Cognigen Networks Approves Corporate Restructuring Activities and Management Changes

CNN Money:

"Cognigen Networks, Inc. , an Internet-enabled marketer of communications services and technology solutions, announced today the approval of several corporate restructuring activities that the company believes will help improve its financial position, enabling the company to move forward with additional organizational changes and growth opportunities. The approvals included the conversions of outstanding debt and liabilities, owed to several parties, to shares of Cognigen's common stock. As a result of the conversions, BayHill Capital, a previous investor in Cognigen, now owns 46% of the company's outstanding common stock. Additionally, James H. Shapiro resigned as a member of the Board of Directors. Robert K. Bench, a managing member of BayHill Capital, was nominated for and will fill this vacant position. Mr. Bench will also be nominated by the Board to become the company's Chief Executive Officer. Mr. Gary Cook, the company's Chief Financial Officer, who has also been the Acting Chief Executive Officer, will resign as Acting Chief Executive Officer."