CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): May 14, 2010
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))
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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 May
14, 2010, the Company elected Mr. Adrian G. Goldfarb and Michael Reisert to the
Company’s Board of Directors.
As
compensation for there services as a director, Mr. Goldfarb and Mr. Reisert
will each receive 100,000 shares of restricted common stock of Information
Systems Associates for one year of service on the Company’s Board of
Directors. Mr. Goldfarb’s and Mr. Reisert’s biographical
information is set forth below.
Mr.
Goldfarb is presently the Chief Financial Officer of Ecosphere Technologies, a
public company trading on the OTCBB. Mr. Goldfarb has more than 25
years experience in a number of different technology companies including IBM and
a Fujitsu subsidiary. In addition to extensive international experience in a
variety of management roles, he served as General Manager for the European
affiliate of The Weather Channel and was responsible for turning around its
European operations after multiple years of losses under previous management. He
has most recently been involved in the private equity space, both as a
management consultant and investor and recently concluded the sale of one of
those companies to a large European investment group. Mr. Goldfarb specializes
in the turnaround and growth of emerging companies with a focus on strategic
planning and prudent financial management.
From 1967
to 1992 Mr. Reisert worked for E.F Hutton, Shearson Hammill, Reynolds & co,
Oppenheimer and Weatherly Securities in sales and management. In December of
1992 he started J. Michael Reisert, Inc. an Investment Banking Company and
successfully raised over $50 million dollars for micro-cap
companies. In 2001 Mr. Reisert started JMR Capital a private
investment fund for micro-cap companies and subsequently retired in June of
2008. In 2009 he reentered the work force and he is presently working
in sales for Bankers Life in Melbourne Florida. Mr. Reisert graduated
from the University of Notre Dame earning a degree in Business in
1966.
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: May
14, 2010