UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): September 25, 2017
INTELLINETICS,
INC.
(Exact
name of Registrant as specified in its charter)
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Nevada
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000-31671
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87-0613716
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(State
or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S
Employer
Identification No.)
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2190
Dividend Dr., Columbus, Ohio
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43228
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(Address
of principal executive offices)
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(Zip
code)
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Registrant’s
telephone number, including area code
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(614) 388-8908
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant
under any of the following provisions (see General Instruction A.2. below):
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item
1.01 Entry into a Material Definitive Agreement.
The
information provided in Section 5.02 of this Current Report on Form 8-K regarding the “Plan Amendment” is hereby incorporated
by reference into this Item 1.01.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
Effective
September 25, 2017, Matthew L. Chretien resigned as President and Chief Executive Officer of Intellinetics, Inc. (the “Company”).
Mr. Chretien will continue to serve as Chief Technology Officer and as a member of the Board of Directors of the Company (the
“Board”). The Board also appointed Mr. Chretien as Chief Strategy Officer effective as of September 25, 2017.
On
September 25, 2017, the Board appointed James F. DeSocio to serve as the Company’s President and Chief Executive Officer.
On September 25, 2017, the Board also increased the size of the Board from five (5) members to six (6) members, and elected Mr.
DeSocio to serve as a member of the Board and fill the newly created vacancy.
Prior
to joining the Company, Mr. DeSocio, age 62, served as Chief Revenue Officer at Relayware, LLC, a global provider of Partner Relationship
Management solutions, from January 2015 to September 2017. From January 2013 to November 2014, Mr. DeSocio served as Executive
Vice President of Operations for XRS Corporation, a fleet management software solutions provider. From October 2007 to September
2012, Mr. DeSocio served as Executive Vice President of Sales and Business Development for Antenna Software, Inc., a business
mobility solutions provider. Mr. DeSocio has extensive experience in sales, marketing, international operations, mergers and acquisitions.
Pursuant
to an offer letter agreement between Mr. DeSocio and the Company dated September 25, 2017 (“Offer Letter”), Mr. DeSocio
will be paid an annual base salary of $270,000 and will be eligible for quarterly and annual bonus payments totaling up to 50%
of his annual base salary, which will be pro-rated for calendar year 2017. Such bonus payments shall be subject to the Company’s
satisfaction of certain revenue and EBITDA goals as determined by the Board.
Pursuant
to the Offer Letter, Mr. DeSocio will also receive options to purchase up to 1,250,000 shares of common stock of the Company under
the Intellinetics, Inc. 2015 Equity Incentive Plan, as amended (the “Incentive Plan”), which options will consist
of:
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Options
to purchase up to 750,000 shares of common stock, with an exercise price equal to the greater of (i) the market closing price
of the Company’s common stock on the date of grant, or (ii) thirty cents ($0.30). The options shall vest in equal quarterly
installments over two years;
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Options
to purchase up to 250,000 shares of common stock, with an exercise price equal to the greater of (i) 125% of the market closing
price on the date of initial grant, or (ii) thirty-eight cents ($0.38). The options shall vest in equal quarterly installments
over a period of two years from the initial grant date, provided that no portion of the options shall be exercisable until
a sufficient number of shares of common stock becomes available under the Incentive Plan (whether such shares become available
by expiration, cancellation or forfeiture of other outstanding awards, amendment of the Incentive Plan, or otherwise);
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Options
to purchase up to 250,000 shares of common stock, with an exercise price equal to the greater of (i) 125% of the market closing
price on the date of initial grant, or (ii) thirty-eight cents ($0.38). The options shall vest in equal quarterly installments
over a period of two years from the initial grant date, provided that no portion of the options shall be exercisable until
the stockholders of the Company approve, at the Company’s 2018 annual meeting of stockholders, a sufficient increase
in the total number of shares authorized for issuance (and any applicable individual award limits) under the Incentive Plan.
