On December 14, 2015, the Sitestar Corporation board of directors terminated Frank Erhartic for cause from his position as president and CEO of the company effective immediately. Mr. Erhartic also agreed to resign his position as a director of the Company effective immediately. The board has appointed Steven L. Kiel as interim president and CEO.

Steven L. Kiel, 37, is the founder and president of Arquitos Capital Management. On December 15, the Board of Directors of the Company established an audit committee. The audit committee consists of Jeffrey I. Moore and Jeremy K. Gold.

The Company is preparing an Audit Committee Charter and will file it by a separate Form 8-k when the board of directors adopts the policy.