Capstone Companies (OTCMKTS:CAPC) Appoints Alexander Jacobs as Chief Executive Officer and Director

Capstone Companies, Inc. recently announced the appointment of Alexander Jacobs as the Chief Executive Officer (CEO) and as a director of the company. Mr. Jacobs, who officially took on his new roles on December 4, 2024, will primarily focus on developing a new business line and revenue-generating operations for the company through various strategic initiatives such as internal development, mergers or acquisitions, strategic partnerships, or joint ventures.

Alexander Jacobs brings a wealth of experience to his new position, having founded and served as the senior operations executive of Coppermine Ventures LLC (CVen) and its affiliated companies. Under his leadership, CVen has grown to operate 20 facilities in Maryland that offer year-round social, athletic, and fitness programs for individuals and families across various sports activities. Mr. Jacobs, a graduate of Denison University and former two-time All-American Defender in lacrosse, has successfully led Coppermine from a start-up venture to a profitable business since 2011.

In light of Mr. Jacobs’ new role, Stewart Wallach, the Chair of Capstone Companies’ Board of Directors, will be taking on an expanded role to support Jacobs as the CEO. Mr. Wallach will assist in business development, provide oversight on corporate governance and regulatory compliance, help raise long-term working capital funding, and manage investor relations.

It is important to note that Mr. Jacobs’ compensation as CEO and a director is yet to be determined. However, as per the filing, directors of the company serve without cash compensation, and the CEO position currently provides for an accrual of a base salary of One Dollar per year. Mr. Jacobs has indicated his agreement with this compensation structure for both positions.

Furthermore, Mr. Jacobs has an indirect interest in a loan of $125,924 made to Capstone Companies by CVen under an Unsecured Promissory Note dated October 31, 2024. Additionally, under a Management Transition Agreement signed on the same date, CVen has pledged to provide $344,554 in funding for certain working capital needs through March 31, 2025, without receiving any equity interests in return. The agreement allows CVen the right to nominate up to two directors for appointment to the Board of Directors and appoint a nominee as CEO, subject to verification by the Board.

With the appointment of Mr. Jacobs as CEO, Stewart Wallach voluntarily resigned from the position on December 4, 2024. This transition marks an important strategic move for Capstone Companies as it looks to establish a new business line under Jacobs’ leadership. The company has noted that the development of a new business line is crucial for its sustainability.

In a separate development, Capstone Companies received additional working capital funding of $53,018 from CVen, as outlined in the Management Transition Agreement. This funding is in addition to the $125,914 provided under an Unsecured Promissory Note in October 2024.

The company’s common stock is quoted on the OTCQB Venture Market under the trading symbol “CAPC.” Capstone Companies will continue to update shareholders and the public as further developments unfold regarding its new business line and strategic direction.

The appointment of Alexander Jacobs as CEO and Director signifies a new chapter for Capstone Companies, with a focus on growth and innovation in the company’s operations and strategic direction.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Capstone Companies’s 8K filing here.

About Capstone Companies

Capstone Companies, Inc, through its subsidiaries, operates as a designer, manufacturer, and marketer of consumer products to simplify daily living through technology. The company offers Connected Chef, a purpose-built kitchen appliance tablet with an integrated platform for cooking accessories, such as cutting board, as well as Smart Mirrors.