On May 13, 2014, Ruben Azrak voluntarily resigned from the office of Chief Executive Officer of Excel Corporation. On May 13, 2014, Shawn Alcoba voluntarily resigned from the office of Chief Financial Officer of the company. On May 13, 2014 (the Effective Date), the Board voted to accept Mr. Azrak's resignation and to appoint Thomas A. Hyde, Jr. as the company's Chief Executive Officer and President.

Mr. Hyde, 52, has been the Principal, Managing Partner and Director of Red Shark Investments, LLC, since August 2013. On May 13, 2014 the Board voted to accept Mr. Alcoba's resignation and to appoint Robert L. Winspear as the Company's Chief Financial Officer and Secretary. Mr. Winspear, 48, has been the President of Winspear Investments LLC since 2002.