GEX Management Inc (OTCQB: GXXM), a professional services, staffing and professional employer organization, reported revenue rose 24% in the third quarter to $3.1 million.

Staffing and PEO services make up a majority of the Dallas-based firm’s revenue.

GEX Management originally formed in 2004 as Group Excellence Management LLC, doing business as MyEasyHQ. The company converted from a limited liability company to a C corporation in 2016 and changed its name to GEX Management Inc.

GEX began offering PEO services in April 2017. GEX Staffing LLC, which it formed in March 2017, logged its first transactions in September 2017.

Several GEX executives left the company Oct. 15, according to a filing with the US Securities and Exchange Commission: CEO and Board Chairman Carl Dorvil; interim CFO and Dario Saintus; and President and COO Chelsea Christopherson. Saintus and Christopherson were also board members and left those roles as well.

Concurrently, Srikumar Vanamali was appointed as the company’s executive director, interim CEO, president, interim CFO, secretary and treasurer and a member of the board. Vanamali had previously been serving as the company’s VP, corporate strategy since June 2018. 

The filing also stated that GEX has been actively seeking sources of equity or debt financing in order to support the company’s operations, as it currently does not have sufficient cash to meet its operating needs. The company on Oct. 10 reached an oral agreement with Setco International Forwarding Corp., pursuant to which Setco would loan the company $4.9 million.

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“We have solid commitments from our investor groups to continue partnering with us in helping us rapidly grow both the channels as we step into the New Year,” Vanamali said. “Additionally, we continue our solid focus on investing and partnering with minority and women owned businesses and we expect this emphasis to continue to drive our growth strategy in 2019 and beyond.”