Mr. Jeffrey Hyland has retired from CTI Industries Corporation (CTI or the Company) for personal reasons, effective December 5, 2019. Mr. Hyland was President, CEO and a Director of the company. Mr. Hyland has relinquished all those roles but has agreed to remain a consultant to the company on terms to be negotiated between Mr. Hyland and the company.

On the same date, Mr. Frank Cesario, Chief Financial Officer of the Company since November 2017, was appointed Acting CEO. His salary was increased from $175,000 per year to $190,000 per year. No other contract or arrangement has been entered into with Mr. Cesario to date.

Since November 20, 2017, Mr. Cesario has been employed by the company as Chief Financial Officer. Prior to joining CTI, Mr. Cesario served in similar roles with Nanophase Technologies Corporation and ISCO International Inc. respectively, as well as Turf Ventures LLC.