CreditRiskMonitor Declares Dividend and Appoints Officers
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.
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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