Richard Herstone was appointed as a member of the
Board of Directors of the Company on August 5, 2011. He is
the founder of Regency Capital Group and has served as its Managing Member
since 1991. The firm acts in an advisory capacity with its clients,
specializing primarily in structuring debt financings for strategic and
financial acquisitions, growth, divestitures and other corporate purposes.
He
has handled buy-side and sell-side engagements, leveraged and management
buyouts, and the placement or origination junior and senior capital. He also
has experience with restructurings, turnarounds and brand licensing.
In 2007,
Mr. Herstone was instrumental in negotiating the worldwide licensing rights
with Speedo International for a Speedo branded digital waterproof MP3 player
and digital waterproof cameras.
Mr.
Herstone has fulfilled various appointments in senior management positions
including serving as Interim President of Bungee International, Treasurer of
GaryPlayerGolf.com, and Director of Business Development for each, Manex
Entertainment, Inc., and Ryan Telemedicine, LLC.
Through
his network of business relationships in Korea and China, Mr. Herstone has been
successful in negotiating supply contracts for significant quantities of scrap
metal with deliveries into South Korea, China and Turkey.
Prior
to founding Regency Capital Group, Mr. Herstone was a partner at Regency
International, a finance company specializing in large-ticket equipment leasing
transactions that included aircraft, machine tools, and rail assets.
Before that he was the founder and president of First Atlantic Equipment Leasing
Corporation, a full service leasing company dedicated to providing unique
financing opportunities to its “Fortune 500” list of customers.
