Donald Dallape, a co-founder, Chairman and Chief Executive Officer of Execute Sports, Inc. tendered his resignation to the Company's board of directors as CEO and Chairman, effective immediately. The board of directors accepted Mr. Dallape's resignation and the Company has reached an amicable severance agreement with him. Mr. Dallape's resignation letter was not related to any disagreement with the Company or any of its subsidiaries on any matter relating to the Company's or its subsidiaries' operations, policies and practices.
The board of directors and employees of Execute Sports wish Mr. Dallape the best and success in all of his future endeavors.
Effective May 8, 2006, the board of directors appointed Craig Washington, one of its directors, to the position of interim-Chairman and appointed Benedict Amendolara to the board. Mr. Amendolara is currently a professor at the Fashion Institute of Design and Merchandising in Los Angeles.
