FORT LAUDERDALE, Fla., Feb. 23, 2017 (GLOBE NEWSWIRE) -- Paymeon, Inc. (OTC MARKETS:PAYM) today announced that in conjunction with its purchase of Basalt America, Paymeon's Chairman and CEO, Edward Cespedes, has agreed to forgive accrued payroll owed to him valued at approximately $100,000. In addition, the Company's largest shareholder and director, Vincent L. Celentano will convert approximately $361,000 of principal and accrued interest of convertible notes due from the Company to approximately 2.2 million common shares. The forgiveness of payroll and conversion of debt are actions that will be taken to improve the Company’s balance sheet.
Additionally, Paymeon is proud to announce the appointment of Don Smith, James McCabe, and Ronald LoRicco, Sr. Esq. to its board of directors. Messrs. Smith, McCabe and LoRicco bring substantial industry, sales and legal expertise to the Company. Please refer to their biographies below. Their appointments will become effective as of March 6, 2017.
Basalt America currently plans to manufacture its products in South Florida and expects to commence operations in a 24,000 square foot facility located in Pompano Beach towards the end of the first quarter. The company plans to create dozens of new jobs in the area.
James McCabe brings over 10 years of experience sourcing and structuring high grade esoteric assets. Mr. McCabe currently serves as Chief Executive Officer of Liberty Settlement Funding, a nationwide leading purchaser of structured settlements and lottery winnings in the United States. He is also the Chief Executive Officer of 1334 Capital, a boutique private equity firm with equity interests in a portfolio of companies in the litigation finance and hospitality space. Prior to co-founding Liberty in 2011, Mr. McCabe was Director of Acquisitions at Structured Asset Funding and 123 Lumpsum. During his decade-long tenure in specialty finance, Mr. McCabe has overseen the acquisition, aggregation, and sale of over $500 million of esoteric high grade assets and been responsible for negotiating credit facilities and warehouse lines in excess of $100 million. Mr. McCabe graduated from the University of Florida with a Bachelor’s degree in Finance.
Ronald LoRicco, Sr. Esq.
Mr. LoRicco attended Fairfield University where he received a Bachelor of Arts degree in 1986. Thereafter, he received a Juris Doctor degree from Quinnipiac College School of Law, formerly known as the University of Bridgeport, School of Law, in 1989, when he became affiliated with the firm.
Mr. LoRicco practices in the areas of civil litigation, insurance defense, criminal law, estate planning and administration and workers' compensation. He is also admitted to practice in United States District Court for the District of Connecticut.
He is a member of the American, Connecticut, and New Haven Bar Associations, American Trial Lawyers Association and Connecticut Trial Lawyers Association.
Mr. LoRicco presently serves several organizations. He supports the Board of the Jimmy Fund in its fund raising efforts. The Jimmy Fund is a local charitable organization providing assistance to families who have children suffering from cancer. He is also as avid supporter of Juvenile Diabetes organization and the Yale New Haven Children's Hospital.
Born 1952, Don was raised and educated with Midwestern values in Wichita, Kansas. Wichita is the founding town for Beechcraft, Raytheon, Cessna, and Lear jet. Wichita is also home to Boeing with its ongoing aircraft refit projects working in conjunction with McConnell air force base. Obviously Don’s formative years were spent in the company of aircraft people with their bias towards mechanical thinking and the preservation of life during flight. As a result Don become familiar with production tooling, machinery and the handling exotic materials used in the aircraft industry, years before those materials and procedures for their use were commonly available to non-aircraft industry. Environment, access and Don's own curious creative nature resulted in his developing a deep understanding of the “structure required to withstand stress” which has evolved into his present-day endeavors in the material sciences. Today after so much experience in ergonomic design, prototyping, tooling, testing and production Smith has a unique if not irreplaceable engineering perspective. Graduating high school in 1970 and facing the draft, Don Smith’s mechanical aptitude won him work at General Motors design facility. Don has an extensive invention portfolio ranging from automotive, home and commercial design, solar energy equipment, wind turbine blades to composite yacht, composite compress gas tanks. Don clearly has the practical hands-on experience to understand and deal with all business intricacies inception to sale. Today as a spinoff off technology cultivated mostly from his boat construction business, Smith Boats, now Don is deeply involved in the pioneering of a new composite material called “continuous basalt fiber”. In 2008 he formed Raw Energy Materials corp. a Florida corporation in good standing with offices in Broward County Florida.