SPY Inc. Announces CFO Resignation

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CARLSBAD, Calif.— SPY Inc. (OTCBB: XSPY) has announced that its chief financial officer, Michael D. Angel, has made known his intention to resign from his position. Angel has indicated his willingness to be available to the company as a full time interim CFO consultant until the appointment of a successor CFO in order to assist the company with the transition. SPY has commenced a search for a new CFO.

“The entire SPY team is very appreciative of Mike’s leadership and major contributions as our finance and business partner to the success of SPY’s turnaround over the last two years, to becoming an exciting brand again and a much stronger business,” said Michael Marckx, president and CEO of SPY. “He has worked with tremendous energy, superb execution and a decisive leadership style in finance and operations that has earned him the respect of the entire management team. We understand his decision to return to his home in the Bay Area where his entire family lives, after having tirelessly commuted to SPY on a weekly basis for more than two years.”

“It has been an honor and great pleasure to work with Michael and the entire SPY team through the turnaround and SPY brand transition over the course of the last two years, and we believe that the strong financial and business trends of our most recent quarter are a credible indication of how far we have moved forward together,” Angel, added. “I look forward to working with the team to ensure a smooth transition.”