Management Manager

Stephen N. Crea

**** ********* *****

Powell, Ohio 43065

Home Phone: 740-***-****

Cellular Phone: 740-***-****

Home E-mail: *****@********.**.***

EDUCATION

The Ohio State University – B.S.B.A. major emphasis accounting (1980-1984)

University of Nebraska at Omaha – M.B.A. (1992-1994; grade point average 4.0)

PROFESSIONAL CERTIFICATIONS

Certified Public Accountant (CPA) – June 1990

Certified Management Accountant (CMA) – October 1990

Chartered Financial Analyst (CFA) – September 1999

WORK EXPERIENCE

MEDIS TECHNOLOGIES LTD. – New York, New York and Lod, Israel

Medis Technologies Ltd. (“Medis”), a Delaware corporation, is a public holding company, which

designs, develops and markets innovative liquid fuel cells for commercial and military power

solutions. Medis’ technology provides solutions for a wide range of applications for remote and

off grid power. Medis’ first commercial product, the “24/7 Power Pack”, is the world's first

consumer fuel cell portable power product and provides a direct and disposable power source to

many of the most advanced portable electronic devices, such as mobile handsets and smart

phones. Medis also seeks to commercialize its power generation technologies for governments

and military forces.

Chief Financial Officer (contracted): March 2009 – Present

Management of all financial, public compliance and treasury activities under substantial financial

distress. Hired to manage significant financial and operational restructuring, including cost

reductions activities, raising of additional capital and relocating financial reporting to the US.

Provide strategic planning support to determine most appropriate exit strategy.

- Raised over $3 million in less than four months, with an additional $3 million in

commitments, through the placement of Series B Preferred Stock and Senior Secured

Convertible Notes.

- Negotiated the conversion on Series A Preferred Stock to Common Stock through a cashless

3(a)(9) exchange transactions (pending) which eliminates over $1 million per quarter of cash

dividends and a liquidity preference of approximately $60 million.

- Negotiated the reduction of vendor payables and commitments from approximately $16

million to approximately $7 million and the settlement thereof through a cashless 3(a)(10)

exchange transactions (in progress), in which a third party pays cash to the vendors and, for

consideration, receives freely tradable Common Stock.

RISK MANAGEMENT SOLUTIONS, INC. – Dublin, Ohio

Risk Management Solutions, Inc. (dba “Avizent”), was formed in March 2007 by the merger two

regional third party administrators of workers compensation claims; The Frank Gates

Companies, Inc. headquartered in Dublin, Ohio and Attenta, Inc. headquartered in Birmingham,

Alabama. The merger was followed by a series of smaller acquisitions in the managed care and

physician provider organization (“PPO”) network arenas to provide an integrated, full-service

risk management solution focused on early medical intervention and medical claim management

for self-insured and insured employers, public entities and insurance carriers.

Chief Financial Officer and Treasurer (contracted): March 2008 – March 2009

Management of all financial, treasury and human resource activities. Hired over a year after the

merger, finalized all purchase accounting and opening balance sheet and year-end financial

audits. Within two months of hire, consolidated financial information systems due to Avizent

still operating under an expired a shared service agreement with one of the sellers.

- Replaced nine of ten financial positions and eliminated one, achieving an aggregate annual

savings of approximately $250,000.

- Consolidated the majority of subsidiary financial functions into the Dublin headquarters,

without additional staff and reduced the monthly financial closing cycle to less than fifteen days

from over 30 days.

- Instituted a centralize cash management structure in to increase internal controls and better

facilitate cash planning in a highly leverage environment, which has allowed Avizent to remain

liquid and not borrow on its credit facilities since April 2008.

- Implemented numerous business process improvement projects, including online Travel and

Entertainment scheduling and expense reporting, streamlining and renegotiation of payroll

processing and Request For Proposal for Audit services, with aggregate annual savings

approximated at $500,000.

- Managed process to streamline job titles, job descriptions and pay grades in an effort better

manage personnel and payroll spending, which is approximately two-thirds of Avizent’s

operating costs.

COOPERATIVE BUSINESS INTERNATIONAL, INC. – Columbus, Ohio

Cooperative Business International, Inc. (“CBI”) is an international trading and processing

company of high quality commodities, including specialty coffees to global retailers, such as

Starbucks, and flavors and spices to global food processors, such as McCormick. CBI’s

operations were located primarily in Indonesia and Central America.

