Siena Technologies, a Las Vegas-based company with stock traded over the counter, reported Monday that its top managers are being replaced.
Siena President and Chief Executive Officer Jeffrey Hultman, and Chief Financial Officer Christopher Pizzo, resigned from the board effective immediately, the company said. Hultman resigned as president and CEO on May 25. Pizzo’s resignation will take effect when the company files its quarterly financial report for the period ending June 30.
The company named Anthony DeLise, a turnaround specialist, as interim CEO. Hultman and Pizzo will help Siena during the transition period.
Siena provides communications technology and system networks to resorts, gaming companies and high-rise condos.
Siena did not disclose a reason for the top management changes, and a company spokesman had no immediate comment, but Siena is struggling financially. For the quarter ended March 31, the company reported net operating losses of $1.1 million. The company has an accumulated deficit of $31.9 million.
The financial conditions raise “substantial doubt about our ability to continue as a going concern if we do not acquire sufficient additional funding,” Siena said. “Without such external funding, we would have to materially curtail our operations and plans for expansion.”
Last week, following that report, the company assigned $790,000 in accounts receivable to Dutchess Private Equities Fund Ltd. for $725,000 in cash. The $725,000 is due Aug. 15 and the company incurs 3 percent in monthly interest, meanwhile.
Siena Executive Director Mike Kelley started Kelley Technologies 30 years ago to serve the resort, gaming and hospitality industry. The company said Kelley has designed and built 80 sports and race books. He has introduced a platform that Station Casinos is using for changing the way events are displayed.
Siena shares were unchanged Monday, closing at 11 cents on the Over-the-Counter Bulletin Board.