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.

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."