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In
addition, the Offer Letter provides for certain severance payments and benefits in the event of a termination of Mr. DeSocio’s
employment under specific circumstances, including three (3) months of continued base salary and medical and dental benefits for
termination without cause, and six (6) months of continued base salary and medical and dental benefits for a qualifying termination
within certain proximity to a change of control event by the Company. Mr. DeSocio’s receipt of such severance payments and
benefits is contingent upon execution of a general release of claims in favor of the Company at the time of termination.
A
copy of the Offer Letter is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference.
The foregoing summary of the Offer Letter does not purport to be complete and is subject to and qualified in its entirety by reference
to the attached Offer Letter.
There
is no arrangement or understanding between Mr. DeSocio and any other person pursuant to which Mr. DeSocio was appointed as an
officer and director of the Company. There are no family relationships between Mr. DeSocio and any director or executive officer
of the Company, and no transactions involving Mr. DeSocio that would require disclosure under Item 404(a) of Regulation S-K, other
than as described herein.
The
Company issued a press release on September 26, 2017 announcing Mr. DeSocio’s appointment as President and Chief
Executive Officer, as well as Mr. Chretien’s transition to Chief Strategy Officer. The press release is attached to this
Current Report on Form 8-K as Exhibit 99.1.
Also
on September 25, 2017, the Board adopted and approved, subject to stockholder approval at the Company’s 2018 annual meeting
of stockholders, the First Amendment to Intellinetics, Inc. 2015 Equity Incentive Plan (the “Plan Amendment”), which,
if approved by the stockholders, will (i) increase the aggregate number of shares of Common Stock authorized for issuance under
the Incentive Plan from 2,000,000 shares to 2,500,000 shares; (ii) increase the total number of shares of Common Stock for which
incentive stock options may be granted, from 1,000,000 shares to 2,500,000 shares; (iii) increase the maximum number of shares
of Common Stock for which awards may be granted to any individual Director in any year, from 1,000,000 shares to 1,250,000 shares;
and (iv) increase the maximum number of shares of Common Stock for which awards may be granted to any individual participant in
any year, from 1,000,000 shares to 1,250,000 shares.
The
foregoing description of the Plan Amendment does not purport to be complete and is subject to and qualified in its entirety by
reference to the Plan Amendment, a copy of which is attached as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated
herein by reference.
Item
9.01 Financial Statements and Exhibits.
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(d)
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Exhibits
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10.1
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Offer Letter, dated September 25, 2017, between Intellinetics, Inc. and James F. DeSocio
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10.2
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First Amendment to Intellinetics, Inc. 2015 Equity Incentive Plan, dated September 25, 2017
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99.1
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Press Release of Intellinetics, Inc., issued September 26, 2017
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
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INTELLINETICS,
INC.
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By:
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/s/
James F. DeSocio
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James
F. DeSocio
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President
and Chief Executive Officer
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Dated:
September 26, 2017
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James
DeSocio
4
Deep Hollow Dr
Rumson,
New Jersey 07760
September
25, 2017
Dear
Jim,
Offer
of Employment: President & Chief Executive Officer
I
am very pleased to offer you a position within Intellinetics, Inc. (the “Company”) as President & Chief Executive
Officer. In this capacity, you will report to the Board of Directors and carry out such responsibilities as may be assigned by
the Board of Directors. As a condition of your employment, you must be ready, willing and able to travel to other Company and
Customer locations as business needs dictate, in order to satisfactorily fulfill your job responsibilities. We look forward to
enjoying your creativity, skills and drive in helping us to grow and develop the Company. The principal terms of our offer are
outlined below, and are conditioned upon approval of such terms by the Company’s Compensation Committee and Board of Directors.
The parties anticipate negotiating and entering into a formal employment agreement memorializing these and other relevant terms
in greater detail.
Commencement
Date
You
will commence work with the Company on September 25, 2017.
Duties
You
will devote your best efforts and your full time, attention, skill, ability and energy during normal business hours (and outside
such hours when reasonably necessary) exclusively to the business and affairs of the Company. You will serve the Company faithfully
and diligently as the Board of Directors shall direct.
