On February 17, 2012, Mr. Aldus H. Chapin II resigned his position on the Board of Directors of Western Capital Resources, Inc. Mr. Chapin was not a member of any committee of the board. Effective as of the same day, the remaining directors on the board appointed Mr. Thomas H. Ripley to fill the board vacancy created by Mr. Chapin's resignation. The Board of Directors does not currently have any plans to appoint Mr. Ripley to serve on any specific board committees.