(Nasdaq: GWAV) Profile

September 27, 2023

OUR NEW PROFILE IS: (NASDAQ: GWAV)

GWAV GENERATED $1.23MN IN POSITIVE CASH FLOWS FROM OPERATIONS DURING THE SIX MONTHS ENDING ON JUNE 30, 2023

GREENWAVE GENERATED OVER $18 MILLION IN REVENUE IN THE FIRST HALF OF THE YEAR

GWAV OPERATES 13 METAL RECYCLING FACILITIES IN VIRGINIA, NORTH CAROLINA, AND CLEVELAND, OH

YAHOO FINANCE HAS THE FLOAT AT JUST 8.59 MILLION SHARES RIGHT NOW

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Hello Everyone,

We have another company for you to research tomorrow ahead of tomorrow’s session. This is a company that we have never profiled on this newsletter before and has a tiny float working for it.

Pull up GWAV Immediately.

U.S. Steel Turns Down $7.3Bn Offer From Cleveland-Cliffs, Explores Alternatives – Potential Upside For Greenwave Technology Solutions, Inc. (Nasdaq: GWAV)?

Major developments in the steel industry are reshaping the landscape for key players. U.S. Steel, a significant player in the industry, has recently declined a substantial $7.3Bn acquisition offer from Cleveland-Cliffs and is now contemplating competitive proposals from Esmark Inc.

To add to the intrigue, there are rumors of ArcelorMittal SA considering entering the bid for this major steel manufacturer.

Amid this potential industry consolidation, GWAV emerges as a proactive contender, gearing up for an aggressive expansion strategy to meet the escalating demands of leading U.S. steel mills.

GWAV: Paving the Way for Growth in Metal Recycling

GWAV holds a prominent position as an operator of metal recycling facilities across Ohio, Virginia and North Carolina. Their core operations involve the collection, categorization, and processing of raw scrap metal, primarily to supply major steel mills and foundries. What sets Greenwave apart is its relentless pursuit of expansion and infrastructure enhancement, positioning itself as a key player during a potentially transformative phase in the steel industry.

Record-Breaking Growth: Positive Cash Flows and Expansion Plans

The first half of the year has seen Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) achieved remarkable growth, marked by substantial in-vest-ments in infrastructure that have begun yielding impressive results. Notably, the company achieved a significant milestone by generating $1.23Mn in positive cash flows from operations during the six months ending on June 30, 2023—a record achievement for the company.

Investing Heavily in Infrastructure

GWAV’s strategy of heavy infrastructure investment over recent years is now showing substantial promise. A standout example is the installation of a new automotive shredder and downstream processing system at its Kelford, North Carolina facility. This innovative system focuses on recovering millimeter-minus metal pieces from the residue left in the shredder. This previously discarded residue, often referred to as “fluff,” holds substantial value, but effectively extracting it has proven challenging. The downstream processing system is designed to overcome this hurdle.

The downstream system officially commenced operations in July 2023, introducing a fresh revenue stream set to kickstart in Q3 2023. The company forecasts that this system will generate an average daily revenue of $38,000, boasting margins exceeding 80%. Furthermore, it is well on its way to achieving over $1Mn in monthly revenue by the year’s end.

Future Growth Anticipated

GWAV is accelerating its progress toward these goals with the impending launch of a second automotive shredder at its Carrollton facility. This addition will effectively double the metal recycler’s capacity to process ferrous metal. The decision to shred ferrous metal rather than selling it in its unshredded form positions the company to command higher prices, generating an estimated 33% increase in additional revenue compared to unshredded ferrous metal.

In April, GWAV expanded its footprint with the opening of a new facility in Cleveland. Even though it has not yet reached its full volume potential, this location is already generating approximately $100,000 per month in revenue. As operations further ramp up, particularly with the commencement of a shear baler this month, the Cleveland facility is poised to generate $250k or more per month in revenue by next year.

As U.S. Steel explores alternative pathways in a potentially consolidating steel industry, GWAV stands out as a company actively positioning itself to seize new growth opp’s and strengthen its foothold in the ever-evolving world of metal recycling.

