Board of Directors

Newton Glassman, Callidus Capital Corporation

Director, Executive Chairman

Mr. Glassman is the Executive Chairman and Chief Executive Officer of Callidus and is the Founder, Managing Partner and acts as Chief Executive Officer of Catalyst Capital Group Inc. (CCGI). He devotes all of his working time to CCGI, investment funds managed by CCGI and assets held by those investment funds. Mr. Glassman was formerly a director of FrontPoint Partners, LLC. He also serves, or has formerly served, as a director or senior officer of various CCGI portfolio companies, including Gateway Casinos & Entertainment Limited, Cable Satisfaction International Inc./Cabovisão, Natural Markets Restaurants Corp, and Therapure Biopharma Inc. Mr. Glassman was previously a Managing Director at Cerberus Capital Management LP where he was involved in several Canadian restructurings, including Loewen Inc., Livent Corporation of Canada, Inc., Philip Services Corporation, GST Telecommunications, Inc., Pacifica Papers, Inc. and AT&T Canada Inc. CCGI and funds managed by it have, since 2002, been involved in numerous distressed and/or under-valued situations. Mr. Glassman holds an M.B.A from the Wharton School of the University of Pennsylvania, a law degree from Faculty of Law, University of Toronto and an undergraduate degree from the University of Toronto.

James Riley, Callidus Capital Corporation

Director, Secretary

Mr. Riley is a Managing Director and Chief Operating Officer of Catalyst Capital Group Inc. (CCGI) and devotes all of his working time to CCGI and Callidus. Prior to joining CCGI in 2011, Mr. Riley was a Partner and Co-Chair of the Banking and Finance Law Group at Goodmans LLP. Prior to joining Goodmans LLP, Mr. Riley was a founding partner of the Toronto office of Ogilvy Renault (now Norton Rose Fulbright Canada) in 1996 and prior to that was a Partner at Stikeman Elliott LLP. Mr. Riley holds a master of law degree from Harvard University and a law degree from the Faculty of Law, University of Toronto.

Bradley W. Ashley, Founder & Managing Partner, PRIVEQ Capital Funds


Mr. Ashley founded PRIVEQ in 1994 and devotes substantially all of his working time to PRIVEQ and its portfolio companies. Prior to founding PRIVEQ, Mr. Ashley was an Investment Manager with VenGrowth Capital Funds from 1990 to 1994, a Senior Manager in the Corporate Finance Group with Ernst & Young from 1989 to 1990, and an Assistant Treasurer with JP Morgan Canada from 1986 to 1989. Mr. Ashley is a Director of Frantic Films Corporation, Accipiter Radar Technologies Inc., and Kraus Global Ltd. He also sits on the investment committee of a venture capital fund. Mr. Ashley is a former Chairman and President of Canada's Venture Capital and Private Equity Association (CVCA). Mr. Ashley holds a law degree and a Master of Business Administration degree from York University. In 2014, Mr. Ashley obtained his ICD.D designation from the Institute of Corporate Directors.

Tibor Donath, Partner, Bench & Donath


Since 1979, Mr. Donath has been a Partner at Bench & Donath, Chartered Accountants — a Toronto accounting firm providing assurance, accounting and income tax consulting services for private entities in various sectors of the economy. Mr. Donath is a member of the Chartered Professional Accountants of Ontario and of the Ordre des Comptables Professionnel Agrees du Québec. Mr. Donath graduated from Sir George William's University (now Concordia University) with a Bachelor of Commerce in 1973, Major in Accounting, Minor in Economics, and was first licensed to practice accounting in 1976. Since July 2006, Mr. Donath has been a member of the Board of Directors, and Chair of the Audit Committee for Counsel Corporation. Mr. Donath also sits on the Investment Committee of a private venture capital firm.

David Sutin, Independent Financial Advisor, Former Managing Director, Quest Partners Ltd.


From May 2008 until November, 2011, Mr. Sutin was Managing Partner of Quest Partners Ltd., a financial advisory boutique. Since 2001, Mr. Sutin has been an independent financial advisor, private investor and board member of several companies. Until 2001, Mr. Sutin was Executive Vice President of Harrowston Inc., a publicly-traded private equity firm. Mr. Sutin has over 30 years experience in corporate and real estate investment and financing activity. From March 2011 until March 2014, Mr. Sutin was a director of Patheon Inc. Between June 2009 and December 2010, Mr. Sutin was a director of Sun Gro Horticulture Inc., and a trustee of Sun Gro Horticulture Income Fund. From March 2007 to May 2009, Mr. Sutin was a director of Pay Linx Financial Corporation. Mr. Sutin holds a Bachelor of Arts degree and Masters of Business Administration degree from York University.

Transaction Highlight

Callidus Capital combines a Line of Credit and Term Loan of $17,000,000 to enable Leader Energy Services Ltd. to meet ongoing customer demand

Based in Western Canada, Leader Energy Services Ltd. partners with the energy sector's best-known companies to help unlock oil and natural gas reservoirs. Callidus Capital provided Leader Energy with an operating Line of Credit of $4,000,000 and a Term Loan of $12,000,000. The proceeds were used to refinance the incumbent lender and provide the Company with increased liquidity and certainty of capital.

Due to unusual weather conditions in the spring of 2012 that caused their customers to delay their drilling activities, Leader Energy experienced a corresponding delay in business activity. As opposed to trying to operate the business surrounded by a lack of certainty relative to capital access, Management elected to take a proactive stance and approached Callidus Capital to help them generate the liquidity and flexibility required to meet impending sales demand.

To accomplish this, Callidus provided an integrated, stable solution that margins both the company's working capital and fixed assets to a higher level than conventional lenders. Callidus was able to complete its due diligence and close the financing within five weeks, providing Leader Energy with sufficient capital to meet oncoming seasonal demand. Rod Hauser explains, "The Callidus team was quick to come to the table and structure a financing package that supported our Management Plan. They understood the opportunities for growth and worked with us to build a stronger future for our company."