The 2014 Special Meeting of Stockholders of Universal Capital Management, Inc. was held on November 11, 2014. On November 11, 2014, pursuant to a Special Meeting called by the President of Universal Capital Management, Inc., a majority of the Company's stockholders voted to remove Thomas A. Marino from the Company's Board of Directors. Mr. Marino served as the Company's Executive Chairman of the Board.

The stockholders who voted for the removal of Mr. Marino believe that he was disserving the Company as a result of his failure or refusal to perform certain material obligations related to his position as Executive Chairman of the Board. At the 2014 Special Meeting of Stockholders elected Michael D. Queen and Richard Smith as directors to the board of directors.