*****BREAKING NEWS RELEASED TUESDAY*****

GREENWAVE TECHNOLOGY SOLUTIONS ANNOUNCES ITS SHEAR BALER IS NOW FULLY OPERATIONAL AT ITS CLEVELAND FACILITY

Newly installed equipment to significantly increase facility’s metal recycling production capacity and ramp up revenue

CHESAPEAKE, Va., Sept. 26, 2023 /PRNewswire/ — Greenwave Technology Solutions, Inc.(“Greenwave” or the “Company”) (Nasdaq: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina, and Ohio, today announced that its recently installed shear baler is now fully operational at its Cleveland, Ohio facility. The state-of-the-art equipment is expected to significantly expand the facility’s metal recycling production capacity, enabling it to significantly increase its revenues. Shear balers are highly sophisticated processing equipment within the industry, designed for efficiently shearing car bodies and heavy metals.

“With access to an adjacent railroad to easily transport our products to nearby steel mills, we expect our Cleveland facility to be a significant contributor to Greenwave’s revenues in the coming quarters,” stated Greenwave Chief Executive Officer Danny Meeks. “We believe our Cleveland facility has the potential to be one of our highest volume and most profitable facilities. We’re grateful to our shareholders for their continued support and look forward to keeping investors updated on our progress.”

About Greenwave Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. (“Empire”), is a leading operator of 13 metal recycling facilities in Virginia, North Carolina, and Ohio. The Company’s recycling facilities collect, classify, and process raw scrap metal (ferrous and nonferrous) and implement several unique technologies to increase metal processing volumes and operating efficiencies, including a downstream recovery system and cloud-based ERP system.

Steel is one of the world’s most recycled products with the ability to be re-melted and re-cast numerous times. Recycling steel provides key environmental benefits over virgin metals, including reduced energy use, lower CO2 emissions, lower waste, and conserving natural resources. Greenwave’s customers include large corporations, industrial manufacturers, retail customers, and government organizations. The Company plans to aggressively expand its footprint of locations by acquiring independent, profitable scrap yards in the coming months. For more information, please visit www.GWAV.com.

GREENWAVE TECHNOLOGY SOLUTIONS’ COPPER EXTRACTION SYSTEM EXPECTED TO COMMENCE OPERATIONS IN SEPTEMBER 2023

New infrastructure and technology coming online to significantly increase processing capacity, resulting in increased annual revenues

CHESAPEAKE, Va., Aug. 29, 2023 /PRNewswire/ — Greenwave Technology Solutions, Inc. (“Greenwave” or the “Company”) (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina, and Ohio, today announced that its Orbcon PTV balling mill is expected to commence operations in September 2023. The balling mill is expected to significantly increase the copper recovery yields in the downstream processing of Greenwave’s automotive shred residue, adding to revenues and gross margins.

In July 2023, Greenwave commenced operation of a downstream processing system at its Kelford, NC facility, enabling the Company to recover millimeter-minus pieces of metal from Greenwave’sautomotive shred residue or “fluff” as it is known in the industry. The Orbcon PTV balling mill is the final component of the downstream processing system – focused on extracting copper from the shred residue – and is expected to result in the downstream processing system generating more than $1 million per month in revenue by the end of 2023, with profit margins in excess of 80%.

“Greenwave has invested more than $15 million in capital expenditures over the past 18 months, which are expected to double the Company’s ferrous metal processing capacity, grow our annual revenues to over $50 million, and significantly expand our profit margins,” stated GreenwaveChairman and Chief Executive Officer Danny Meeks. “We are at an inflection point in Greenwave’sgrowth trajectory and the Company is now positioned to significantly expand its footprint of metal recycling facilities in the coming quarters. We’re grateful to Greenwave’s shareholders for their early and continued support – we look forward to reporting back on our progress.”

The Company has completed the installation of its second automotive shredder at its Carrolltonfacility to process cars, household appliances, and industrial products. The shredder is expected to commence operation as soon as the electrical infrastructure is completed this quarter, and will double the Company’s ferrous metal processing capacity. By selling its ferrous metal as shredded, rather than unshredded, Greenwave generates approximately 33% more revenue with profit margins in excess of 60%.

