Frank P. Crivello, Managing Member - Crivello Group, LLC:

Frank Crivello is a founder of Crivello Group, LLC.

1970's

Frank Crivello developed an early interest in mathematics and the public equity markets. Frank made his first investment in a NYSE company at the age of 9. At the age of 13, Frank started his teenage career with his first business, a landscaping and lawn service enterprise with three employees. At the age of 15, Frank was actively trading calls and puts in listed securities. At the age of 17, Frank was Junior Achievement's runner up for the International President of the Year Competition. At the age 18, Frank was buying, rehabilitating, and re-selling imported and exotic cars.

1980's

After graduating from Brown University in 1982, Frank Crivello began his adult career by investing in REO multifamily projects located in the Midwest. Shortly after building a portfolio of multi-family projects, Frank began acquiring commercial office, warehouse, and retail properties. By 1985, Frank identified and refined a successful formula for rapid equity accumulation through the consensual modification of anchor tenant leases. This lead to coast to coast acquisitions and/or the ground up development of neighborhood retail shopping centers.

Frank Crivello's dominant market share in retail properties enabled him to branch into promising retail and wholesale operating businesses. The first included a retail gasoline operation. This evolved into a bulk wholesale exotic fuel blending and distribution business. These assets were sold in 1987. Next, in the first of a long term trend, in 1985 Frank acquired a chain of restaurants by way of bankruptcy sale. Frank sold this restaurant chain to Subway Sandwiches in 1988. In 1987 Frank acquired and expanded a portfolio of warehouse grocery stores. Frank sold these operations to independent operators in 1990.

By 1990, Frank Crivello directly and through investment entities owned millions of square feet of commercial real estate in nearly every US state including Alaska, becoming one of Kmart's largest landlords, with aggregate investments in the hundreds of millions of dollars. Frank's operating businesses employed over 1,000 employees.

1990's

In the early 1990's the nation was in a recession and traditional real estate lenders were closing or collapsing. As traditional sources of financing evaporated, Frank Crivello sought creative financing and solutions from Wall Street investment banking firms. Indeed, necessity is has often been the mother of invention. Working with talented bankers at Daiwa Securities, in 1991, Frank structured a transaction that created a synthetic bond obligation thru Kmart Corporation's net lease. This resulted in the sale and finance of a portion of his portfolio of Kmart anchored properties through a collateralized mortgage obligation in the approximate amount of $170 million. This was the first securitized commercial transaction of this type and a precursor to the common Wall Street securitized financings.

During the 1990's, Frank Crivello structured or participated in financial engineering of similar real estate sale and finance transactions with leading investment banking firms. The tenants included News Corp, Aurora Health Care, BlueCross BlueShield, Pamida (Shopko), Home Depot, Kmart, Builders Square, and Furr's Supermarkets.

In the late 1990's, retailers continued to fail, consolidate, and vacate traditional shopping centers. Anticipating the opportunity this widespread dislocation created, Frank Crivello focused on the redevelopment of large vacant shopping centers. Frank and his team developed a formula for the redevelopment of these assets into non-retail uses that included call centers, corporate back room operations, and health care operations. These opportunities continued until the late 1990's.

Current

In 2000, Frank Crivello and his team shifted their focus to investments in operating companies with promising business and management. From 2000 to 2001, Frank structured or participated in the financial engineering of private equity transactions involving start up or distressed operating businesses in such diverse space as oil & gas development, manufacturing, marine enterprises, gaming, and technology.

In 2002, Frank Crivello's focus evolved to where it began about 35 years ago: investments in public companies.

Frank Crivello's transactional formula incorporates primarily four identified arbitrage areas:

1. Promising start up companies which lack capital, management, or both.

2. Depressed valuations of distressed operating companies.

3. Differences in valuation between private and public companies.

4. Emerging acquisition and merger opportunities in Asia.

Frank Crivello pursues opportunities from micro cap to mid cap areas. Frank now leads a team that provides strategic consulting services to portfolio companies. His assistance is focused on helping these portfolio companies gain scale through organic revenue growth and synergistic acquisitions. David Marks, Frank's long term partner, oversees the day-to-day management of portfolio companies. Since 2000, Frank has structured or made private and public equity transactions and investments in over fifty companies.

Frank Crivello graduated with a Bachelor of Arts from Brown University and the London School of Economics. Frank completed a double major in Economics and Political Science. Frank earned Brown's highest awarded honors of Magna Cum Laude. Frank is a member of Phi Beta Kappa.