QS Energy, Inc. (OTCQB: QSEP) is engaged as an oil & gas technology company. Shares of the energy technology company are rallying 5.88%, through afternoon trading on Wednesday, May 10, 2017. Over the past month, QS Energy, Inc. has seen average daily volume of 129,485 shares. However, volume of 143,000 shares or dollar volume of $19,683, has already exchanged hands on Wednesday.
Shares of QS Energy, Inc. are rallying today, after an 8-K filing shows that Charles Blum and Nathan Shelton have resigned from the company’s Board of Directors. To fill the void, the board has appointed Gary Buchler and Richard Munn as Directors. Here is part of the 8-K detailing of the board resignations and appointments:
QS Energy, Inc. 8-K Filing:
|Item 5.02||Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.|
(b) On May 8, 2017, Charles Blum and Nathan Shelton tendered to Registrant’s (or “Company”) Board of Directors (“Board”) their respective resignations from the Board, effective as of the same date thereof. In lieu of cash for Committee fees payable to Messrs. Blum and Shelton, on May 9, 2017, the Board agreed to vest all the stock options granted to Messrs. Blum and Shelton on January 1, 2017, to purchase 1,000,000 shares each of common stock of Registrant at $0.05 per share.
(d) On May 9, 2017, seeking to fill the vacant seats on the Board created by the resignations of Mr. Blum and Mr. Shelton, the Board unanimously appointed Gary Buchler and Richard Munn to sit on the Board of Directors of the Company. Mr. Buchler will serve on the Audit Committee of the Board. As Directors, Messrs. Buchler and Munn shall receive compensation under the Company’s current director compensation policy, pro rata starting as of May 9, 2017.
There are no arrangements or understandings between Messrs. Buchler and Munn, on the one hand, and any other persons, or the Registrant, on the other hand, pursuant to which each was selected as a director of the Company. Furthermore, the Company has not been since the beginning of the last fiscal year, and is not currently proposed to be, a participant in any related party transactions with Messrs. Buchler or Munn within the meaning of Item 404(a) of Regulation S-K.
Messrs. Buchler and Munn, as members of the Board of Registrant, will be entitled to receive fees, stock options, warrants or stock which may be granted by the Company to its directors.
Bios for Mr. Buchler and Mr. Munn are as follows:
Gary Buchler, Director
Gary Buchler is Chief Operating Officer of the Natural Gas Pipeline business unit of Kinder Morgan, Inc. (NYSE: KMI) and operator of one of the largest interstate pipeline systems in the United States. With oversight of a combined annual expense/capital budget of $1.3 billion, Mr. Buchler is responsible for all Engineering, Operations, Environmental, Health and Safety (EHS), and Land Management functions for roughly 70,000 miles of transmission and gathering pipelines. Mr. Buchler is responsible for the day-to-day management of 3,900 employees, evaluation and oversight of expansion projects, and the evaluation of potential acquisitions. As Chief Operating Officer of the KM Gas Pipelines, Mr. Buchler has been instrumental in the acquisition and integration of more than $45 billion in pipeline assets at Kinder Morgan. Mr. Buchler has held various management positions at Kinder Morgan since 1979, including Vice-President Engineering/Operations Pipeline Group, Vice-President Eastern Pipeline Operations, Vice-President Engineering and Operations Kinder Morgan Gas Treating/Kinderhawk Field Services, and Director of Pipeline Integrity. He earned a Bachelor’s Degree in Electrical Engineering from the University of Iowa and an MBA from the Keller Graduate School of Management.
Richard Munn, Director
Richard W. Munn is one of the top players in the royalty and mineral arena as demonstrated over the last 15 years with 39 years of industry experience. Of note, he managed the royalty acquisition teams at Noble Royalties and other companies, closing on the acquisition of approximately $450 million worth of Royalty and Mineral Interests involving over 50 separate transactions. Mr. Munn has a solid reputation and extensive relationships with private and public U.S.-based energy producers and mineral holders. He has also managed his own exploration and production companies. From 2005 to 2007, Mr. Munn chaired the IPAA Business Development Committee and from 2007 to 2009, he chaired the IPAA Business Development/ Membership Committee. From 2005 to 2007, Mr. Munn chaired the Society of Petroleum Engineers Business Development Committee. In addition, to his network of oil and gas industry relationships, Mr. Munn is a licensed registered professional geologist in Wyoming with a B.A. in Geology from the University of Colorado.
Here is the full link to the 8-K filing: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12054660