Accounting Management

DAVID P. SZOSTAK

*** ****** *** ***, *********@***.***

Indialantic, FL 32903 Ph 321-***-****

Summary of Experience:

** ***** ** **********/******* experience; 23 years as Chief Financial Officer that

includes 20 years broader business and operational development, C-level group

support and team building; and 6 years public accounting (CPA).

Founder of enterprise that serially creates new high growth and high value

companies from initial start-up through an exit; created 14 companies since 1993

with exit values ranging from $180 million to $1. 5 billion from IPO’s.

Executive leadership roles include corporate operations, strategic development,

Board of Directors, and investor relations.

Public company and IPO listing experience (U.S. and London).

Objective: Assist in the growth of a mid to early stage enterprise in the high-tech or software/internet

industries; utilizing my broad experiences in the areas of leadership, business strategy, finance,

accounting, and operations.

Experience:

XL TechGroup (XLTG LLC) (Melbourne, FL)

Founder and Board Director 1993 – present

XL TechGroup (XLTG LLC) (Melbourne, FL)

Chief Financial Officer 1993 – December 2013

XLTG created over 14 businesses in a 20 year period utilizing its unique business model these businesses grew

rapidly from initial start-up to an exit; either a publicly listed or trade sale. Exits of the successful business were

targeted ranging from 2-3 years from start-up. Total capital raised for the businesses exceeded $500 million in as

many as 40 capital raising events. Three business completed IPO’s in the U.S. NASDAQ market and three on the

London exchange.

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As CFO, responsible for all aspects of accounting, policies and procedures, regulatory reporting (SEC), and the

necessary operations created to accommodate a fully functioning independent business.

Operationally, as founder, participated in many areas of the business development and ex ecution of building new

business opportunities from the ground up, to include:

Participated in the down selection of opportunities and assisted in development of business strategy

and associated business plans.

Acting CFO from start-up to exit preparation for each of the businesses, directing the Accounting,

Finance and Administrative areas. Created all critical systems, policies, controls and procedures.

Raised all early stage pre-IPO capital.

Recruited permanent senior staff, particularly CEO and CFO’s in the new businesses.

Managed the investment banking syndicate for each listing and creation of offering documents, i.e.

SEC S-1 filings.

Conducted internal controls compliance to include Sarbanes Oxley 404 rules.

Participated on the early Boards of Directors.

The following are the more significant enterprises created, a description of their business model and exit event:

Initio Fuels LLC (Melbourne, FL) 2011 – 2013

Turning truly waste oils into full ASM Spec. bio -diesel through a unique transesterification of gaseous acids in

scalable reactors. First commercial pilot facility constructed in Florida. Management team transitioned

operational control in 2013.

Parabel Inc. (Melbourne, FL) 2008 – 2011

Use of proprietary science and technology to grow, harvest and process algae plant organism into fuel and

food protein. Company licenses technology for large scale deployment. Initially listed on NASDAQ pink list

market, filing of S-1 registration. Management team transitioned operational control in 2011.

TyraTech, Inc. (Charlotte, NC) 2004 – 2006

A platform of natural insecticides and pesticides from natural essential plant oils. Listed on London Stock

Exchange – Aim market.

AgCert, Plc. (Melbourne, FL & Dublin, UK) 2003 – 2005

International leader in creating carbon cap-n-trade offset credits. Company listed on LSE market and later

merged with large US energy company.

eMerge Interactive Inc. (Sebastian, FL) 1996 – 1999

Innovated beef tractability and trading company achieving in excess of $1 billion of revenues and market cap.

Subsequently divested and concentrated in animal wellness.

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Clarient, Inc. (a/k/a/ ChromaVision, Inc.) (San Juan Capistrano, CA) 1994 – 1996

Developed a unique automated pathology microscope, accelerating slide reading speed by 100 times and

accuracy to near 100%. Company listed on NASDAQ and later sold to GE Medical.

Presidio, Inc. (Melbourne, FL) 1998 – 2001

Developed health care electronic medical records software coupled with unique electronic security and privacy

features. Investor funding discontinued, business sold.

Ethentica, Inc. (f/k/a WhoVision, Inc.) (Irving, CA) 1996 - 2001

Developed a low cost innovated biometric fingerprint scanner for license i.e., computers, phones, locks, credit

card readers, etc. S-1 filed for IPO and pulled in the 2000 market downturn. Investor funding discontinued,

business sold.

Hetra Computer Inc. (Melbourne, FL)

Chief Financial Officer 1989 – 1993

Manufacturer of high security computers and accessories for governmental applications. An XLTG acquired

company in 1993. Management team transitioned operational control in 1993 and sold in 1995.

Led the Accounting, Finance and Administrative areas.

Managed NASDAQ delisting

Managed MRP/ERP system migration (Fourth Shift to Great Plains)

Effectively turned around business to profitability

Divested in 1994

Extel Communications (Northbrook, Illinois)

Controller 1988 – 1990

World’s largest manufacturer of teletype terminals. Holding company for a group of international sales,

support and manufacturing subsidiaries. Member of Hetra acquisition and turn around management team;

transitioned to operational management in 1999.

Second in charge of all accounting of this international group headquartered high-tech

enterprise.

Managed international multi currency consolidation of financial statements.

Provided financial analysis of international affiliate operations.

Assisted in M&A purchase of multiple businesses, including public listed company (Hetra

Computer).

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Laventhol and Horwath (Chicago, Illinois)

Staff Auditor 1983 – 1986

International “Big 10” CPA firm; Chicago office was the largest regional with over 350 professionals ; providing

audit, compilations, forensic and tax services.

Key Accomplishments:

- $8 million capital raise (debt and convertible debentures) Initio Fuels LLC (2011-12)

- S-1 filing (SEC Registration statement) PetroAlgae, Inc. (2010 – OTTCBB:PALG); with Goldman,

UBS, and Citibank.

- $40 million capital raise (debt) XL TechGroup, Inc. (2005-07)

- Initial Public Offering TyraTech, Inc. (2007 - London LSE/AIM:TYR); raised $24 million with

Nomura Code Securities

- Initial Public Offering AgCert Plc. (2005 - London LSE/full list:AGCT); raised $80 million with ABN

Ambro

- Initial Public Offering XL TechGroup, Inc. (2004 - London LSE-AIM/XLTG); raised $40 million with

Nomura Code Securities

- S-1 filing (SEC Registration statement) Ethentica, Inc. (2001); Merrill Lynch

- Initial Public Offering eMerge Interactive Inc. (2000 - NADAQ:EMRG); raised $120 million with

Adams, Harkness & Hill, First Union Securities, and FAC Equities.

- Initial Public Offering ChromaVision Inc. (1997) NADAQ (CVSN); raised $ 32 million with Robert

W. Baird and Adams, Harkness & Hill

Education and Credentials:

CPA - Completed Certificate as Certified Public Accounting (Illinois) 1983

DePaul University (Chicago, Illinois) Post undergraduate studies 1982

Southern Illinois University (Carbondale, Illinois) Bachelor of Science – Finance 1980

Interest:

- Family, Travel, golf, and water activities

- Capital markets investments

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