Base
Salary
The
base salary for this position is $270,000 (two hundred seventy thousand dollars) per annum, paid according to our local payroll
practice. Our current practice is to pay salary twice per month. You will also be eligible for quarterly and annual bonus payments
up to an annual total of 50% of your annual salary ($135,000). The bonus will be broken into two parts: 60% ($81,000) of which
will be based on company revenue, and 40% ($54,000) of which will be based on EBITDA.
Your
total potential compensation comprises the following elements, subject to the Company’s satisfaction of Revenue and EBITDA
goals, as determined by the Board of Directors.
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COMPENSATION TYPE
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QUARTERLY
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ANNUALIZED
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Quarterly Revenue Bonus
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$
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15,000
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$
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60,000
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Quarterly EBITDA Bonus
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$
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10,000
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$
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40,000
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Annual Revenue Bonus
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—
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$
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21,000
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Annual EBITDA Bonus
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—
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$
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14,000
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Total Annual Bonus Potential
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—
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$
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135,000
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Base Salary
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—
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$
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270,000
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Total Compensation on Target Earnings
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—
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$
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405,000
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Payment
Bonuses
(if eligible) will be paid in the month following the end of the quarter they are earned, as may be otherwise determined by the
Board of Directors. Annual bonus payments will be paid in the quarter following the end of the year in which they are earned,
as soon as practicable following final closing of the books. Payments are subject to the company’s overall performance and
the approval of the Compensation Committee.
Stock
Options
The
position of President & Chief Executive Officer is eligible for participation in the Intellinetics, Inc. 2015 Equity Incentive
Plan.
Subject
to approval by the Compensation Committee, you will be eligible to receive options to purchase up to
1,250,000
common shares
of the Company, which would consist of:
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Options
to purchase up to 750,000 common shares, to be granted upon commencement of employment, with an exercise price equal to the
greater
of (i) the market closing price of the Company’s common stock on the date of grant, or (ii) thirty cents
($0.30). The options shall vest in equal quarterly installments over two years.
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●
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Options
to purchase up to 250,000 common shares, with an exercise price equal to the
greater
of (i) 125% of the market closing
price on the date of initial grant, or (ii) thirty-eight cents ($0.38). The options would be granted upon commencement of
employment, but shall be subject to the availability of a sufficient number of shares under the Incentive Plan to accommodate
the proposed grant (whether such shares become available by expiration or cancellation of other outstanding awards, amendment
of the Incentive Plan, or otherwise). The award shall vest in equal quarterly installments over two years from the initial
grant date, provided that no portion of the award shall be exercisable until a sufficient number of shares is available under
the Incentive Plan.
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●
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Options
to purchase up to 250,000 common shares, with an exercise price equal to the
greater
of (i) 125% of the market closing
price on the date of initial grant, or (ii) thirty-eight cents ($0.38). The options would be granted upon commencement of
employment but shall be subject to shareholder approval, at the Company’s next annual meeting, of an increase in the
total number of shares authorized for issuance (and any applicable individual maximums) under the Incentive Plan, in an amount
sufficient to accommodate the proposed award. The award shall vest in equal quarterly installments over two years from the
initial grant date, provided that no portion of the award shall be exercisable until such shareholder approval is obtained.
If shareholder approval is obtained at the next annual meeting, the award would be exercisable to the extent vested at such
time. If such shareholder approval is not obtained at the next annual meeting, the applicable portion of the award shall be
deemed cancelled immediately following the meeting.
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All
options which have not previously been forfeited, cancelled, or expired would vest immediately upon the sale of the company.
The
stock options described above shall be subject to and governed in all respects by the Intellinetics, Inc. 2015 Equity Incentive
Plan and the terms and conditions of your individual Stock Option Award Agreement, which will be provided to you at the time of
grant.
