Effective January 6, 2014, Steven Gidumal resigned from the Board of Directors of Golden Gate Partners, Inc. and Vitaly Nistratov was elected to the Board to fill the newly created vacancy. Mr. Gidumal's resignation was not a result of any disagreement with the company. Mr. Nistratov will serve until the next annual meeting of the stockholders, and until his successor has been duly elected and qualified.

For the past seven years, Vitaly Nistratov has been a private equity investor who primarily invests his own funds. From 2002 to 2006, he was a Corporate Finance Director for CentreInvest Group.