Mr. Fraenkel was Vice Chairman of ING Barings Furman Selz and Chief Operating Officer of Furman Selz LLC until February 1998. He was a member of the joint Americas operating committee of this international investment banking, financial services and securities firm. He was co-chairman of the firm's capital commitment committee and was a member of the board of directors. Furman Selz was sold to ING Group in October 1997 and was integrated into the ING/Barings subsidiary.

Before joining Furman Selz in March 1995, Mr. Fraenkel spent nine years at Lehman Brothers where he was a Managing Director and Director of Global Research overseeing 110 analysts located in New York, London, Tokyo and Hong Kong. As Global Research Director, Mr. Fraenkel was responsible for managing the departments ascension in the Institutional Investor poll from a rank of 15th in 1989 to 1st in 1990, 1991, and 1992.

Prior to Lehman Brothers, Mr. Fraenkel was Chairman and Chief Executive Officer of Market America Group, an investment advisory firm. He also spent four and a half years as Director of Equity Research and a member of the Board of Directors at Prudential Securities. Mr. Fraenkel began his Wall Street career in 1974 as a securities analyst with Goldman Sachs & Company, and was Chief Investment Strategist for E.F. Hutton from 1980 to 1982.

Mr. Fraenkel received a B.S. in Economics and Finance from Lehigh University, and an M.B.A. from the Wharton School, University of Pennsylvania. Mr. Fraenkel was elected to membership of Beta Gamma Sigma and Omicron Delta Epsilon the national business school and economics honorary societies. He is Chairman of the Board of Advisors of the College of Business and Economics of Lehigh University.

Mr. Fraenkel is a member of the Rutgers Venture Advisory Council. He is also a member of the New York Society of Security Analysts and the AIMR.

Mr. Fraenkel is married and has three children. He resides in Short Hills, New Jersey.

Since 1994, Mr. Toledano has engaged in private equity investing in emerging growth companies. Mr. Toledano is actively involved in finding investment candidates, structuring and negotiating transactions, assisting companies in planning and financings, and creating exits through IPOs, M&A transactions, and strategic alliances.

From 1983 to 1993, Mr. Toledano was active in investments and financings in the fields of real estate, corporate, hotels and shipping. He also advised various public and private corporations in financial matters and strategic planning. From 1977 to 1982, Mr. Toledano held several positions with Interactive Data/Chase Econometrics, then wholly-owned by the Chase Manhattan Bank. His positions included Consultant, Regional Consultant Manager and Modern Portfolio Theory (MPT) Product Manager. Mr. Toledano was a management consultant with Peat, Marwick & Partners (Toronto) from 1975 to 1977.

Mr. Toledano is currently a director of Universal Stainless & Alloy Products, Inc. (NMS-USAP), for which he provided the seed funding, and is a director of several private companies. He has also served on boards of public companies in diverse industries.

Mr. Toledano received both a B.Sc. Degree in Physics and Mathematics and an M.B.A. from the Hebrew University of Jerusalem, Israel. He has also served as an artillery Lieutenant in the Israeli Defense Forces.

Mr. Toledano is married and has two children. He resides in South Orange, New Jersey.