Fireswirl Technologies Inc. Enters into Loan Agreement; Announces Resignation of Lau as CEO
The company announced that Mr. Lau will assist the board in its recruitment process for a new CEO for a period of up to six months post closing, upon expiry of which he will resign from his role as CEO, although he will continue in his role as a director. The total Purchase Price payable is dependent on the satisfaction of certain conditions subsequent, including the resignation of Mr. Tony Lau as Fireswirl's CEO no later than six (6) months from closing, at which time Mr. Lau is expected to join the Purchaser as an employee. Mr. Lau is expected to serve on a consultancy basis to Fung in the interim period, if any, prior to his resignation.