In conjunction with the Stock Purchase Agreement, Mr. Johnson will resign from his role as Interim Executive Officer, Interim Chief Financial Officer, and Secretary of the Parent effective August 28, 2020. There were no disagreements with Mr. Johnson on any matters. Mr. Johnson will continue to serve as a member of the Board of Directors. Upon the resignation of Mr. Johnson, Mr. Steven King will be appointed President and Chief Executive Officer of the Parent, Mr. Paul Lytle will be appointed Executive Vice President, Chief Financial Officer, and Secretary of the Parent, and Nicole Steinmetz, Ph.D, will be appointed Chief Scientific Officer of the Parent.

Also in conjunction with the Stock Purchase Agreement, Mr. Steven King, Mr. Paul Lytle, Dr. Nicole Steinmetz, and Dr. Robert Garnick, were appointed to serve as members of the Board of Directors of Parent. Ms. Gloria Felcyn and Mr. Carlton Johnson will continue to serve as members of the Board of Directors.

At this time, we do not have written employment agreements or other formal compensation agreements with any of our new officers and new and existing directors.

https://www.sec.gov/Archives/edgar/data/836564/000168316820002860/ptsi_8-k.htm