Published On: Mon, Feb 13th, 2017

IDGlobal Corp (OTCMKTS:IDGC) Reorganizes Company; To Be Known Ipsidy Inc. Now

IDGlobal Corp (OTCMKTS:IDGC) recently announced the reorganization of company. It shall be known as Ipsidy Inc. (www.ipsidy.com) from now on. A few changes have been made to the company, as a part of reorganization.

The management and board changes

From 31 January 2017 onward, the company got its new Chairman of the Board of Directors, CEO and President. Philip D. Beck was designated this role.

Mr. Beck comes to the company with an extensive experience in payment industry. He has been working with IDGlobal Corp from past one year. In this context, Mr. Beck said, “The new mobile paradigm alleviates the need for expensive hardware to authenticate transactions and this creates access to new opportunities and services for people previously underserved.”

The company did not make alteration to its Director. Mr. Douglas Solomon, who was earlier serving as the company Chairman, continues to serve now, as the Director. He has also been assigned the role of Executive Director, Government Relations and Enterprise Security.

Thomas Szoke was serving as IDGlobal Corp’s CEO & President earlier. He now continues with the reorganized company as a director and shall also serve as Chief Technology Officer.

The role of Chief Financial Officer of the newly reorganized company is designated to Stuart Stoller, who comes on board with his 35 years of finance experience. Mr. Stoller has a wide ranging experience in operations, systems, capital markets, accounting, finance and strategy. Before serving here, he was the CFO at Test America Laboratories.

He has also served at The New York Times Company as Senior Vice President of Strategic Initiatives and Implementation.

Under the new leadership and promotion of the designations, the company hopes for corporate success.

Additional debt financing secured by newly reorganized company

Apart from the vital managerial alterations, the company also made a few strategic and finance related amendments. IDGlobal Corp secured $3,000,000 as the additional debt financing from Theodore Stern Revocable Trust.

Meanwhile, the company also inked a few conversion agreements with a range of investors who have given their nod for converting their debt to equity. The equity shall be formed by converting almost all of the debt of investors, along with the unpaid interest. Also, a few anti-dilution provisions will be eliminated.

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