Benefits
You
are eligible to participate in our benefits package. We currently offer plans including the following:
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Health
& Welfare Plan
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Vision,
Dental & Life Insurance Plans
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401(k)
Retirement Plan
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Details
of these benefit plans will be provided under separate cover.
Expenses
All
reasonable out of pocket business expenditures are reimbursed according to our business expense policy. Qualifying expenses will
be paid upon timely production of a satisfactorily completed expense claim that has been authorized and approved by the appropriate
manager within Intellinetics, Inc.
Intellinetics,
Inc. will pay the standard current corporate mileage allowance when business requirements necessitate use of a personal vehicle.
Additional
Terms
Remuneration
Reviews
Your
remuneration will be reviewed annually. Any increases will be based on a combination of your skills, contribution, market rates
and the Company’s overall performance.
At-Will
Relationship and Severance
While
we look forward to a productive employment relationship, please note that your employment, as with all employment at the Company,
is “at will” and is not guaranteed for any definite period of time; both you and the Company are free to terminate
the employment relationship at any time without notice. Neither this letter nor any other communication, either written or oral,
should be construed as a contract of employment for a term.
As
an Executive of the Company, you are eligible to receive severance pay in the event your employment is terminated for qualifying
reasons.
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Upon
termination by the Company without cause or upon termination by you for “good reason” (i.e., material reduction
of duties or base salary/bonus opportunity), and subject to certain notice and cure provisions, you would be eligible to receive
any accrued but unpaid salary through the date of termination, plus continued payment of base salary and medical and dental
benefits for 3 months.
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If
such a qualifying termination occurs within 90 days before or one year after a change in control of the Company, you would
be eligible to receive accrued but unpaid salary through the date of termination plus continued payment of base salary and
medical and dental benefits for 6 months.
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This
eligibility does not modify the “at-will” nature of your employment. The terms and conditions of the severance available
to you will be set forth in your formal employment agreement and will require you to sign a full release in favor of the Company
at the time of termination in order to be eligible.
Nondisclosure
of Trade Secrets and Proprietary Information
You
understand that in the performance of your job duties with the Company, you will be exposed to the Company’s Trade Secrets
and Proprietary Information. “Trade Secrets and Proprietary Information” means information or material that is commercially
valuable to The Company and not generally known in the industry. This includes but is not limited to:
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(a)
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any
and all versions of the Company’s proprietary computer software (including source code and object code), hardware, firmware
and documentation;
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(b)
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technical
information concerning the Company’s products and services, including product data and specifications, diagrams, flow
charts, drawings, test results, know-how, processes, inventions, research projects and product development;
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(c)
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sales
information, accounting and unpublished financial information, business plans, markets and marketing methods, customer lists
and customer information, purchasing techniques, supplier lists and supplier information and advertising strategies;
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(d)
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information
concerning the Company’s employees, including their salaries, strength, weaknesses and skills;
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(e)
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information
submitted by or about The Company’s projects, teaming partners, customers, suppliers, employees, consultants or co-venturers;
and
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(f)
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any
other information not generally known to the public which, if misused or disclosed, could reasonably be expected to adversely
affect the Company’s business.
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You
will keep the Company’s Trade Secrets and Proprietary Information, whether or not prepared or developed by You, in the strictest
confidence. You will exercise due care to protect and maintain the confidentiality of The Company’s trade secrets during
the term of this contract and for a period of Five (5) years after the termination of this contract.
It is also understood
by You that access and use of Company Intellectual Property, Trade Secrets and Proprietary Information does not confer any ownership
rights to You as all ownership rights shall be retained by The Company
. Also, you will not use or disclose such secrets to
any other person without the Company’s written consent, except when necessary to perform Your duties. Any breach of the
terms of this paragraph is a material breach of this agreement. However, You shall have no obligation to treat as confidential
information which:
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(a)
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was
in Your possession or known to You, without an obligation to keep it confidential, before such information was disclosed to
You by the Company;
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(b)
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is
or becomes public knowledge through a source other than You and through no fault of You; or
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(c)
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is
or becomes lawfully available to You from a source other than the Company provided such source is not under any obligation
of confidentiality to the Company.
