CreditRiskMonitor Announces Resignation of a Member of its Board of Directors and the Nomination and Approval of a Replacement Member
VALLEY COTTAGE, N.Y. - May 6, 2020 - At a Special Meeting of the CreditRiskMonitor® (OTCBB: CRMZ) Board of Directors, held on May 5, 2020, Jeffrey Geisenheimer, an independent member of the Company’s Board of Directors (and of its’ Audit Committee), informed the Board of his resignation effective as of the close of business on May 5, 2020. Mr. Geisenheimer informed the Board that he was voluntarily resigning for personal reasons to spend more time with his family and to focus on his other various business endeavors.
Following the announcement of Mr. Geisenheimer’s resignation, the Board of Directors nominated and approved the election of Richard Lippe as an independent member of the Board of Directors effective May 6, 2020.
Mr. Lippe was one of the founding members and a partner of the law firm Meltzer, Lippe, Goldstein and Breistone, LLP (1979-2004). Prior to that, he was a founding member and partner of the law firm Lippe, Ruskin, Schlissel and Moscou, LLP (1966-1978), and was Deputy County Attorney for Nassau County, N.Y. (1964-1966). While actively practicing law, among other things, he chaired the Corporate and Technology Groups at the two firms. He has extensive experience representing mature, middle and early-stage private and public companies, and has provided other ongoing business-related activities and advice to management and boards of directors and general partners. He has frequently served as general counsel and/or a member of the board and an active business advisor to a number of companies.
"We’re sorry to see Jeffrey leave the Company," said Jerry Flum, CreditRiskMonitor® CEO and Chairman. "He has been a member of the Board for more than 15 years, and I personally want to thank him for all his time and devotion to CreditRiskMonitor®. At the same time, I’m excited to welcome Richard aboard and look forward to his fresh insights as we enter new markets.”
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CreditRiskMonitor® (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. The products help corporate credit and procurement professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively.
The Company’s newest platform, SupplyChainMonitor™, leverages its financial risk analytics expertise to create a risk management solution built specifically for procurement, supply chain, sourcing, and finance personnel involved in the supplier lifecycle, risk assessment, and ongoing risk monitoring. Users can assess counterparty risks at the aggregate and granular levels under a variety of categories including geography and industry, as well as customized, customer-specific configurations. The platform features mapping capabilities with real-time weather/natural disaster event overlays as well as customizable news notifications, reports, and charts.
Our subscribers, including nearly 40% of the Fortune 1000 and well over a thousand other large corporations worldwide, use the Company's timely news alerts, research, and reports on public and private companies to make important risk decisions. The Company's comprehensive commercial credit reports covering both public and private companies worldwide are published through its web-based platform and feature detailed analyses of financial statements, including ratio analysis and trend reports, peer analysis, corporate issuer ratings from key Nationally Recognized Statistical Rating Organizations ("NRSROs"), as well as the Company's proprietary bankruptcy analytics: the FRISK® and PAYCE® scores. One of the FRISK® scoring model's exclusive input features is the aggregate risk sentiment of our subscribers based on their crowdsourced usage behaviors resulting in the improved classification of bankruptcy risk for the riskiest corporations and boosting overall accuracy.
The Company, through its Trade Contributor Program, receives confidential accounts receivables data from hundreds of subscribers and non-subscribers every month. This trade receivable data is parsed, processed, aggregated, and finally reported to summarize the invoice payment behavior of B2B counterparties, without disclosing the specific contributors of this information. The Trade Contributor Program's current trade credit file exceeds $2.5 trillion of transaction data annually.
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. 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. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.
Mike Flum, CEO & President