On February 9, 2012, the Board of Directors of Salon Media Group Inc. accepted the resignations of Elizabeth Hambrecht and Robert Ellis as members of the Board of Directors of the company. Mr. Ellis also resigned from his position as member of the Board's Audit Committee. Effective as of February 9, 2012, to fill one of the two vacancies created by the foregoing resignations, the Board of Directors of the company appointed William Hambrecht as a member of the Board. Mr. Hambrecht, age 76, founded the San Francisco-based financial services firm WR Hambrecht + Co in 1998 and serves as its Chairman and Co-Chief Executive Officer.