; Grubbr.com; GuiltyTravel.com; Gladiators.com; Crumb.com; ParentingPad.com; and Nutristic.com.
- Make important additions to the company’s management team – Check!
Thompson named Harvard Law grad Jennifer Duettra to the position of Executive Vice President and Assistant General Counsel one week after his statement. Duettra, an accomplished litigation and transactional attorney, brings her varied legal experience in business transactions and commercial litigation to SPYR.
Three weeks after Duettra’s appointment, Thompson named former Franklin Networks CEO, Mark McGarrity, as SPYR’s Chief Information Officer. McGarrity will lead the continued growth of the company’s digital operations by continuing to develop the company’s existing assets and by assisting existing management with the identification and evaluation of future asset acquisition opportunities.
- May include a name change, to better reflect the new direction and business – Check!
After the company acquired Franklin Networks, Thompson moved quickly to brand the company with a name more fitting with its new industry. SPYR, Inc. was born because, as the CEO said, “the name SPYR (a play on the word Spire) clearly indicates to the marketplace where we intend to go: to the top of our industry.” The company amended its articles of incorporation changing its name to “SPYR” and also applied for and received regulatory approval to change its ticker symbol to “SPYR.”
- Establish the Company’s new corporate headquarters in Denver – Check!
As announced in a recent press release, Thompson said that SPYR has entered into a lease for office space that will serve as the company’s new corporate headquarters in Denver, Colorado. He said the company would formally change its corporate headquarters to this location when its leased premises are ready for occupancy, which is expected to be in late April or early May.
This completed “to-do list” appears to be just the beginning at SPYR as well. In a press release dated March 13, 2015, Thompson said, “In the coming weeks, I will begin to more clearly explain the company’s direction and strategy for what we expect will be rapid growth.”
This does not sound like a CEO who is ready to rest on his early accomplishments. Thompson has surrounded himself with a strong team of executives, he’s pushed the company into a multi-billion dollar industry and he’s clearly ready for SPYR, Inc. to be a player in that space. For investors, you can’t ask for a better start to a CEO’s tenure, and you can’t wait for what’s next on his aggressive agenda!