On April 12, 2018, Charles M. Gillman and Robert G. Pearse resigned from their positions as directors of Novation Companies, Inc. On April 12, 2018, the company's Board of Directors elected Howard Timothy Eriksen and Lee D. Keddie to serve as directors of the company. Howard Timothy Eriksen has been the Chief Executive Officer and Interim Chief Financial Officer of Solitron Devices, Inc. Mr. Eriksen also serves as the Managing Member of Eriksen Capital Management LLC. Previously, Mr. Eriksen worked for Walker's Manual, Inc. Lee D. Keddie, age 49, has been President and Chief Executive Officer of CompuMed Inc. In addition, he has been President and Chief Executive Officer of Value Creation Management Group LLC. Previously, Mr. Keddie spent 13 years with HKX, Inc. as a Co-Owner, President & General Manager, from January 1999 to September 2013.