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Kurtz Financial, LLC
6355 East Tufts Avenue
Englewood, Colorado 80111
303.888.5650
skurtz@kurtz-financial.com

STEPHEN KURTZ EXPERIENCE SUMMARY

Primary Emphasis: financial restructuring, due diligence, negotiation, structuring and tax planning for mergers and acquisitions, joint ventures, leveraged buyouts, and corporate tax planning.

In 2008, Mr. Kurtz formed Kurtz Financial, LLC (www.kurtz-financial.com) a consulting firm specializing in restructuring, turnarounds and M& A advisory services to assist companies meet the challenges and opportunities of the current recession and financial climate.

Mr. Kurtz is also a Co-Managing Member of Mankwitz Kurtz Investments, LLC, (www.mankwitzkurtz.com) a Denver based private equity firm he co-founded in 2001.  The firm purchases controlling ownership in mid sized businesses of various industries with the intent of building and selling these businesses in three to five years.

In 1997, Mr. Kurtz merged Shenkin Kurtz Baker & Co., CPA’s and Century Capital Group into Century Business Services (NYSE: CBZ). Mr. Kurtz served as national head of accounting firms for CBZ and led all its Western U.S. acquisition activity, helping to build a $600 million revenue company.

STEPHEN KURTZ PROFESSIONAL HIGHLIGHTS

• Kurtz Financial, LLC -  Managing Member 2008 to present
• Mankwitz Kurtz Investments, LLC -  Co-Managing Member 2001 to present
• Century Business Services, Inc., (Colorado) and Century Capital Group, Inc. - President and Senior Investment Banker, 1997-2001
• Shenkin Kurtz Baker & Co., CPA’s - President and Director, 1978-1997
• Touche Ross & Company - Manager, Tax Department, 1971-1978

STEPHEN KURTZ TRANSACTION SUMMARY

Private Equity As Co-Manager of Mankwitz Kurtz Investments, LLC, Mr. Kurtz has led the firm to six private investments, becoming involved in all aspects of the management and operation of these portfolio companies on a daily basis.

STEPHEN KURTZ TRANSACTION SUMMARY

Transaction Summary cont.

Health Care Directed the Board of Trustees of Rose Medical Center, a non-profit hospital, regarding alternatives for the sale of its assets to various outside, for-profit health corporations. His work included a detailed financial analysis and valuation of the hospital's operations. While serving as Chairman of the Board of Rose Medical Center, Mr. Kurtz led the committee which resulted in the sale of Rose Medical Center to Columbia/HCA.

With the proceeds from the sale of Rose Medical Center, Mr. Kurtz headed the formation of the Rose Community Foundation and served as the first Board Chair of this $300 million foundation.

Assisted HCA-HealthONE in the formation of its new company in Denver which operates seven hospitals, numerous surgery centers, physician office buildings and related facilities in the metro area. Since inception, Mr. Kurtz has served as a Board Member and Chair of HCA-HealthONE’s audit and finance committees.

Served as the investment banker for the merger of two dialysis companies and directed their sale to NYSE listed companies providing the shareholders with valuations, analysis and negotiation strategy.

Managed the due diligence process of a $545 million acquisition of the fifth largest (for-profit) U.S. health care provider, analyzed the corporate structure and net operating loss retention, and developed operations and financing strategies.

STEPHEN KURTZ TRANSACTION SUMMARY

Transaction Summary cont.

Major League Baseball Played a key role in bringing Major League Baseball to Denver by organizing, financing and obtaining the franchise for the Colorado Rockies Baseball Club. Mr. Kurtz became an owner and assisted the ownership group in preparing the franchise offering, negotiated Mile High and Coors Field leases, negotiated various television, radio, sponsor and concession contracts, made presentations to the National League Expansion Committee in New York and Denver, secured a $40 million line of credit for the team's acquisition and operating needs, and assisted a syndication of the partnership.

Recycling Initiated and managed a joint venture to create the largest independent paper recycling company in North America. In this transaction, Mr. Kurtz negotiated the merger agreements and bank financing, assisted in the business plan development and analyzed the corporate overhead expenses of both companies which resulted in more than $2 million in annual savings for the joint venture.

Restaurant Bankruptcy Directed the bankruptcy reorganization of a restaurant chain, including an analysis of creditor liabilities and various merger and asset sale alternatives.

Communications Coordinated the organization and financial alternatives for a privately-owned communications company and assisted in corporate planning which resulted in significant annual growth to achieve status as the third largest paging company in its community within two years. Mr. Kurtz later negotiated the sale of this company at a substantial profit to the owners.

STEPHEN KURTZ TRANSACTION SUMMARY

Transaction Summary cont.

Concrete Directed the sale of one of the Rocky Mountain Region's largest producer of aggregates and concrete products to an international conglomerate.

