New Berlin, Wisconsin, June 14, 2010 — International Monetary Systems, Ltd. (OTC BB: ITNM), a worldwide leader in business-to-business barter services, announced today that it has appointed David A. Powell as Treasurer and Chief Financial Officer.
As previously reported in the form 10-K, filed April 2, 2010, IMS had appointed Powell as the Company’s interim Chief Financial Officer, designating Mr. Powell as the Company’s principal financial officer and principal accounting officer for purposes of any filings with the Securities and Exchange Commission. By the board resolution passed on June 11, 2010, the interim portion of the title was removed and Powell’s appointment as chief financial officer, principal financial officer and principal accounting officer was made permanent.
Powell is a Certified Public Accountant with over 10 years experience in public accounting and more than 15 years experience holding a variety of senior financial positions with a number of companies. Prior to joining IMS, he has served as finance and operations manager for the insurance subsidiaries of US Bancorp for more than 10 years, and most recently spent a year as corporate controller for a privately held group of retail service companies and a year as corporate controller for a privately held wholesale marketing and distribution company. Since joining IMS in July, 2009, he has been involved in tax compliance, risk management, and accounting and financial reporting.
IMS’ CEO, Don Mardak, commented, “We are extremely pleased to make this appointment of Dave Powell official. Since joining our firm last year, he has brought many refreshing ideas and insights into our operation and has helped us improve efficiencies and internal controls.”
I hear the former CFO found all kinds of illegal doing by Mr Mardak..and he was fired…Because he would not lie. Maybe now the SEC will find out the truth.