UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C.
20549
__________________________________________________________________
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF
1934
Date
of report (Date of earliest event reported): October 14, 2009
INFORMATION SYSTEMS ASSOCIATES,
INC.
(Exact
Name of Registrant as Specified in Charter)
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Florida
(State
or Other Jurisdiction
of
Incorporation)
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333-142429
(Commission
File
Number)
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65-049317
(IRS
Employer
Identification
No.)
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1151
SW 30th
Street, Suite E
Palm
City, FL 34990
(Address
of Principal Executive Offices) (Zip Code)
Registrant’s
telephone number, including area code: (772) 403-2992
_______________________________________________________________________________
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01Entry into a Material Definitive
Agreement.
In connection with the
appointment of a new Chief Financial Officer referred to in Item 5.02 below, the
Company entered into a Consulting Services Agreement with WSR Consulting, Inc.
("WSR"). Pursuant to the Consulting Services Agreement, the Company will
pay WSR a consulting fee of $2,000 per month plus additional daily or hourly
fees for services provided in excess of the base services to be provided by WSR
under the Consulting Services Agreement. The Consulting Services Agreement
is filed herewith as Exhibit 10.3 and the terms of which are incorporated herein
by reference.
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Item
5.02
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Departure
of Director or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers
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On
October 14, 2009, the Company appointed Mr. Michael R. Hull as its Chief
Financial Officer. Mr. Hull replaces Joseph P. Coschera, who will
remain as President and Chief Executive Officer of the Company.
Mr. Hull
is a Certified Public Accountant with ten years of public company Chief
Financial Officer experience. Additionally, Mr. Hull has over 11 years
experience in auditing both public and private companies while employed by Price
Waterhouse. Mr. Hull has been the Managing Director of CFO Services at WSR
Consulting, Inc. (“WSR”) since January 28, 2008. Effective
September 11, 2009, the Company entered into a Consulting Services Agreement
with WSR (the “Consulting Agreement”). Under the Consulting Agreement, WSR will
provide general, accounting and operational management to the Company and agreed
to provide the services of its Chief Financial Officer, upon appointment. The
Company agreed to initially pay WSR $2,000 per month. The Consulting Agreement
is for a one-year term, terminable earlier at the end of each quarter upon 30
days notice. WSR performs similar services for GelTech Solutions, Inc. and
Ecosphere Technologies, Inc. Mr. Hull has acted as Ecosphere’s
Controller since January 2008 and as the Chief Financial Officer of GelTech
Solutions since March 2008 and will continue to split his time between these
Companies.
From
December 2006 to October 2007, Mr. Hull served as the Chief Financial Officer of
BabyUniverse, Inc., a public company traded on Nasdaq. From December
2004 through November 2006, Mr. Hull was an associate at Resources Global
Professionals, where he was a member of a team that assisted a $4 billion
subsidiary of a $40 billion multinational company in complying with Section 404
of the Sarbanes Oxley Act of 2002. From 1996 through August 2004, Mr. Hull was
Chief Financial Officer for BCT International, Inc.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit
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Number
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Description
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10.3
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
INFORMATION
SYSTEMS ASSOCIATES, INC.
By: /s/ Joseph P.
Coschera
President
Date:
October 15, 2009