Chief Financial Officer and Treasurer: October 2006 – March 2008

Management of all financial and treasury activities, including complex valuation of commodity

inventories, forward sales contracts and volatile foreign currency translations. Created historical

and monthly financial statements by product by location in an effort to analyze segment

profitability, streamline product mix and plan future capital investment and growth strategies.

- Created detailed competitor, market and financial analysis, as well as strategic plans for each

major product line.

- Developed financial analysis to cull unprofitable product lines and reduce related corporate

overhead.

- Managed the expansion of international credit facilities from an aggregate of $10 million to

$23.5 million to support growth in specialty coffee volumes.

- Developed financial analysis and purchase contract terms for the acquisition of a specialty

coffee mill in Nicaragua.

SELECT SIRES, INC. – Plain City, Ohio

Select Sires Inc. (“Select”) is a global leader in developing and marketing superior, highly fertile

artificial insemination genetics and related products and services to the dairy and beef industries.

Chief Financial Officer and Treasurer: March 2003 – October 2006

Management of all financial, treasury, human resource and information systems activities.

Created an eleven-year, quarterly departmental expense trend analysis and detailed management

financial statements in order to perform a bottom-up assessment of operational and financial

performance.

- Lead the analysis and consolidation of operations which accounts for annual operational

savings of $250,000 and will net $3.6 million in the sale of land and equipment.

- Lead the analysis and restructuring of the company’s defined benefit plan that will

significantly reduce its unfunded liability and future cash contributions, without reduction to

employee retirement benefits.

- Developed a long-term information systems strategic plan and implemented a web-based

portal system, which is to be the basis for all future systems development.

INSILCO TECHNOLOGIES, INC. and THERMASYS CORPORATION – Dublin, Ohio

Insilco Technologies, Inc. (“Insilco”) was a leading global manufacturer of electronic

interconnect components. Insilco refocused its strategy to concentrate primarily on the

telecommunications and networking markets via a series of acquisitions and divestitures.

ThermaSys Corporation (“ThermaSys”), formerly Insilco’s automotive segment, was formed by

means of a tax-free spin out from its parent in August 2000. ThermaSys is a leading

manufacturer of heat exchanger systems and components and automatic transmission systems

and components to the industrial and automotive OEM and aftermarkets. The corporate office of

Insilco continued to have responsibility for the management of ThermaSys. Both Insilco and

ThermaSys (collectively, the “Companies”) were controlled by Donaldson, Lufkin & Jenerette

Merchant Banking Fund II, L.P. (“DLJ”) and Citicorp Venture Capital and had combined sales

in 2000 of over $650 million.

Vice President and Treasurer: July 2001 – March 2003

Management of the Companies’ complex leveraged capital structure including the analysis,

negotiation and management of numerous bank credit facilities, high-yield bond indentures and

amendments thereto. Responsibilities included; cash management and on-going liquidity, day-to-

day treasury and cash management functions, management and investment over-site of the

Companies’ pension fund and Investor Relations and Rating Agency communications.

- Amended the Companies’ bank credit facilities to maintain adequate liquidity and provide

significant covenant relief through industrial and telecommunications business cycles.

- Negotiated a new credit facility for a ThermaSys joint venture at levels significantly below

credit market benchmarks in terms of placement fees and LIBO spreads.

- Managed the consolidation of the Companies’ cash management systems in conjunction with

the negotiation of a national payroll processing contract, which provided savings in excess of

$100,000 annually.

Vice President of Strategic Planning: July 1999 – July 2001

Management of the Companies’ strategic, capital and financial planning. Responsibilities

included; economic, market and competitive analysis and negotiation and financing of numerous

acquisitions and divestitures in an effort to refocus the Companies’ in their core growth markets.

- Managed the spin out and capitalization of Insilco’s automotive segment to form ThermaSys.

- Managed the acquisitions of three interconnect components companies serving key niche

sectors of the telecommunications and networking markets for a combined purchase price of

over $200 million.

- Managed the divestitures of three of the Companies’ non-core business units for combined

proceeds of over $110 million.

Director of Financial Planning and Analysis: February 1997 – July 1999

Management of the Companies’ business unit and product-line profitability reporting and

analyses. Responsibilities included; acquisition and divestiture analysis, Board of Directors and

Investor Relations presentations and the development of the Companies’ initial Economic Value

Added analysis.