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Corporate
Ownership of Intellectual Property
Access
and/or use by You does not confer and any ownership rights to same. All ownership rights shall remain the property of the corporation.
All work products created by You associated with corporate activities shall be owned by the Company, including by way of example
marketing and/or sales material, messaging, and presentations.
Return
of Materials
When
Your employment with the Company ends, for whatever reason, you will promptly (within five calendar days) deliver to the Company
all originals and copies of all documents, records, electronically stored information, software programs, media and other materials
received through your employment with The Company. You will also return to The Company all equipment, files, software programs
and other property belonging to The Company.
Confidentiality
Obligation Survives Employment
You
understand that Your obligation to maintain the confidentiality and security of The Company’s Trade Secrets and Proprietary
/ Legal Information remains with You even after Employment with The Company ends.
Nonsolicitation
of Customers / Clients / Employees
You
covenant and agree that at all times while employed by The Company and for a further period of two (2) years after the termination
of such employment, irrespective of when and in what manner such employment may be terminated, You will not for yourself or any
other person or entity, directly or indirectly, by stock or other ownership, investment, management, consultation, employment
or otherwise, or in any relation whatsoever in any manner solicit, interfere with, or endanger relationships between The Company
and its customers / clients / employees
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You acknowledge that failure to comply with provisions of the preceding
will cause irreparable damage, and therefore The Company shall be entitled to an injunction prohibiting such activities on the
part of You and all persons acting in concert with You.
Noncompetition
You
shall not engage in any employment or business activity anywhere in the United States that directly competes with that of The
Company while you are employed by the Company and for a period of six (6) months after termination of Your employment with The
Company.
Representations
of the Executive
You
represent and warrant to the Company that (a) your acceptance of employment with the Company and performance of your duties to
the Company will not conflict with or result in violation, breach of, or default under any contract, agreement, or understanding
to which you are otherwise bound, and (b) your acceptance of this offer does not violate any non-solicitation, non-competition
or similar covenant or agreement of a prior employer.
Acceptance
of this offer
This
letter contains the principal terms of our offer to you. If you accept our offer of employment as outlined in this letter, please
sign and return a copy of this letter to me as soon as possible.
In
accepting this offer, you agree to comply with any and all policies of the Company as in effect from time to time; you acknowledge
that you are not relying on other promises, statements or representations of the Company (whether in writing or orally), other
than as set forth herein. This offer letter supersedes any and all prior oral or written communications between the Company and
you. Ohio law shall govern this Agreement and any employment relationship that may be formed between the undersigned parties at
any time.
I
sincerely look forward to working with you and to your becoming an integral member of the team and a key architect of the growth
of our Company.
Yours
sincerely,
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/s/
Joseph D. Spain
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Joseph
D. Spain, Chief Financial Officer
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Intellinetics,
Inc.
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Signed
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/s/James
DeSocio
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Date
9/25/17
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James
DeSocio
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FIRST
AMENDMENT
TO
INTELLINETICS,
INC. 2015 EQUITY INCENTIVE PLAN
This
First Amendment to Intellinetics, Inc. 2015 Equity Incentive Plan (this “Amendment”) is made by Intellinetics, Inc.,
a Nevada corporation (the “Company”), as of September 25, 2017. Capitalized terms used and not otherwise defined herein
shall have the respective meanings ascribed to them in the Plan (as defined below).
