F&D Reports was launched in 1992 at the suggestion of credit professionals, who were in search of an industry-specific credit consulting service. F&D Reports monitors publicly & privately held retailers in all facets of the industry, including: Restaurants, Convenience Stores, Deep Discounters, Drug/Pharmaceutical, Foodservice, Grocery, and Mass Merchandisers. Our goal is to deliver the critical information today's busy credit executive needs to make a highly informed credit decision without sifting through pages of non-essential data. A privately held corporation, F&D Reports is headquartered at 310 East Shore Road in Great Neck, NY and is affiliated with Information Clearinghouse, Inc. (ICI) through common principals and officers. The three key executives of F&D Reports collectively have close to 100 years of credit and insolvency management experience and, as such, the Company is uniquely positioned to provide a perspective superior to other financial reporting services.
For General Inquiries, please email contactus@fdreports.com.

The F&D Reports Team
LAWRENCE SARF Chief Executive Officer
larrys@fdreports.com 800-789-0123 Ext. 102

For over 50 years Lawrence Sarf has provided his clients hands-on expertise and knowledge with respect to financially troubled companies operating across numerous retail and wholesale segments. His unparalleled background has afforded those clients with the time sensitive intelligence needed to avoid costly bankruptcies and working capital draining slow receivables. Over several decades, Larry has been sought out to evaluate countless acquisitions and divestitures. Additionally he has served in a consultant and/or advisory capacity to scores of creditors' committees in both bankruptcy and out-of-court settings. In 1990, Larry was formally recognized with the distinction of Bankruptcy Expert by the Chief Bankruptcy Judge of the Southern District of New York. He's not only been appointed as operating receiver and Bankruptcy Advisor in a number of bankruptcies, but has personally overseen well over a 1,000 insolvency proceedings. With Larry's extensive background and unique insights, he's been coined "the best -in the-business"!

STEVEN DOVE Division President - F&D Reports / Executive Vice President - ICI
steved@fdreports.com 800-789-0123 Ext. 121

Steve joined Information Clearinghouse in 1998 after a 25-year career with Borden, Inc. (a multi-national conglomerate) where he gained extensive knowledge of virtually all facets of treasury, from finance and credit/receivable management to distribution and marketing. In addition, Steve participated in bank facility negotiations, M&A activity, and rating agency presentations. He was active on the boards of directors at several national trade credit groups, including the National Food Manufacturers Credit Group where he served as vice chairman of the Trade Relations Committee and vice chairman of the Claims Committee. He has extensive understanding and expertise in the defense of Avoidance Actions with emphasis on Preferential Transfers. In that capacity he has successfully defended dozens of Trustee demands with a very high success rate delivering settlements averaging less than 10% of the initial demand. He has been recognized and appeared as an Expert Witness in Federal Bankruptcy Court as relates to credit management Industry Practice. In his current position, he oversees all matters with respect to the F&D Reports division of ICI.

KEVIN SLACK Division President - Creditntell / Executive Vice President - ICI
kevins@fdreports.com 800-789-0123 Ext. 103

Kevin Slack's areas of expertise are in the retail and wholesale food and drug industries, where he spent 25 years in senior credit management positions with Sterling Drug Co. and Ward Foods. While in these positions, he gained extensive experience in all facets of the order cycle, including Credit Risk, DSO, Deductions/Dilution and Bad Debt Best Practice receivable process improvements, as well as A/R Systems implementation and integration. Kevin was an industry peer group leader in food, health and beauty care and pharmaceuticals. Kevin served as chairman of the National Health & Beauty Care Credit Group, as a member on the Trade Relations Committee of the NHBCG and the National Food Manufacturers Credit Group, and was a co-founder of the National Candy and Tobacco Manufacturers Credit Corp.

ALBERT FURST MBA, Chief Operating Officer - F&D Reports
albertf@fdreports.com 800-789-0123 Ext. 147

Albert joined F&D Reports/Creditntell.com as a Senior Financial Analyst in 1998. As Chief Operating Officer, today Albert oversees the daily operations of F&D Reports and the analyst department. He has been the lead analyst in the Food Sector and grocery space since 2001 and is responsible for analyzing high-risk accounts, overall retail coverage and products as well as a client liaison. Albert was previously with The Chase Manhattan Bank, where he headed up the multi-billion dollar cash management operations of its Franklin Templeton Mutual Fund relationship. Albert received a BS in Accounting from Binghamton University and an MBA in Corporate Finance from Hofstra University's Frank G. Zarb School of Business.