GREENWAVE TECHNOLOGY SOLUTIONS REPORTS THIRD HIGHEST QUARTERLY REVENUES IN COMPANY HISTORY

Greenwave generated $1.23 million in positive cashflows from operations during the six months ended June 30, 2023, a new record for the Company

Company generated $18.46 million in revenues for the six months ended June 30, 2023, the second highest in the Company’s history

Subsequent to the close of the quarter, Greenwave closed a private placement for proceeds of $15 million, paying off all outstanding factoring advances and reducing its equipment financing debt by $2 million

CHESAPEAKE, Va., Aug. 15, 2023 /PRNewswire/ — Greenwave Technology Solutions, Inc.(“Greenwave” or the “Company”) (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina and Cleveland, OH, is pleased to announce that it generated revenues of $9.46 and $18.45 million during the three and six months ended June 30, 2023, respectively, the third highest quarterly revenues in its history. Further, for the six months ended June 30, 2023, Greenwave generated positive cashflows from operating activities of $1.23 million – a new record for the greatest amount of cashflows generated by the Company during a six month period.

“Greenwave is continuing to position itself as one of the most robust metal recycling companies on the east coast, suppling steel and other recycled metals to some of the nation’s leading steel mills and foundries,” stated Danny Meeks, Chairman and CEO of Greenwave. “We believe there will continue to be aggressive consolidation in this industry, as demonstrated by yesterday’s buyout offer of U.S. Steel. We continue to execute on our strategic business objective – expanding our operations, increasing volumes, and growing our revenues – and believe Greenwave is one of the most unique and compelling companies in the metal recycling industry.”

Subsequent to the close of the quarter, Greenwave commenced operation of a downstream processing system at its Kelford, NC facility. The downstream processing system recovers millimeter-minus pieces of metal from Greenwave’s automotive shred residue or “fluff” as it is known in the industry. The Company has generated an average of $38,000 per business day in revenue, with margins exceeding 80%, from metal recovered by the downstream system since it commenced operations. As Greenwave continues to optimize the operation of its downstream processing system, and brings a copper extraction component online, revenues generated by its downstream processing system could exceed $1 million per month by the end of 2023. As a result of the downstream system commencing operations, the Company is currently generating positive cashflows from operating activities and expects to generate positive EBITDA for the year ending December 31, 2023.

Recent financial results and operational highlights:

On August 1, 2023, closed a private placement for proceeds of $15 million, paying off all outstanding factoring advances and reducing its equipment financing debt by $2 million. This reduced Greenwave’s monthly cash repayment obligations by more than $800,000, significantly improving the Company’s cashflows.
Greenwave no longer has any shares of preferred stock outstanding – in July 2023, the Company issued shares of common stock to fully satisfy and retire the Company’s Series Z Preferred Stock, previously owned by Greenwave’s Chairman Danny Meeks.
Company’s second automotive shredder expected to come online this quarter – will double Greenwave’s ferrous metal processing capacity. By selling its ferrous metal as shredded rather than unshredded, the Company generates approximately 33% more revenue with profit margins in excess of 60%.
Appointed Henry Sicignano III to the Company’s Board of Directors — Mr. Sicignano currently serves as the President of Charlie’s Holdings, Inc., a publicly traded consumer products company with sales in more than 90 countries. Prior to this role, he served as Chief Executive Officer, President, and Director of 22nd Century Group, Inc., a publicly listed plant biotechnology company. Additionally, Mr. Sicignano served as General Manager at NOCO Energy Corp, as well as Vice President at Kittinger Furniture Company, Inc. He currently serves on the board of directors of Kartoon Studios and served on the board of directors of Anandia Laboratories, Inc. until it was acquired in 2018. Mr. Sicignano holds a B.A. degree from Harvard College and an M.B.A. degree from Harvard University.
Appointed Jason Adelman to the Company’s Board of Directors – Mr. Adelman brings extensive experience in advising and investing in emerging growth companies in the technology, media, medical device and biotech sectors. Mr. Adelman was the lead banker in Computer Motion’s merger with Intuitive Surgical and was a member of the board of directors of Pharmacyclics prior to its acquisition by Abbvie for over $20 billion. Currently, Mr. Adelmanserves as a member of the board of directors of Trio-Tech International, a global semiconductor services company, and Oblong, Inc., a leader in next generation collaboration technologies. Prior to founding Burnham Hill Capital Group, LLC in 2003, Mr. Adelman served as Managing Director of Investment Banking at H.C. Wainwright and Co., Inc. Mr. Adelmanholds a B.A degree in Economics from the University of Pennsylvania and a J.D. degree from Cornell Law School.

