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The employment relationship between Chinaberry Inc. and CEO/President Gary DeMaine ended on June 6, 2003.
The discontinuation of the employment relationship between Chinaberry and Gary DeMaine arose from the decision by the board to pursue immediate and future company operations in a manner different from the view held by, and previously implemented under, Mr. DeMaine. One of the present measures adopted by the board includes a reduction of operating expenses. It was agreed that consolidation of Mr. DeMaine’s position and the resulting elimination of his salary as a company expense would assist the company in attaining its short-term profitability goals. The departure of Mr. DeMaine was both agreeable and amicable and he remains both a shareholder and member of the company’s board.
Chinaberry appreciates the past service of Gary DeMaine.
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