DENNIS CANTALUPO MBA, Chief Operating Officer - Creditntell
dennisc@fdreports.com 800-789-0123 Ext. 110

Before joining Creditntell, Dennis began his career with Chase Manhattan Bank's Corporate Bond Underwriting group. In this position, Dennis helped high-profile corporations raise needed capital through the issuance of debt instruments. Since joining the Creditntell analyst team in May 2000, Dennis has conducted in depth analyses of high-risk companies and has been especially instrumental in the continued development of Creditntell's products & services. In his current role as Chief Operating Officer, Dennis manages the day-to-day operations of Creditntell, including the analyst department, product development, marketing, and web development. Dennis is frequently invited to speak at Retail Industry group meetings including: International Council of Shopping Centers, Toy Industry Association, National Consumer Products Credit Group, Athletic Credit Exchange, Golf Manufacturers Credit Group, Outdoor Products Manufacturers Group, and others. Dennis received a BS in Finance from the University of South Florida and his MBA in Accounting from Colorado Technical University.

MICHAEL BLACKBURN MBA, CCM, Senior Vice President - Food & Drug Retail
mikeb@fdreports.com 800-789-0123 Ext. 131

Michael Blackburn has been with F&D Reports for over ten years and is responsible for monitoring the food and drug retail segments as well as coordinating many of our educational programs. Before joining F&D Reports, Michael had over 10 years of corporate treasury and risk management experience in the manufacturing and retail industries. In his previous corporate finance positions, Michael's responsibilities included: financial modeling, budgeting and forecasting, capital markets, cash management, pension management and interest rate, commodity and foreign exchange risk management. Michael received his MBA from the University of Colorado at Boulder and a BS in Finance from the State University at Albany.

TALI WAXMAN Senior Vice President, Sales
talia@fdreports.com 800-789-0123 Ext. 143

After completing her degree in business administration at Hofstra University, Tali joined F&D Reports in 1998, moving through positions of increasing responsibility to her current role as SVP of sales. During her tenure, she has focused her efforts, and those of her team, on initiating a significant number of relationships with subscribers as well as maintaining ongoing support to ensure that any concerns are immediately addressed. She has been instrumental in introducing new and innovative tools to the credit management community, and her expertise in F&D's products as well as her deep understanding of subscribers' needs make her integral to the company's sales efforts.

ANTHONY LOBOSCO Senior Vice President, Marketing
anthony@fdreports.com 800-789-0123 Ext. 113

Tony spent 25 years with the Bell System in various positions in sales, marketing, product management and personnel. As director of sales and marketing, he was responsible for managing several Fortune 500 companies' telecommunications needs and overseeing a revenue stream of over $25 million. He began at F&D Reports in 1996 in customer service, for which he visited customers nationwide and gathered critical intelligence. Tony has since spearheaded many of the Company's new product introductions, such as its Credit Executive Study Program, Customer & Market Insights and Hot Market reports. He is responsible for servicing a portion of F&D's national account portfolio.

ROBERT MARZO Division President - ARMS
robertm@fdreports.com 800-789-0123 Ext. 173

Robert joined F&D Reports as a financial analyst in June 2004. Immediately prior to joining F&D Reports, Robert worked as a business analyst at a Fortune 500 company where he provided business support in various areas, including the preparation and submission of monthly and year-end P&L reports. As Division President, Robert oversees the daily operations of the credit department, including managing the website, developing products as well as client relations. Robert is also the head analyst of the foodservice segment. Robert graduated from Stony Brook University with a degree in Economics and Business.

DAVID SILVERMAN MBA, JD, CPA, Vice President - Creditntell - Electronics, Drug Wholesale
daves@fdreports.com 800-789-0123 Ext. 119

David joined F&D Reports as a financial analyst in September 1995. Previously, David was a financial analyst for Data Broadcasting Corporation, a provider of business financial information. At Data Broadcasting, David was responsible for budgeting, cash flow, variance and merger and acquisition analysis, including evaluation of debt financing alternatives. At F&D Reports, David monitors the electronics and home center industries. David helped develop the Company's Credit Executive Training Program and has conducted several of the seminars. David has also prepared Debt & Covenant Analyses on monitored companies. David received a BS in Management and an MBA in Accounting from the University of Florida.

