Pursuant to the settlement agreement, each member of the former board of directors of HDIMAX MEDIA, Inc., consisting of Rajinder Brar, Aneliya Vasilieva and Myles A. Pressey III resigned on January 22, 2015. In addition, Rajinder Brar resigned as president, chief executive officer and chief financial officer; Aneliya Vasilieva resigned as chief content officer and Myles A. Pressey III resigned as chief business development officer of the company, in each case effective January 22, 2015. Under the settlement agreement, James C. Walter Sr. was appointed as the chairman and sole director of a reconstituted board of directors, effective January 22, 2015.

Mr. Walter Sr. was also appointed as the company's president, chief executive officer and chief financial officer, effective January 22, 2015. James C. Walter Sr., previously served as a director and as the company's President, Chief Executive Officer and Chief Financial Officer from October 18, 2013 until November 21, 2014.