Real Estate Advised homebuilders and real estate developers nationwide on corporate restructuring, income tax and liability limitations, and on future growth and sales strategies.

General Business Organized and funded a Canadian publicly-held oil and gas company, negotiated various bank and other financing transactions for businesses and individuals, testified and consulted regarding numerous financial matters in Colorado courts, and advised numerous organizations on selling, refinancing, capital formation and business strategy.

STEPHEN KURTZ EDUCATION & CREDENTIALS

• Babson College, B.S. in Business Administration, 1972, with Distinction
• Certified Public Accountant, Colorado, 1973
• Lectured nationwide for the American Institute of Certified Public Accountants. Speaker and Presenter for the Colorado Society of Certified Public Accountants, AICPA National Estate Planning Conference, University of Denver Tax Institute, and various estate-planning councils and tax programs.

STEPHEN KURTZ PROFESSIONAL AFFILIATIONS & COMMUNITY INVOLVEMENT

• American Institute of Certified Public Accountants
• Colorado Society of Certified Public Accountants
• Recipient: Brotherhood-Sisterhood Award, National Conference for Community and Justice, 2000
• Former Partner, Colorado Rockies Baseball Club

Board Member

Current

• Community Board, Wells Fargo Colorado, N.A.
• Board Member and Chair of Audit and Finance Committees, HCA-HealthONE, Denver, Colorado
• Board Member and Chair of Audit Committee, CIBER, INC (NYSE:CBR)
• Anti-Defamation League

Past

• Past Chairman and Member, Board of Trustees, Rose Community Foundation
• Past Chairman, Board of Trustees, Rose Medical Center and Rose Health Care Systems
• First Tuesday Investment Network
• Cadwest Partners
• CTEK Angel Investment Group
• Allied Jewish Federation
• Colorado Concern
• Allied Housing, Inc.
• Board member, Audit and Compensation Committee members for Transatlantic Petroleum Corporation (Toronto: TNP.TO)

Capabilities Overview

• Kurtz Financial offers financial services and personalized senior-level attention to companies and financial institutions in the following areas:
• Financial Restructuring
• Bankruptcy
• Out-of-Court Restructuring
• Business Valuation
• Operations
• Income Tax Planning
• Accounting
• Interim Management
• M&A
• Capital Formation
• Investor Advisory

Financial Restructuring and Turnaround

Kurtz Financial offers expert financial expertise and guidance through the reorganization process for company owners, creditors, shareholders and other stakeholders. Senior professionals provide management advisory services in the areas of operational restructuring, financial restructuring, tax planning, M&A, and capital formation. Through careful and methodical analysis, Kurtz Financial assists stakeholders in business reorganizations and delivers sound workout solutions and exit strategies.

Kurtz Financial offers solid and achievable solutions to investors, creditors, and debtors, and understands how to manage the restructuring process to achieve success and stability, even in the most unstable business environments. For each client’s unique situation, the company puts together a specialized team of professionals. Each team has industry-specific experience and skills that enable them to adeptly perform detailed financial and operational analysis and provide complete and practical solutions.

Putting Companies Back on Track

Difficult economic times require sound financial advice to determine the best road to recovery. During times of financial turmoil Kurtz Financial is experienced in helping troubled companies determine which options are the most viable and then providing the best strategy and structure to achieve specific financial goals.

Our advisory services can play a key role in corporate turnarounds before it’s too late. Kurtz Financial professionals assist companies increase the availability of funds, preserve working capital and reduce expenses. Our team provides interim management services including financial and accounting restructuring, operations and management oversight, and evaluation of business strategy.

M&A Advisory

Kurtz Financial offers strategic M&A analysis, due diligence services, negotiation, and execution of acquisitions or mergers, including post-transaction integration. The professionals at Kurtz Financial are experienced in the areas of corporate finance, business valuation, income tax planning, sales and marketing, and market research. They are skilled negotiators and serve as catalysts in achieving successful transactions.

Kurtz Financial professionals guide business owners and managers through the complex process of buy-and-sell transactions including

• Transactional Valuation
• Strategy
• Due Diligence
• Negotiation
• Documentation
• Post-transaction Integration

Business Oversight

Kurtz Financial monitors the portfolio companies of private equity and investment firms. Our team of professionals ensures management accountability and proper adherence to business plans, and provides complete financial oversight in an effort to help management perform at a higher level and achieve better outcomes through improved operations.

Kurtz Financial assists portfolio companies in execution of business objectives, enabling investor groups to maximize returns. These services include

• Financial Analysis of Operations
• Capital Structure
• Market Assessment
• Turnaround
• M&A

News

Domestic Power, The Arizona Republic - Ryan Randazzo, December 12, 2008