GREENWAVE TECHNOLOGY SOLUTIONS, INC. SHAREHOLDER UPDATE

Company’s downstream processing system has commenced operations and is on track to generate in excess of $1,000,000 per month in revenue with 80%+ margins by the end of 2023.
Greenwave expects to generate positive cashflows from operations and positive EBITDA for the year ending December 31, 2023.
Second automotive shredder expected to commence operations in Q3 2023, doubling Greenwave’s ferrous metal processing capacity and significantly improving the Company’s top and bottom lines.
Company strengthens balance sheet with $15 million financing.

CHESAPEAKE, Va., Aug. 3, 2023 /PRNewswire/ — Greenwave Technology Solutions, Inc.(“Greenwave” or the “Company”) (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina and Cleveland, OH, is pleased to announce that it has commenced operation of a downstream processing system at its Kelford, NC facility. The downstream processing system recovers millimeter-minus pieces of metal from Greenwave’s automotive shred residue or “fluff” as it is known in the industry.

The Company has generated an average of $38,000 per business day in revenue, with margins exceeding 80%, from metal recovered by the downstream system since it commenced operations. As Greenwave continues to optimize the operation of its downstream processing system, and brings a copper extraction component online, revenues generated by its downstream processing system could exceed $1 million per month by the end of 2023. As a result of the downstream system commencing operations, the Company is currently generating positive cashflows from operating activities and expects to generate positive EBITDA for the year ending December 31, 2023.

“We are at an inflection point in Greenwave’s growth trajectory. With the downstream processing system now online and new infrastructure set to come online in the coming weeks, we believe Greenwave’s revenue growth will accelerate going into 2024, in addition to increasing profit margins,” stated Danny Meeks, Chief Executive Officer of Greenwave. “We are incredibly grateful for the trust and support of Greenwave’s shareholders. We are continuing to execute on our strategic growth initiatives and look forward to reporting back on our progress.”

Second Automotive Shredder

The Company is pleased to announce it has completed the installation of its second automotive shredder at its Carrollton facility to process cars, household appliances and industrial products. The shredder is expected to commence operation as soon as the electrical infrastructure is completed. Greenwave’s second automotive shredder is expected to come online this quarter and more than double the Company’s ferrous metal processing capacity. By selling its ferrous metal as shredded rather than unshredded, Greenwave generates approximately 33% more revenue with profit margins in excess of 60%.

The completion of Greenwave’s second automotive shredder concludes its multi-year capex cycle, under which the Company has invested more than $15 million in its infrastructure and equipment over the past 18 months. This capex cycle is expected to double its ferrous metal processing capacity from fiscal 2022 levels and result in the Company having the infrastructure to accretively scale to over 20 metal recycling facilities.

Cleveland Facility

Greenwave formally opened its Cleveland metal recycling facility in April 2023 and is currently generating approximately $100,000 in revenue per month. In the Company’s experience, it typically takes 9 to 12 months before a newly opened facility reaches its full volume and revenue potential – it takes time to optimize operations, inform the community that a new metal recycling facility is open, and for local businesses and individuals to get in the routine of bringing their metal to the new facility.

Greenwave has been installing a shear baler at this facility, expected to commence operations in August 2023, which will significantly increase the amount of metal the Cleveland facility can purchase, process, and sell. The Company’s Cleveland facility also has access to the adjoining railroad to easily transport the scrap metal it processes to steel mills and foundries. Hundreds of local businesses and individuals are accustomed to selling their metal scrap to facilities in the same vicinity on a regular basis. Given these factors, Greenwave expects the monthly revenue generated by its Cleveland facility will ramp to over $500,000 per month in 2024.

Strengthening the Company’s Balance Sheet

On August 1, 2023, Greenwave closed a private placement financing with certain institutional and accredited investors for the purchase and sale of senior secured convertible notes and warrants. Gross proceeds to the Company from the offering were $15 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company expects to use the proceeds to fully retire all factoring advances outstanding, reduce its equipment debt, and for general corporate purposes.

The notes mature in 24 months, are amortized in monthly cash payments commencing in the seventh month following the close and are convertible into shares of common stock at a fixed price of $1.50 per share.

The Special Equities Group, a division of Dawson James Securities Inc., acted as the sole placement agent for the financing.

For more information on this financing, please see the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on August 3, 2023.

