On January 8, 2016, the Board of Directors of Calmare Therapeutics Incorporated determined that it would not be continuing to employ Ian Rhodes as the Company's Executive Vice President and Chief Financial Officer. Mr. Rhodes' termination from employment was effective on January 8, 2016. On January 11, 2016, the Company appointed Thomas P. Richtarich as Chief Financial Officer of the Company.

Mr. Richtarch served as a consultant to the Company prior to being hired as the Company's Chief Financial Officer. Thomas P. Richtarich, has held roles in corporate financial management for public and privately held companies for over twenty years. Since 2013, Mr. Richtarich has run his own consulting firm, Richtarich Consulting, serving as Chief Financial Officer for his clients and providing assistance to clients in the areas of financial management, strategic planning, capital fund raising, compensation/benefits, talent management and marketing.