PRINCIPALS

Ted Wallace, President

Mr. Wallace has over 25 years experience in the retail industry. He was one of the leaders in the development of the Price Club and held numerous executive positions in his 16 years there including Chief Operating Officer, Executive Vice President, and Board Director. Price Club was the originator and leader of Membership Warehouse Retailing. Designing, equipping, staffing and operating stores in both the West Coast and East Coast markets was his responsibility. In addition, Mr. Wallace assisted in the development of the markets in Canada and Mexico. Prior to joining Price Club, Mr. Wallace worked for several large retailers including Kroger, Fisher-Fazio Foods and J. C. Penny. When Price Club merged with Costco Wholesale to form Price Costco in 1993, Mr. Wallace assumed responsibility for international operations. In 1995, he and several former Price Club executives including Sol Price and Robert Price formed Price Enterprises. Price Enterprises licensed, developed and helped operate stores in Asia under the brand name of PriceSmart. It also formed joint ventures to operate additional stores in Central America, Guam and Saipan. As President and CEO, Mr. Wallace was responsible for selecting partners, forming new companies in each country, developing management teams and systems, acquiring real estate and operating the new businesses for two years.

Randy Richmond, Director

Mr. Richmond has 30 years experience as CEO, General Manager or Senior Marketing Executive for several technology based companies of which 12 years were serving the retail industry. As CEO of ICL/Fujitsu North America, he pioneered advanced retail point-of-sale systems in home center, food, warehouse and specialty retail chain stores. Mr. Richmond was the CEO of Remanco, the leader in restaurant point of sale systems and introduced the first wireless point-of-sale system into restaurants. Mr. Richmond has also served as Vice President and General Manager of Pfizer's Medical Instruments Division. He was involved in the early development of MRI imaging technology and established relationships with influential medical centers such as Johns Hopkins, Columbia Presbyterian and University of California at San Francisco. He also served as a Senior Executive at IBM's Data Processing Division. During his career at IBM, he helped develop an automated order fulfillment system for Unity Buying Service and distribution systems for Bulova Watch. Mr. Richmond is currently a Financial Advisor to business owners, business executives and wealthy families. He earned a B.S. (EE) "Power Major" from the University of Colorado and an MBA from Arizona State University.

Neal Harris, Vice President

Mr. Harris has 23 years experience in the retail industry and has worked with Ted Wallace for 16 years. He has served as Vice President Operations of the Eastern Division of Costco Wholesale where he was responsible for stores generating revenues of $1.5 billion. Mr. Harris was extensively involved in new store planning and openings, management development, merchandising, financial planning, monitoring of operations and asset control. Mr. Harris began his career with Price Club in various management and training positions at the original location in San Diego, when the company had only two stores. He advanced to positions of increasing responsibility including Senior Store Manager in Los Angeles with responsibility for 12 stores and Executive Vice President, Eastern Division where he grew this division from two locations in 1986 to 20 locations generating nearly $1.8 billion in sales. As the point person for all integration activities, he coordinated the implementation of the merger of Price Club and Costco for the Eastern Division in 1994. Mr. Harris was also the Executive Vice President of Value America Inc., and e-commerce retailer where he established merchandising, marketing, customer service and facilities operations. He earned a B.S. in Business Administration "Finance" from San Diego State University.

James Richmond, Vice President

Mr. Richmond, CEM has eighteen (18) years experience in the energy industry. He has a strong background in technical issues related to building systems, energy efficient technologies, utility rates analysis, utility customer program design, and measurement and verification of energy savings. Mr. Richmond specializes in facility audits, energy savings project development and project management, data logging energy equipment, and installation of networked, web-based, hourly utility monitoring systems. Since 1999, he has participated in the scoping, development, and project management of energy services performance contracts and energy savings guarantees for schools, colleges, hospitals, military bases, municipal, and county government buildings, coast to coast. In the 1990's Mr. Richmond devoted seven years to managing product development and sales for environmental data acquisition systems and electronic metering systems used to measure and verify the performance of energy savings projects, with two Colorado based manufacturers. Prior to that, Mr. Richmond devoted another seven years performing thousands of commercial and residential energy audits, developed award-winning demand-side management programs for municipal utility companies, and assisted with the development of the Washington State Energy Code. Mr. Richmond is a Certified Energy Manager (Association of Energy Engineers) and earned a B.S. Degree from the University of Michigan.

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