BOULDER, Colo., Jan. 6, 2017 /PRNewswire/ -- Bioptix, Inc. (Nasdaq: BIOP), (the "Company"), announced that Gail Schoettler, Susan Evans and David Welch have resigned from the Company's Board of Directors. On December 8, 2016, Barry Honig, the beneficial owner of more than ten percent of the outstanding shares of the Company, commenced a legal action in Colorado State court to compel the Company to hold a special meeting of shareholders to, among other items, hold a Director election. Following commencement of such action, members of the Board of the Company engaged in discussions with other principal shareholders of the Company, and, based on such discussions, determined that if such special meeting were to be held, the proposals submitted by Mr. Honig would likely be approved by the shareholders. Therefore, in the best interests of the Company and its shareholders, in order to preserve the assets of the Company to be used for business purposes, the three directors resigned from the Board and each Committee of the Board on which he or she serves, effective as of January 6, 2017.
Also on January 6, 2017, the Company appointed John O'Rourke and Mike Dai as directors of the Company following the above resignations. Mr. O'Rourke and Mr. Dai constitute independent non-employee directors as defined by NASDAQ Rule 5605(a)(2). Mr. O'Rourke constitutes an audit committee financial expert within the meaning of Item 407(d)(5)(ii) of Regulation S-K promulgated under the Securities Act of 1933, as amended. Mr. Beeghley, Mr. O'Rourke and Mr. Dai were also each appointed to the Nominating and Governance Committee (Mr. Beeghley, Chairman), Audit Committee (Mr. O'Rourke Chairman) and Compensation Committee (Mr. Dai Chairman) and all other directors were removed from such committees.