On March 10, 2014 Soren Mogelsvang, Cohava Gelber, Guy Yachin and Vered Caplan were appointed as directors of Frac Water Systems, Inc. by the written consent of Nadine C. Smith in her capacity as the sole director of the company. Each director is to serve until the next annual meeting of stockholders or until his or her successor is duly elected and qualified. On March 11, 2014 the board accepted the resignation of Nadine C. Smith as a director and the Chairman of the company and as the company's Chief Executive Officer and President and thereafter appointed Soren Mogelsvang to the vacated Chief Executive Officer position.

Ms. Smith's resignation was not a result of any disagreements between the company. Soren Mogelsvang is a biotech executive and entrepreneur with more than 15 years of experience in research and development and laboratory operations. He is experienced in strategic positioning, value creation, IP development and preclinical development of peptide therapeutics.

Guy Yachin has more than 17 years of executive management experience with biotech and biomedical companies. Cohava Gelber has more than 23 years of experience in executive and scientific research capacities. Vered Caplan has been the Chief Executive Officer of Kamedis.