8-K
CREDITRISKMONITOR COM INC (CRMZ)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): March 9, 2020
CreditRiskMonitor.com, Inc.
(Exact name of registrant as specified in its charter)
| Nevada | 1-8601 | 36-2972588 |
|---|---|---|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
704 Executive Boulevard
Valley Cottage, NY 10989
(Address of principal executive offices, including zip code)
(845) 230-3000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ☐ |
|---|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $.01 | CRMZ | OTC Markets OTCQX U.S. |
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain<br> Officers. |
|---|
(b) On March 9, 2020, Lawrence Fensterstock, Senior Vice President and Chief Financial Officer, informed the Board of Directors of his intention to retire effective June 30, 2020 and that he will be resigning as Chief Financial Officer as of close of business on March 31, 2020. In addition, on March 9, 2020, the Board of Directors elected Steven Gargano as Senior Vice President and Chief Financial Officer effective April 1^st^. The Company’s press release announcing these events is attached to this report as Exhibit 99.1 and is incorporated by reference to this Item 5.02.
| Item 9.01 | Financial Statements and Exhibits. |
|---|
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated March 9, 2020. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CREDITRISKMONITOR.COM, INC. | ||
|---|---|---|
| Date: March 9, 2020 | By: | /s/ Lawrence Fensterstock |
| --- | --- | --- |
| Lawrence Fensterstock | ||
| --- | ||
| Chief Financial Officer | ||
| (Principal Financial and Accounting Officer) |
Exhibit 99.1
NEWS RELEASE
CONTACT:
CreditRiskMonitor.com, Inc.
Jerry Flum, CEO
(845) 230-3030
ir@creditriskmonitor.com
FOR IMMEDIATE RELEASE
CreditRiskMonitor Announces Transition of its Chief Financial Officer
VALLEY COTTAGE, NY—March 9, 2020—CreditRiskMonitor (OTCBB: CRMZ) announced that Lawrence Fensterstock, Senior Vice President and Chief Financial Officer, has informed the Board of Directors of his intention to retire effective June 30, 2020. To ensure an orderly transition, he will be resigning as Chief Financial Officer as of close of business on March 31, 2020. At its meeting held earlier today, the Board of Directors elected Steven Gargano as Senior Vice President and Chief Financial Officer effective April 1^st^.
Mr. Gargano is an accomplished professional with over 20 years of experience who has previously served as both a Chief Financial Officer and a Risk Manager for such entities as the 1199 Pension and Benefit Funds, LUX Fund Technology & Solutions, Artivest Advisors, US Bancorp Fund Services, Mariner Investment Group and Gabelli Asset Management. He also worked, earlier in his career, at the international accounting firms Deloitte & Touche and Arthur Andersen. Mr. Gargano is a graduate of Cornell University and the Executive MBA program at Harvard Business School.
Jerry Flum, CEO, said, “We’re sorry to see Larry leave the Company. He was one of the founders of the CreditRiskMonitor and has been a key employee for over 20 years. I personally will miss him and wish him well in retirement. At the same time, I’m excited to welcome Steven aboard and look forward to his fresh insights as we enter new markets.”
Overview
CreditRiskMonitor (http://www.crmz.com) is a web-based publisher of financial information that helps corporate credit and procurement professionals stay ahead of business financial risk quickly, accurately and cost effectively. The service offers comprehensive commercial credit reports and financial risk analysis covering public companies worldwide. Unlike other commercial credit bureaus, such as Dun & Bradstreet, CreditRiskMonitor’s primary expertise and focus is on financial analysis of public debt and equity companies.
The Company also collects a significant amount of trade receivable data on both public and a select group of private companies every month, to help subscribers determine payment performance.
Over 35% of the Fortune 1000 plus over 1,000 other large companies worldwide depend on CreditRiskMonitor’s timely news alerts and reports featuring detailed analyses of financial statements, ratio analysis and trend reports, peer analyses, bond agency ratings, crowdsourcing of risk professionals as well as the Company’s proprietary FRISK® and PAYCE® scores.
Safe Harbor Statement
Certain statements in this press release, including statements prefaced by the words “anticipates”, “estimates”, “believes”, “expects” or words of similar meaning, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, expectations or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, those risks, uncertainties and factors referenced from time to time as “risk factors” or otherwise in the Company’s Registration Statements or Securities and Exchange Commission Reports. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.