Business Context and Reporting Period
This Form 8-K is filed by Probe Manufacturing, Inc. (not Clean Energy Technologies, Inc.) for the reporting period ending September 7, 2008. The filing addresses significant changes in executive leadership.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial statements.
Material Changes
- Departure of CEO: Reza Zarif's month-to-month employment agreement as Chief Executive Officer was not renewed, effective September 7, 2008. He has left the company to pursue other opportunities but will remain on the Board of Directors.
- Appointment of Interim CEO: On September 8, 2008, the company entered into an Executive Consulting Agreement with Barrett Evans to serve as Interim Chief Executive Officer.
- Compensation Structure: Mr. Evans will receive a base salary of $175,000 annually, paid on an independent contractor basis.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or specific risk factors beyond the operational impact of the CEO transition. The primary contingency noted is the reliance on an interim executive arrangement.
Investor Verification Checklist
- Verify the exact terms of the Executive Consulting Agreement with Barrett Evans (Exhibit 10.1).
- Confirm the timeline for the search for a permanent Chief Executive Officer.
- Review subsequent filings for any financial impact resulting from the leadership transition.
- Clarify the company's current operational status given the departure of the CEO.