WHEREAS
,
the Board of Directors (the “Board”) and the shareholders of the Company previously adopted and approved the Intellinetics,
Inc. 2015 Equity Incentive Plan (the “Plan”);
WHEREAS
,
pursuant to Section 4.1 of the Plan, a total of 2,000,000 shares of the common stock, par value $0.001 per share, of the Company
(the “Common Stock”) have been reserved for issuance under the Plan, subject to adjustment as set forth in Section
11 of the Plan;
WHEREAS
,
the Company desires to increase the total number of shares of Common Stock issuable under the Plan to from 2,000,000 shares to
2,500,000 shares, including shares previously issued thereunder;
WHEREAS
,
the Company desires to increase the total number of shares of Common Stock for which Incentive Stock Options may be granted from
1,000,000 shares to 2,500,000 shares;
WHEREAS
,
the Company desires to increase the maximum number of shares of Common Stock for which Awards may be granted to any individual
Director in any year from 1,000,000 shares to 1,250,000 shares;
WHEREAS
,
the Company desires to increase the maximum number of shares of Common Stock for which Awards may be granted to any individual
participant in any year from 1,000,000 shares to 1,250,000 shares;
WHEREAS
,
Section 13 of the Plan permits the Board to amend the Plan from time to time, subject only to certain limitations specified therein;
NOW,
THEREFORE
, the Board has amended the Plan as follows, subject to approval by the stockholders of the Company:
1.
Section 4.1 of the Plan is hereby amended and restated in its entirety to read as follows:
4.1
Subject to adjustment in accordance with Section 11, a total of Two Million Five Hundred Thousand (2,500,000) shares of Common
Stock shall be available for the grant of Awards under the Plan. No more than Two Million Five Hundred Thousand (2,500,000) shares
of Common Stock may be granted as Incentive Stock Options. Additionally, a Director may not be granted Awards covering more than
One Million Two Hundred Fifty Thousand (1,250,000) shares of Common Stock in any year. Any shares of Common Stock granted in connection
with Awards shall be counted against this limit as one (1) share for every one (1) share of Common Stock granted in connection
with such Award. During the terms of the Awards, the Company shall keep available at all times the number of shares of Common
Stock required to satisfy such Awards
2.
Section 4.3 of the Plan is hereby amended and restated in its entirety to read as follows:
4.3
Subject to adjustment in accordance with Section 11, no Participant shall be granted, during any one (1) year period, Options
to purchase Common Stock and Stock Appreciation Rights or any other Awards with respect to more than One Million Two Hundred Fifty
Thousand (1,250,000) shares of Common Stock in the aggregate. If an Award is to be settled in cash, the number of shares of Common
Stock on which the Award is based shall count toward the individual share limit set forth in this Section 4.
3.
Except as modified by this Amendment, all the terms and provisions of the Plan shall continue in full force and effect.
[
Signatures
appear on the following page
]
IN
WITNESS WHEREOF
, the Company has executed this First Amendment to the Intellinetics, Inc. 2015 Equity Incentive Plan as of
September 25, 2017.
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INTELLINETICS, INC.
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By:
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/s/
Joseph D. Spain
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Name:
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Joseph D. Spain
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Title:
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Chief Financial Officer
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Intellinetics,
Inc. Board Announces
James
F. DeSocio as New CEO,
Matthew
L. Chretien Becomes CSO
COLUMBUS,
OH – (September 26, 2017) – Intellinetics, Inc.
(OTCQB: INLX)
, a cloud-based document solutions provider, announced
that its Board of Directors has appointed James F. DeSocio as President & Chief Executive Officer, effective September 25,
2017. DeSocio was also appointed to the Board of Directors of Intellinetics, effective the same day. Matthew L. Chretien, the
former President and Chief Executive Officer assumed the role of Chief Strategy Officer on September 25, 2017, and retains his
roles as Chief Technology Officer and a member of the Intellinetics’ Board.
DeSocio
comes to the Company with extensive experience in sales, marketing, international operations, mergers and acquisitions. He has
over 20 years of experience managing and growing high tech, SaaS sales organizations. Most recently DeSocio was Chief Revenue
Officer at Relayware, a global provider of Partner Relationship Management solutions platform that enables companies to manage
high-performing partner programs and channel operations.
James
F. DeSocio, President & CEO of Intellinetics, stated, “I am excited about the opportunities at Intellinetics where all
of the pieces for success are in place: a robust product offering, standing presence in untapped vertical markets, key strategic
OEM partners like Intel and Staples, and a strong foundation of channel resellers.”
