Form 8-K for PHANTOM FIBER CORP

Change in Directors or Principal Officers

Press Release
May 12, 2005

Quarterly Report Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

Overview

On April 25, 2005, the Corporation announced that Mr. Jim Andersen had been appointed as Chief Financial Officer and interim Secretary. The announcement further indicated that an employment agreement had not yet been finalized with Mr. Andersen. Despite best efforts by both the Corporation and Mr. Andersen to finalize such an agreement, it has been determined that the prospects of concluding a mutually satisfactory arrangement are unlikely and that there is no benefit to either party in further pursuing Mr. Andersen's candidacy as Chief Financial Officer and interim Secretary of the Corporation. The Corporation is conducting an executive search for a Chief Financial Officer and is confident that a suitable candidate will emerge to contribute to Phantom Fiber's growth.