Cybergy Holdings Inc (OTCMKTS:CYBG) has been making changes to its administration, since reporting its FY2014. The company appointed an ex-Amazon executive, Andrew Westlund, to its board at the end of April and now it has appointed Terry DiVittorio as VP of operations at its subsidiary Cybergy Labs. The FY2014 had proved to be quite fruitful for the company, which was able to report $32 million in revenues.
Cybergy had been acquiring governmental contracts for the past two years, most of them targeting green energy and smart grid applications. Significant progress in these contracts was the main reason for significant revenues in 2014. Additionally, FY2014 had been highlighted by a series of acquisitions. Some of these acquisitions were responsible for making Cybergy Holdings a publicly traded company. Cybergy believes that both public and private sectors are experiencing growth in terms of smart and green energy solutions. With this growth, comes the need for better cyber security and Cybergy intends to take part in all three sectors to make the most of this opportunity.
Mr. Andrew had been named to the board in light of his experience as a supply chain and logistics expert. He was also the VP of Operations at Amazon, where he had developed the company’s shipping and tracking system. Before coming to Cybergy, Mr. Westlund was the CEO of a company, reporting $180 million in sales. Cybergy management hopes to make use of his experience to help with the current growth of their company.
Mr. Terry hosts an equally decorated profile, being a USAF veteran during the Gulf War; he held other positions with regard to cyber security for the defense department. He had also served at the US cyber command. Mr. Terry has been hired to help the company bring new and innovative cyber security products to the market. The company hopes to produce proprietary cyber defense technologies, such as its SmartFile electronic tagging system.
Cybergy Holdings Inc (OTCMKTS:CYBG)closed at $0.850, after experiencing trade of a mere 20.75 million shares on May 27. The stock dropped by 27.97%.