✓
Trusted by 40% of Fortune 1000
VALLEY COTTAGE, N.Y. – Oct. 24, 2019 – CreditRiskMonitor (OTCBB: CRMZ) announced that its Board of Directors today declared a dividend of $0.05 per outstanding share of its common stock. The dividend will be payable on December 2, 2019 to shareholders of record of the Company at the close of business on November 14, 2019. Additionally, the Board elected Michael Flum as Senior Vice President and Chief Operating Officer and Jonathan Levy as Senior Vice President, Secretary and General Counsel. Both of these appointments are effective immediately.
Prior to joining the Company in 2018, Mr. Flum was Vice President of Operations at Gullett & Associates, Inc., a Houston-based oil & gas survey and drafting services firm, since January 2016. From 2009 to 2016, Mr. Flum was employed by Enterprise Products Partners L.P., a Houston-based oil & gas midstream owner/operator, holding various engineering and project management positions. During his time as a Project Manager there, he successfully completed pipeline and plant projects totaling over $1.3 billion. Mr. Flum is the son of Jerome S. Flum, the Company’s Chief Executive Officer, and the brother of Joshua Flum, a Director.
Mr. Levy joined the Company as General Counsel in September 2019 and has over 25 years’ experience as a corporate, commercial and transactional attorney working for both law firms and corporations.
Richard James, who has served on the Company’s Board of Directors since 1992, has notified the Company that he is retiring due to health reasons, also effective immediately. The Company expresses its deep gratitude to Mr. James for his more than twenty-seven years of service.
Overview
CreditRiskMonitor.com, Inc. (creditriskmonitor.com) sells a suite of web-based, SaaS subscription products providing access to comprehensive commercial credit reports, bankruptcy risk analytics, financial and payment information, and curated news on public and private companies worldwide. Our primary SaaS subscription products for analyzing commercial financial risk are CreditRiskMonitor® and SupplyChainMonitor™. These products help corporate credit and procurement professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively. Our subscribers include nearly 40% of the Fortune 1000 and well over a thousand other large corporations worldwide.
To help subscribers prioritize and monitor counterparty financial risk, our SaaS platforms offer the proprietary FRISK® and PAYCE® Scores as well as the FAST Rating, the well-known Altman Z”-Score, agency ratings from key Nationally Recognized Statistical Rating Organizations (“NRSROs”), curated news, and detailed financial spreads & ratios. Our FRISK® and PAYCE® Scores are financial distress classification models that measure a business’s probability of bankruptcy within a year. The FRISK® score also includes a risk signal based on the aggregate research behaviors of our subscribers, who control counterparty access to trade credit at some of the most sophisticated companies in the world. The inclusion of this risk signal boosts the overall accuracy of this bankruptcy analytic by lowering the false positive rate for the riskiest corporations.
Through its Trade Contributor Program, the Company receives monthly confidential accounts receivables data from hundreds of subscribers and non-subscribers, which it parses, processes, aggregates, and reports to summarize the invoice payment behavior of B2B counterparties without disclosing the specific contributors of this information. The size of the Trade Contributor Program’s current annualized trade credit transaction data is approximately $3 trillion.
Safe Harbor Statement
Certain statements in this press release, including statements prefaced by the words “anticipates”, “estimates”, “believes”, “expects” or words of similar meaning, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include details of the accounting restatement, the expected impact of the accounting restatement and the remediation of the related material weakness in internal control over financial reporting. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, expectations or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, those risks, uncertainties and factors referenced from time to time as “risk factors” or otherwise in the Company’s Registration Statements or Securities and Exchange Commission Reports. There can be no assurance that (i) the consequences of the Company’s restated results will be as anticipated above and (ii) the Company will be able to promptly and efficiently implement the appropriate remediation steps into its financial reporting. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.
Contact
CreditRiskMonitor.com, Inc.
Mike Flum, Chief Executive Officer
(845) 230-3037
ir@creditriskmonitor.com
