In the News

Woodland Hills , CA - January 2017

2016 was an eventful year for a number of reasons.

John H. Upshur, Managing Principal of First Nations Capital Partners I and II, recently reported on the results of activities for 2016, highlighting the many accomplishments and significant events as follows:

ABLE CARD

The beginning of the year saw the hiring of a new President, David Banducci, who replaced Herman Ho, who retired. David brings with him a wealth of extensive experience, most recently serving as President of Harvard Card, the largest full-service card manufacturer in Southern California. During David’s 3-yr. tenure there he helped diversify its customer base, doubled the company’s sales, and tripled the bottom line. By year-end 2016, David’s efforts at Able Card were paying off resulting in December sales being a record month as was the year-end backlog entering 2017 which bodes well for it to be an excellent year.

EVERSON CORDAGE

In 2016 we hired John McDonald for the newly created position of Vice-President and Controller. John, who is a CPA/MBA came to us from the prestigious national accounting firm of Moss Adams where he was an 8-year Manager in their Bellingham office. John is a local boy who resides in the near-by town of Lynden with his wife and three daughters. In addition to his duties and responsibilities at Everson, John will be spending some of his time getting acquainted with all the FNCP I and II portfolio companies as a prelude to his assisting them in capitalizing on their tribally controlled minority business status. Welcome aboard John. Lastly, in December we took delivery of our new larger diameter rope machine which we expect will help us open new markets and thereby increase sales in 2017.

FITNESS SYSTEMS

Not only did the company enjoy a decent year, but it generated enough surplus cash for an early pay-off of our $500k promissory note which they elected to do. The only thing remaining from our original investment in the company’s predecessor, Med-Fit, are some warrants worth a minimum of $500k and a maximum of $1 million. These are slated to be re-deemed later this year (2017).

In The News continued...