James J. Bucholtz
M. Lee Hibbs
Roy E. Johnson
William J. Sivill

James J. Bucholtz
jimbucholtz@caplix.com - ext. 8082

James J. Bucholtz provides over twenty-five years of work experience in major corporations and leading consulting firms. He entered consulting after six years as head of corporate planning and development for Sony's U.S. operations and three years as an officer of United Satellite Communications. At Sony, he ran a venture capital fund as part of his responsibilities. He also held senior planning and marketing positions at North American Phillips and International Paper.

Mr. Bucholtz has consulted for AT&T, Bellcore, Xerox, Sun Microsystems, Akzo, FMC Corporation, Monsanto, PLC Medical Systems, John Deere, Mallinckrodt, Nabisco and Hewitt Associates. He developed the Business Playing Field™ approach to strategy development and execution, and has had senior level consulting responsibilities with other leading firms.

Major accomplishments during the past ten years include changing strategic direction for a Fortune 500 client in the consumer electronics industry, developing global strategies for a large international manufacturing company and an 'explosive growth' high technology firm, coordinating an acquisition strategy for a diversified multi-billion dollar company, developing a profitable growth strategy for a business in a stagnant market, and defining the business for a multi-media venture. He has also developed business plans and raised capital for several start-up ventures.

He has been a featured speaker at major conferences on shareholder value, as well as corporate and e-commerce strategy. He has also published articles on these subjects.

Mr. Bucholtz served as an officer in the Army Corps of Engineers. He also earned a bachelor's degree from City College of New York and an MBA in Marketing from St. John's University.

M. Lee Hibbs
leehibbs@caplix.com - ext. 8081

M. Lee Hibbs -  expertise is in the development and execution of strategies to drive shareholder value and has played critical leadership roles in sales, marketing, business development and general management in both public and privately held medical companies.

Lee led C. R. Bard's expansion of its angiography catheter business into a full interventional cardiology business, positioned Bard to enter the coronary arterial stent and valvuloplasty markets plus led the development of Bard's entry into electrophysiology market through a series strategic alliances and new product development programs.

While with Mallinckrodt, Lee led the formation of Mallinckrodt's interventional cardiology business. The R&D team Lee assembled developed the standard large lumen guide catheters and soft tipped design that are now industry standards. This same team was later to become the nuclei of the R&D teams that led other highly successful cardiology companies including CVIS, AVE and LocalMed. Lee helped found and fund Danforth Biomedical which was is now part of ACT medical.

Lee's ability to raise capital and increase shareholder value has been clearly demonstrated. While CEO of Electro-Catheter, Inc., an cardiac electrophysiology company, Lee raised $3MM and drove its market capitalization from $6 MM to $27 MM.  As CEO of PLC Medical Systems, an emerging cardiac technology company, Lee raised $18MM and shareholders experienced stock price appreciation from $3.75/share to $34.00/share, a $600 million increase in overall shareholder value.

Lee also led the development the subsequent sale to third parties of Optical Biopsy Technologies, LLC, a developer of advanced technology for the detection of cervical cancer, and BioTrack, Inc., developer of technology used to dramatically improve techniques for locating palpable breast lesions.

Lee co-founded Mediproducts.com a global e-commerce B2B company that matches buyers and sellers of used medical products and then partnered with the International Center for Economic Growth, ICEG, and the U.S. Agency for International Development, USAID.

In addition to being an invited speaker at Wall Street analyst and medical industry meetings, Lee holds 2 patents in the medical device arena.

Lee completed his undergraduate studies in economics at the University of North Carolina and his graduate studies in business at the Sloan School of Management at M.I.T.

Roy E. Johnson
royjohnson@caplix.com - ext. 8084

Roy E. Johnson has thirty years of experience in financial management and business consulting.

The initial portion of his career was spent with Fortune 500 companies in several financial positions. As Director, Corporate Financial Planning at Pitney Bowes, he was instrumental in orienting financial planning toward free cash flow and economic profit measures. In this role, he was one of the very first financial managers to adopt and implement a value-based financial planning and performance system in a major corporation.
Mr. Johnson has worked in management consulting since 1984. His work has encompassed value-based planning and management, corporate finance, treasury, accounting, business strategy, financial planning and analysis, equity valuation, and acquisition/divestiture. He has focused on helping clients maximize shareholder value (stock price) through an integrated approach - linking business strategy with financial performance, major investment programs and management incentives. His consulting clients include FMC, Valmont Industries, First Data Corporation, Monsanto, Baldwin Technology, Pitney Bowes, PAMIDA, and Merrill Lynch, plus several private firms.

He has been a featured speaker at shareholder value conferences across the country, has published articles on the implementation of value-based performance measures, and was written up in CFO magazine (March 1996 issue) for his work with Valmont Industries. He has also written a book (Shareholder Value - A Business Experience, published by Butterworth-Heinemann in October 2001) a comprehensive work on corporate and business unit financial performance and its link to shareholder value.

Since 1988, he has also served as chief financial officer, director and advisor for a technology company he helped launch.

Mr. Johnson earned his B.A. at Upsala College, and his MBA at Rutgers University. In addition to his business activities, Mr. Johnson has served as a college and graduate school instructor, teaching courses in finance and economics.

William J. Sivill
billsivill@caplix.com - ext. 8083

William J. Sivill - combines nearly ten years of clinical and research medicine with thirty years experience in the medical industry to provide a unique understanding of medical company issues and needs.

Bill's clinical and research experience was acquired while in the U.S. Navy where he was part of a team of researchers coupled with the University of California at San Diego who studied the impact of shock/trauma on cardio-pulmonary function. Bill and this elite team developed and established "standards of care" for hemodynamic and respiratory monitoring methodologies commonly used today in most critical care units.

Bill later taught surgical and anesthesia residents these methodologies or what is now commonly referred to as 'critical care medicine".

Bill entered the commercial side of the medical industry in 1972 and has held many critical, executive level positions with midmarket as well as Fortune 500 industry leaders including British Oxygen, Oximterix, Inc., and Mallinckrodt, Inc.

Bill's expertise is in the area of strategic planning, mergers and acquisitions. While with Mallinckrodt, Bill developed and executed strategic plans and acquisition strategies for Mallinckrodt's medical businesses and led numerous successful global acquisition, joint venture, divestiture, and licensing teams During Bill's tenure at Mallinckrodt, the medical product business grew from $150MM to over $1Billon mostly thru acquisition, culminating in the establishment of Mallinckrodt's Critical Care Division and the acquisition of Nellcor Puritan Bennett for $1.5 Billion.

Additionally, during his career, Bill has played a critical role in numerous start up and emerging technology companies where he has raised money, written and executed strategic plans and sold both technology and companies.

Most recently Bill "coached" the CEO through an 18 month turn at ORBTEK, Inc., and Utah based emerging technology company resulting in its purchase by Bausch & Lomb, Inc. for 10 X sales.

Bill's vast experience in international and domestic acquisition, mergers and strategic alliances with Fortune 500 as well as emerging technology companies has been a tremendous value creation asset to the many companies he has served.