- Key manager in analyzing and executing the DLJ Leveraged Recapitalization of Insilco and

numerous other capital restructurings, which included; public and private tenders of common

shares, bank credit agreements and the placement of high-yield debt.

- Lead the Rolodex Corporation financial restructuring process, which culminated in three

separate divestiture transactions yielding gross proceeds of approximately $140 million.

Corporate Manager of Financial Planning and Analysis: February 1995 – February 1997

Management and analysis of the Companies’ business unit annual planning and monthly

forecasting. Responsibilities included; development of a comprehensive flexible seven-year

model to project business performance, capital structure, financial position and shareholder value

creation.

- Developed valuation and segment analyses to support the acquisition of a German automotive

components manufacturer.

- Developed detailed scenario analyses for the Board of Directors, which included spin outs,

divestitures and recapitalizations aimed at maximizing shareholder value.

FIRST DATA CORPORATION – Omaha, Nebraska

First Data Corporation (“FDC”) is a global leading provider of high-quality, high-volume

information processing for electronic commerce and payment systems. FDC is the world’s

leading third-party processor of MasterCard and Visa card transactions and global consumer

funds transfers.

Senior Financial Manager: December 1993 – August 1994

Management of research and analyses to the Board of Directors and Executive Committee in

support of strategic initiatives, acquisitions and other business portfolio decisions.

Responsibilities included; management of strategic and annual planning and monthly

forecasting, analysis of international business operations, various special assignments and

supervision of two financial analysts.

- Created standard analyses and presentation formats for the Board of Directors and Rating

Agencies, which were adopted on a company-wide basis.

- Managed legal and financial practices benchmarking studies in support of cost reduction

initiatives.

Senior Financial Analyst: July 1992 – December 1993

Preparation, consolidation and analysis of business unit strategic and annual plans, interim

financial data and cash flow forecasting and management.

- Developed critical cash flow and financial ratio analyses in support of FDC’s initial primary

market debt placement.

Financial Analyst: April 1991 – July 1992

Preparation and analysis of consolidated and business unit financial results and projections

including; profit and loss, balance sheet, cash flows and financial ratios.

- Developed strategic and financial analyses in support of FDC’s Initial Public Offering (“IPO”)

in 1992. At the time, the IPO was the second largest in American business history.

WEYERHAEUSER COMPANY

Weyerhaeuser Company is a leading global forest products company. This vertically integrated

manufacturer is principally engaged in the growing and harvesting of timber and the

manufacturing, distribution and sale of diversified forest products. Weyerhaeuser is the world’s

largest exporter of forest products and private owner of forestland.

Plant Superintendent: August 1994 – February 1995 (Mount Vernon, Ohio)

Management of plant supervisors and corrugator department. Responsibilities included;

establishment and management of quality and productivity goals, manpower scheduling and

grievance proceedings of unionized work force.

- Trained plant personnel on newly established Statistical Process Control and Quality

procedures.

- Organized work force restructuring from rotating shifts to fixed shifts in order to enhance

production continuity and efficiency.

Plant Controller: February 1989 – April 1991 (Omaha, Nebraska)

Management of accounting function and personnel to plan and monitor plant operations and

achieve accurate and timely financial reporting, sufficient internal control and maintain generally

accepted accounting principles. Responsibilities included; leadership and involvement in

numerous Quality Improvement Teams to establish and progress toward plant goals and

objectives.

- Key member of Waste Control task Team that implemented Statistical Process Controls to

reduce plant waste from 10.7% in 1986 to 6.2% in 1990.

- Developed detailed financial analysis to support an $8 million plant expansion, which was

approved by the Board of Directors.

Plant Accountant: October 1986 – February 1989 (Omaha, Nebraska)

Responsibilities included; financial statement reporting, manufacturing and overhead variance

analyses, maintenance of standard costing system, capital appropriations and credit/collections

management.

- Department leader of Safety Committee which implemented plans that reduced lost-time

accidents from 13 in 1986 to 2 in 1990.

Accountant: December 1984 – October 1986 (Mount Vernon, Ohio)

Responsibilities included; maintenance and control of general ledger, application of product

costing, inventory and billing control, payroll and computer operations.

- Member of Inventory Reduction Task Team that implemented plans to reduce finished goods

inventory from 10 million square feet to 3 million square feet, which increased cash flow by

approximately $100,000.

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