NEWS

PUBLISHED

1 DAY AGO

GREENWAVE TECHNOLOGY SOLUTIONS ANNOUNCES ITS SHEAR BALER IS NOW FULLY OPERATIONAL AT ITS CLEVELAND FACILITY

PUBLISHED

AUG 29, 2023

GREENWAVE TECHNOLOGY SOLUTIONS TO BE FEATURED ON BENZINGA ALL ACCESS AT 11:00AM EDT ON AUGUST 30, 2023

PUBLISHED

AUG 29, 2023

GREENWAVE TECHNOLOGY SOLUTIONS’ COPPER EXTRACTION SYSTEM EXPECTED TO COMMENCE OPERATIONS IN SEPTEMBER 2023

PUBLISHED

AUG 25, 2023

U.S. STEEL TURNS DOWN $7.3 BILLION OFFER FROM CLEVELAND-CLIFFS, EXPLORES ALTERNATIVES – POTENTIAL UPSIDE FOR GREENWAVE TECHNOLOGY SOLUTIONS?

PUBLISHED

AUG 24, 2023

GREENWAVE TECHNOLOGY SOLUTIONS REGAINS COMPLIANCE WITH NASDAQ LISTING STANDARDS

PUBLISHED

AUG 21, 2023

GREENWAVE TECHNOLOGY SOLUTIONS ANNOUNCES $3.2 MILLION REGISTERED DIRECT OFFERING PRICED ABOVE MARKET

PUBLISHED

AUG 15, 2023

GREENWAVE TECHNOLOGY SOLUTIONS REPORTS THIRD HIGHEST QUARTERLY REVENUES IN COMPANY HISTORY

PUBLISHED

AUG 3, 2023

GREENWAVE TECHNOLOGY SOLUTIONS, INC. SHAREHOLDER UPDATE

APR 5, 2023

GREENWAVE OFFICIALLY OPENS CLEVELAND FACILITY

PUBLISHED

FEB 15, 2023

GREENWAVE SECURES PROPERTY FOR METAL RECYCLING FACILITY IN CLEVELAND, OHIO

PUBLISHED

JAN 30, 2023

GREENWAVE EXPECTS OPTIMAL MARKET CONDITIONS IN 2023

PUBLISHED

JAN 26, 2023

GREENWAVE SECURES NEW CUSTOMERS TO INCREASE MARGINS

MANAGEMENT TEAM

DANNY MEEKS – CHAIRMAN & CEO

At 18 years old, with one truck, Danny Meeks started a hauling company which he quickly expanded by re-investing its profits. Within two years, Mr. Meeks had won contracts to provide hauling services for some the region’s largest projects, including the expansion of the Chesapeake-Bay Bridge Tunnel.

In 2000, Mr. Meeks started Meeks Disposal Corporation with 1 truck and 10 roll-off cans, which he quickly expanded to 100 trucks and 3,500 roll-off cans. After Hurricane Katrina hit, Meeks Disposal was awarded a $100 million federal subcontract for the clean-up of New Orleans, under which Mr. Meeks oversaw 1,500 trucks and 5,000 people. Mr. Meeks sold Meeks Disposal Corporation for $17 million in 2010.

In November 2012, Mr. Meeks was elected to Portsmouth City Council, where he served on the industrial, zoning, housing authority, economic development, and port & development boards. He was also a member of the budget committee, where he was instrumental in helping set the city’s $750 million annual budget that gave city employees raises without increasing taxes.

In 2002, Mr. Meeks started DWM Properties, LLC, through which he’s steadily built a portfolio of 106 properties valued at approximately $27 million.

In 2012, after Super Storm Sandy hit, Mr. Meeks started Select Recycling Waste Services, Inc., which was awarded a federal subcontract to provide cleanup services in New Jersey. In 2016, it started a trash division which expanded to 70 trucks and 4,700 front load and roll off containers. In 2020, Mr. Meeks sold the majority of SRWS’ assets for $27 million and in 2021, he sold the remaining assets for an additional $3 million.

In 2004, Mr. Meeks founded Empire Services, Inc. with 1 yard and over the past 17 years, he has expanded it to 11 yards and $25 million in annual revenue through both acquisitions and opening new locations from scratch.

Mr. Meeks is well-suited to serve on our Board due to his significant business and management experience and deep knowledge of growth and commercialization strategies. Mr. Meeks joined the Company’s Board to foster revenue-generating capabilities of the Company.

