UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of
1934
Date of
Report (Date of earliest event reported) August 31,
2010
ACTION
ACQUISITION CORPORATION
(Exact
name of registrant as specified in its charter)
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Cayman
Island
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000-52341
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N/A
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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c/o
Nautilus Global Partners
700
Gemini, Suite 100, Houston, TX
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77056
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (281)
488-3883
Not
Applicable
(Former
name or former address, if changed since last report)
|
o
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Written
communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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Item
5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Effective
August 31, 2010, David Richardson resigned from the board of directors of the
Action Acquisition Corporation (the “Company”). Mr. Richardson’s
resignation is not as a result of any disagreement with the Company on any
matter relating to the Company’s operations, policies or practices.
Effective August 31, 2010, Joseph Rozelle resigned as President
and Chief Financial Officer of the Company. Mr. Rozelle will continue to serve
the Company as a member on the Board of Directors.
Effective
August 31, 2010, Karl Brenza was named President and Chief Executive Officer of
the Company.
Mr.
Brenza (age 46) has over 15 years of investment banking and financial advisory
experience as well as significant operational and technology experience as a
corporate executive. Mr. Brenza has been Managing Director of Investment Banking
at Maxim Group, LLC since February 2008. Prior to joining Maxim
Group, Mr. Brenza was the Chief Financial Officer of Enherent Corp from August
2005 to November 2007 and Managing Director, Head of Investment Banking for
Broadband Capital Management, LLC from November 2002 to August
2005. Mr. Brenza received a B.S. in electrical engineering from
the University of Pennsylvania and an M.B.A. from the Columbia University
Graduate School of Business.
This
Current Report on Form 8-K may contain, among other things, certain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including, without limitation, (i) statements
with respect to the Company’s plans, objectives, expectations and intentions;
and (ii) other statements identified by words such as “may”, “could”, “would”,
“should”, “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”
or similar expressions. These statements are based upon the current beliefs and
expectations of the Company’s management and are subject to significant risks
and uncertainties. Actual results may differ from those set forth in the
forward-looking statements. These forward-looking statements involve certain
risks and uncertainties that are subject to change based on various factors
(many of which are beyond the Company’s control), including, without limitation,
the Company’s ability to increase prices and revenue and continue to obtain
contract renewals and extensions.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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September
7, 2010
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ACTION
ACQUISITION CORPORATION
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By:
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/s/ Karl Brenza
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Name:
Karl Brenza
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Title:
Chief Executive
Officer
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