Effective June 5, 2012, the Board of Directors of CarePayment Technologies, Inc., appointed William C. McCormick, as Chairman of the Board. Mr. McCormick has been a member of the Board since December 31, 2011. Mr. McCormick is a member of the Advisory Board of Aequitas Capital Management, Inc. Also effective June 5, 2012, the Board appointed Andrew N. MacRitchie, as the company's chief compliance officer. Mr. MacRitchie has been a member of the Board since November 7, 2011. Mr. MacRitchie joined Aequitas in 2007 and currently is an Executive Vice President of Aequitas. The company also announced that Mr. James T. Quist resigned as a director of the company before the annual meeting of shareholders. After his resignation, Mr. McCormick, Mr. Oliver, Mr. MacRitchie and Mr. Froude comprise the entire Board of Directors of the company.