Mr. Charles Azrak resigned from his position as a director of Excel Corporation, effective immediately. Subsequent to Mr. Azrak's resignation, the board of directors appointed Mr. Thomas A. “Kip” Hyde, Jr. and Mr. Karl Power to serve as directors filling an existing vacancy as well as the vacancy created by Mr. Azrak's resignation. Mr. Hyde currently serves as the company's President and Chief Executive Officer and is compensated for his service as an executive officer pursuant to his employment agreement with the company.

The company agreed to appoint Mr. Power a director of the company in connection with the transactions contemplated by the Purchase Agreement.