JESSICA SHUSTERMAN President - Research
jessical@fdreports.com 800-789-0123 Ext. 109

A graduate of Columbia University, Jessica joined F&D Reports in June 2000. With almost a decade of experience, she has acquired extensive financial research, writing and editorial skills, primarily within the food and drug sectors. Jessica's editorial pieces can be found in the Company's weekly newsletter, Scrambled Eggs, and she is a primary contributor to Hot Market Reports, Foodservice Sector Reports and Private Retail Drug RxTRA Reports.

JOSEPH COSTELLO Chief Information Officer
josephc@fdreports.com 800-789-0123 Ext. 112

Joseph Costello serves as Chief Information Officer of Information Clearinghouse Inc., providing overall technology leadership for the corporation and its businesses and working with business management to expand the application of effective technology solutions across the enterprise. Joseph brings to our organization over 18 years of global information technology experience with Fortune 500 companies like Citigroup and McGraw-Hill, and across several industries including financial, education, publishing and information services.

GINA PASCUZZO Assistant VP of Client Support Services - ARMS
ginap@fdarms.com 800-789-0123 Ext. 185

Gina began her position as a Clients Relations Coordinator after graduating from Long Island University in 2009 with a Bachelors in Marketing and Advertising. As Assistant Vice President of Client Support Services for the ARMS division, Gina is responsible for introducing new products and maintaining relationships with new and existing clientele.

RANDI DICKSON Client Relations Coordinator - ARMS
randid@fdreports.com 800-789-0123 Ext. 179

After graduating from The University at Albany with a Psychology /Sociology degree Randi continued to develop her strong interpersonal skills within a variety of positions including: Human Resources, Recruiter, and lastly as a Elementary school teacher. Randi joined FD ARMS as a Client Relations Coordinator to support the sales department. Her main responsibility is to communicate with subscribers to ensure all of their needs are being met and to introduce the latest products and enhancements.

JAMES RICE Vice President - Creditntell
jimr@creditntell.com 800-789-0123 Ext. 127

Jim joined F&D Reports as a senior analyst in February 2007, bringing with him 30 years of credit industry experience. Previously, Jim was an equities analyst for Susquehanna Financial Group and spent 14 years as an EVP of Bernard Sands. Jim also worked in various credit capacities in the factoring industry. At Creditntell.com, Jim monitors Mass Merchandisers and Department Stores. Jim received his BA from Hunter College and did his post-graduate studies at St. John's University.

JEFF CORPIEL Senior Analyst - Home Centers
jeffc@creditntell.com 800-789-0123 Ext. 129

Trained at a major money market center bank, Jeff has 30 years experience as a credit professional, performing complex credit analyses in areas that support the lending function. During his last ten years in banking, he joined Loan Review, where he worked with bank management to analyze different types of loans. Most recently, he served as a senior analyst for the home center industry, a role he continued upon joining F&D Reports in May 2007. Jeff received a BA from City College of New York.

MICHAEL INFRANCO Senior Analyst - Food Retail and Wholesale, Convenience Stores
mikei@fdreports.com 800-789-0123 Ext. 126

Prior to joining F&D Reports, Michael served in various analytical capacities during a 20 year career at Standard & Poor's where he was responsible for designing and managing financial models, providing investment recommendations, and performing financial valuations and research necessary to rank portfolios of stocks. In addition, Michael played a key role in developing and implementing new products and content for their equity research group. Michael received his MBA from Regis University in Denver and a BBA in Finance & Investments from Baruch College, City University of New York.

JIM FRITTS Senior Analyst - F&D Reports
jimf@fdreports.com 800-789-0123 Ext. 137

Jim joined the Analyst team at F&D in April 2017 and brings over 20 years of experience in underwriting and analysis of distressed and special situation companies. Prior to joining F&D, Jim was with Republic Financial Corporation in Colorado, a private investment firm specializing in acquiring distressed debt and restructuring troubled companies. In addition, Jim has managed the investment analysis process for high-yield bond funds at Advisors Asset Management. He received his B.A. from the State University of New York at Albany and his MBA from the University of Colorado at Boulder.