CHIEF FINANCIAL OFFICER

Mr. Isaac Dietrich – Isaac Dietrich founded Greenwave and previously held the following positions with the company: Chief Executive Officer (April 2013 – October 2017, December 2017 – September 2021); Chairman of the Board (April 2013 – October 2017, December 2018 – June 2021); Chief Financial Officer (April 2013 – May 2014, August 2017 – October 2017, March 2021 – November 2021); and a member of its Board of Directors (April 2013 – November 2021). Mr. Dietrich was a consultant to Greenwave from February 2022 to April 2023.

During this time, Mr. Dietrich was instrumental in closing public and private offerings of equity instruments for proceeds of tens of millions of dollars, developing a shareholder base of more than 27,000 investors, and closing an acquisition that resulted in the company generating $33.9 million in revenue in fiscal year 2022.

From September 2022 to present, Mr. Dietrich has served as the Director of Finance of Thumzup Media Corporation. Since February 2023, Mr. Dietrich has served on Alpha Energy, Inc.’s Board of Directors and as Chairman of its Audit Committee.

INDEPENDENT DIRECTORS

Mr. Henry Sicignano – Mr. Sicignano currently serves as the President of Charlie’s Holdings, Inc. (OTC: CHUC), a publicly traded consumer goods company with sales extending to more than 90 countries, a role which he has held since April 2021. Prior to this role, from March 2015 through July 2019, he served as Chief Executive Officer of 22nd Century Group, Inc. (Nasdaq: XXII), a publicly listed plant biotechnology company. Additionally, Mr. Sicignano has served as director of Kartoon Studios, Inc. (NYSE: TOON) since May 2023 and served as General Manager at NOCO Energy Corp, as well as Vice President at Kittinger Furniture Company, Inc. He also served on the board of directors of Anandia Laboratories, Inc., which was acquired in 2018. Mr. Sicignano holds a B.A. degree from Harvard College and an M.B.A. degree from Harvard University. Mr. Sicignano serves chairman of the Audit Committee and as a member of the Compensation and Nomination and Corporate Governance Committees.

Mrs. Cheryl Lanthorn – Mrs. Lanthorn began her career as a Personal Administrator at Welton, Duke & Hawks before rising to an Accounting Administrator due to her work-ethic, extensive accounting knowledge, and attention to detail. For the next 14 years, Mrs. Lanthorn was a Software Trainer and Content Developer for Applied Systems, Inc., where she created webinars and instructional documentation to teach employees how to best utilize TAM, Vision, Epic, and other scalable software programs. From December 2015 to July 2022, Mrs. Lanthorn served as an Account Executive at Brown & Brown Insurance, where she managed one of the company’s largest books of business, managed employees and their books, trained new employees, and performed various other administrative duties. Since August 2022, Mrs. Lanthorn has been a Senior Account Manager at Marsh Mclennan Agency, LLC, where she manages large corporate accounts. Mrs. Lanthorn serves on as Chairwoman of the Compensation and Nomination and Corporate Governance Committees and as a member of the Audit Committee.

Mr. John Wood – Since 1998, Mr. Wood has served as a licensed real estate agent in Virginia. Since 2010, He has served as the Principal Broker of John E. Wood Realty, Inc., based in Chesapeake, Virginia, where through his extensive relationships with business and community leaders, he has become one of the region’s most active real Residential, Commercial and Property Management Brokers. He is also the Virginia Principal Broker for two other companies, which rank in the top 10 in the nation. In July 2018, he launched American Contracting Services, LLC, which has successfully completed hundreds of Commercial and Residential construction projects. Mr. Wood serves on the Company’s Audit, Compensation, and Nomination and Corporate Governance Committees.

Mr. Jason Adelman – Mr. Adelman is the Founder and Managing Member of Burnham Hill Capital Group, LLC, a privately held financial advisory firm, and serves as Managing Member of Cipher Capital Partners LLC, a private investment fund. Mr. Adelman also serves as a member of the board of directors of Trio-Tech International (Nasdaq: TRT) and Oblong, Inc. (Nasdaq: OBLG). Prior to founding Burnham Hill Capital Group, LLC in 2003, Mr. Adelman served as Managing Director of Investment Banking at H.C. Wainwright and Co., Inc. Mr. Adelman graduated from the University of Pennsylvania with a B.A. in Economics, cum laude, and from Cornell Law School with a J.D. degree. Mr. Adelman serves on the Company’s Compensation, and Nomination and Corporate Governance Committees.

SINCERELY,

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