DeSocio
continued, “Coming off a successful exit and evaluating alternatives for my next steps, Intellinetics presented an opportunity
to repeat the successful formula of rapidly growing customers and recurring SaaS sales. Matt and the rest of the Intellinetics
team are the ideal group for me to work with.”
While
DeSocio was Chief Revenue Officer at Relayware, the company doubled subscription revenue and tripled the customer base over a
two-year period. Relayware merged with Zift Solutions in July 2017. Previous to Relayware, DeSocio served in executive leadership
positions at XRS Corp., Antenna Software, and Lawson Software where he was responsible for the growth of company revenues, including
new sales subscriptions, consulting services, subscription renewals and professional services. Notably, after the significant
customer growth at XRS during his time of service, that company was bought by Omnitracs, a Vista private equity company. After
presiding over three years of strong sales at Lawson Software, that company completed a successful IPO.
Matthew
L. Chretien, CSO and CTO of Intellinetics, added, “This is the perfect time for Jim to become Intellinetics’ next
CEO. We’ve selected a very strong leader with an incredible pedigree in growing recurring SaaS revenues and getting the
most out of channel partner performance. We could not have found a better colleague than Jim.”
IntelliCloud
TM
– Powered by the Intel
®
NUC
IntelliCloud™
is a cloud-based document management platform that is optimized for the vast SMB market segment and business teams within
large enterprises who are stuck with paper in business-critical processes. Thousands and thousands of people at any given moment
depend upon IntelliCloud to perform their work. IntelliCloud, which is strategically packaged with Intel® technology, provides
Law Enforcement Grade security and compliance tools and is supported by a growing network of market-leading reseller partners.
Resellers often attach IntelliCloud to the software, hardware, and/or services they already sell, without the sales or technical
complexity of other less effective options in the market.
About
Intellinetics, Inc.
Intellinetics,
Inc. is a Columbus, Ohio-based ECM software company. Its flagship IntelliCloud
TM
platform is ideal for embedded work
teams in businesses of any size stuck in document-centric processes that are not optimized. IntelliCloud offers a painless way
to merge those documents into digital workflows, increasing service levels, compliance and customer satisfaction while decreasing
costs and risk. Intellinetics collaborated with Intel® to create its
IntelliCloud Channel Program
that enables resellers
to easily embed IntelliCloud into the copiers, productivity software and services they already provide. IntelliCloud provides
dealers a “deploy once, use many” innovation where one IntelliCloud customer sale/activation creates endless possibilities
to add other software applications that deliver more value and increase revenue. For additional information, please visit:
www.intellinetics.com.
Cautionary
Statement
Statements
in this press release which are not purely historical, including statements regarding future business and new revenues associated
with any channel partner, distribution partner, reseller, or other relationship; Intellinetics’ future revenues and growth;
market penetration; execution of Intellinetics’ business plan; and other intentions, beliefs, expectations, representations,
projections, plans or strategies regarding future growth, financial results, and other future events are forward-looking statements.
The forward-looking statements involve risks and uncertainties including, but not limited to, the risks associated with the effect
of changing economic conditions, trends in the products markets, variations in Intellinetics’ cash flow or adequacy of capital
resources, market acceptance risks, the success of Intellinetics’ channel partners and distribution partners, technical
development risks, and other risks and uncertainties discussed in Intellinetics’ most recent annual report on Form 10-K
and subsequently filed Form 10-Qs and Form 8-Ks. Intellinetics cautions investors not to place undue reliance on the forward-looking
statements contained in this press release. Intellinetics disclaims any obligation and does not undertake to update or revise
any forward-looking statements in this press release. Expanded and historical information is made available to the public by Intellinetics
on its website at
www.intellinetics.com
or at
www.sec.gov.
CONTACT:
Joe
Spain, CFO
Intellinetics,
Inc.
614.921.8170
investors@intellinetics.com