OWEN MEYER Senior Analyst - Creditntell
owenm@creditntell.com 800-789-0123 Ext. 160

Owen joined Creditntell as a Senior Analyst in 2016 after working in investment management, investment banking and corporate finance. He covers multiple companies in the Apparel and Footwear sector within the U.S., Canada and international regions. Owen graduated with high honors with a dual BS in Applied Mathematics and Finance from Stony Brook University.

ALAN LEE Retail Analyst
alanl@fdreports.com 800-789-0123 Ext. 146

Alan joined F&D Reports as a Retail Analyst in April 2014. He covers multiple companies in retail and wholesale food with an emphasis on the healthy living space as well as Canadian food coverage. Alan received a BS in Finance and Accounting and a MS in Accounting from the Stern School of Business at NYU.

PETER OSTROWSKI Retail Analyst - Creditntell
petero@creditntell.com 800-789-0123 Ext. 166

Peter joined Creditntell as a Junior Analyst in November 2016 and was promoted to Analyst in May 2017. His coverage includes the Auto Parts, Retail Food and Specialty Retail segments. Peter received his B.S. in Finance from Siena College.

RAMONA BOLOZAN Director of Analytical Support / ARMS
ramonad@fdreports.com 800-789-0123 Ext. 124

Ramona Bolozan joined F&D Reports as a financial analyst in 2008 and was promoted to Director of Analytical Support / ARMS in 2013. During her tenure with the company, Ramona has held positions of increasing responsibility, making significant contributions to the analyst, credit and sales support departments. In her current role, she provides analytical, brand strategy and product development support, and she leads the company's international efforts, including overseeing the international credit team and maintaining and expanding the international database. Ramona received a BA in Finance & Investments from Baruch College, City University of New York.

MARYELLEN COLLOM Operations Manager
maryellenc@fdreports.com 800-789-0123 Ext. 125

Mary Ellen joined F&D Reports as an analyst in October 2000, after working in banking, credit and accounting roles across various organizations. She has taken a lead role in developing operational efficiencies, integrating financial software and creating new products such as the Executive Review. In 2006, she was promoted to Operations Manager, where she now oversees daily operational issues, SEC filing reviews, new project initiatives, training and website quality control issues. Mary Ellen graduated with high honors with a BS in International Business from Johnson & Wales University.

JENNIFER COLEMAN Project Analyst
jenniferc@creditntell.com 800-789-0123 Ext. 122

Jennifer joined Creditntell.com in 2003 as a member of the sales department, where for several years she successfully met client needs and gained vast knowledge of all aspects of the business. Because of her understanding of the financial industry, Jennifer seamlessly shifted to the Analyst Department. In addition to preparing Monthly Sales Reports, Quarterly Retail Sales Reports, Executive Reviews, and a number of other Creditntell products, she plays a key role in the development and maintenance of the Company's websites. Jennifer earned her bachelor's degree from St. John's University.

CASSANDRA KASPARIAN Director of Research, Chief Editor
cassiek@fdreports.com 800-789-0123 Ext. 136

A graduate of the University of Pennsylvania, Cassandra Kasparian has close to 20 years' experience as a writer and editor within a variety of organizations, including a literacy research center at a major university, an environmental non-profit organization, and a management consulting firm. Since joining F&D, Cassandra has been a key member of the research team and has taken a lead role in the writing, editing, and production of company, industry and regional analyses, newsletters, and press releases as well as contributed to the Company's web development initiatives.

MARY BETH MULLARKEY Research Analyst
marybethm@fdreports.com 800-789-0123 Ext. 188

After developing her writing and editing skills as an undergraduate at York College of Pennsylvania, Mary Beth joined the Research Team at F&D Reports in June 2008. Since then, she has been responsible for the content of weekly newsletters and reports, including the Foodservice Sector Newsletter and Foodservice Sector Reports. She is currently the primary contributor to monthly Strategic Growth Insights and Customer & Market Insights reports.

JOANNE FANARA Analyst Assistant
joannef@fdreports.com 800-789-0123 Ext. 174

Joanne joined Creditntell.com/F&D Reports in November 2006, after working as an executive assistant in the real estate industry for 16 years. Because of her understanding of operational efficiency, Joanne is a key member in the daily management and support of the analyst team and the report production and distribution process. She is also responsible for the management of web conferences and the preparation and administration of a broad range of company products.

For General Inquiries, please email contactus@fdreports.com.