RushNet Names Arizona Businessman Michael Cunha as Chairman and Chief Executive Officer

Rhea-AI Summary

RushNet, Inc (RSHN) appoints Michael Cunha as new Chairman and CEO, transitioning out of lab business. Cunha brings extensive experience in manufacturing and finance, with a successful track record in establishing thriving enterprises. The company is set to announce its new business direction soon.

PHOENIX, AZ / ACCESSWIRE / March 4, 2024 / RushNet, Inc (OTC PINK:RSHN), (the "Company") announced today the appointment of Michael Cunha as its new Chairman and Chief Executive Officer, effective immediately. Mr. Cunha assumes these roles following the resignation of Ashley Sweat, who has decided to explore other opportunities. The Company extends its best wishes to Mr. Sweat for success in his future endeavors and expresses gratitude for his past contributions. It's important to note that the incoming management team has no prior affiliations with any former management teams of RushNet.

Mr. Cunha, the new Chairman and Chief Executive Officer of Rushnet commented, "I have run very successful private companies in my career, and this is my first experience with a public company. We are immediately transitioning out of the lab business, and we will announce our new business direction within the next few days."

Mr. Cunha is a distinguished Arizona-based entrepreneur renowned for his track record of establishing thriving enterprises. He attained academic excellence, graduating summa cum laude from Washington State University with a Bachelor of Science in Psychology, and later achieving the same honor at Chapman University, where he earned his MBA in Accounting and Economics.

With an extensive background spanning over three decades in manufacturing, accounting, finance, and executive leadership, Mr. Cunha brings a wealth of experience to the table. Notably, he served as the Corporate Controller of Andermac, Inc., a medical equipment manufacturer, for a duration of eight years. During his tenure, Mr. Cunha spearheaded initiatives that led to the company's automation, resulting in substantial market expansion. Under his guidance, Andermac achieved a dominant market share of 50% in California and 25% nationwide.

In late 1991, Mr. Cunha embarked on a new venture by co-founding InterMag, Inc., a magnetic media manufacturing company, alongside four partners. Assuming responsibilities in finance and manufacturing, Mr. Cunha played a pivotal role in securing the company's inaugural contract with Iomega for the production of Iomega 100mb Zip disks. Under his leadership, InterMag experienced remarkable growth, scaling from inception to a revenue of $72 million within a span of three years. In 1995, InterMag was sold to the second largest magnetic media company in Taiwan.

In 1996, Mr. Cunha, alongside two business partners, established what has evolved into Mionix Corporation. Mionix has emerged as a frontrunner in human and animal feed additive antimicrobials, with notable contributions such as the development and promotion of a feed additive aimed at regulating gut bacteria in shrimp, a significant achievement in Southeast Asia. Mionix Corporation underwent a successful acquisition in June 2015. Presently, Mr. Cunha serves as the Managing Member of Patmos Holdings I, LLC, a holding company dedicated to investing in early-stage companies.

About RushNet

With over 25 years in the public sector, RushNet has continually evolved, embracing change and innovation at every turn. The company is completing its transition out of the lab business.

CONTACT:

Michael Cunha
Phone 916-616-7037
Email mcunha53@gmail.com
Twitter Handle: @rushnetrevival

Safe Harbor Notice

Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). The Company cautions that the statements and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates made by management. Actual results could differ materially from current projections or implied results. The Companies undertake no obligation to revise these statements following the date of this news release.

SOURCE: RushNet

View the original press release on accesswire.com

FAQ

Who is the new Chairman and CEO of RushNet, Inc (RSHN)?

Michael Cunha has been appointed as the new Chairman and Chief Executive Officer of RushNet, Inc.

What is the educational background of Michael Cunha?

Michael Cunha graduated summa cum laude from Washington State University with a Bachelor of Science in Psychology and later earned his MBA in Accounting and Economics from Chapman University.

What is the new business direction RushNet (RSHN) is planning to announce soon?

RushNet is transitioning out of the lab business and will reveal its new business direction in the coming days.

What successful ventures has Michael Cunha been involved in?

Michael Cunha has been part of successful ventures like Andermac, Inc., InterMag, Inc., and Mionix Corporation, showcasing his expertise in manufacturing and finance.

What was the revenue scale of InterMag, Inc. under Michael Cunha's leadership?

InterMag, Inc. scaled from inception to a revenue of $72 million within three years under Michael Cunha's leadership.