On December 22, 2016, Quantum Materials Corp. and Sriram Peruvemba entered into a Resignation Agreement pursuant to which Mr. Peruvemba resigned from his positions of officer and director of the company and agreed to terminate his employment agreement dated June 13, 2016. On December 22, 2016, Daniel Carlson, Ray Martin and Sriram Peruvemba resigned from the Board of Directors and Mr. Peruvemba resigned from the positions of CEO and President.

Following these resignations, Stephen Squires, Shane Squires and Ghassan Jabbour were appointed to the Board of Directors and the new Board of Directors, including David Doderer who is continuing to serve on the Board, elected Stephen Squires Interim Chief Executive Officer and President.