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David Bridgeford

Chief FInancial Officer

Steele Resources Corporation

David Bridgeford, MBA, Chief Financial Officer of Steele Resources Corporation, is a seasoned business and financial executive. He brings more than 30 years of experience as a Chief Financial Officer and Controller of both private and public companies in various stages of growth as well as organizations in developmental or distress cycles. These include: Jadoo Power Systems, Ample Communications, Level One Communications, and BHP Steel Building Products. Mr. Bridgeford has successfully managed all aspects of finance, accounting and administration including: internal and external reporting; strategic planning; cash management; HR; risk management; IT; banking relations; audit engagement and execution; equity and debt funding; transition management; and M&A activities. His success as a leader, mentor, and facilitator is based on a high standard of ethics and the ability to “roll up his sleeves” to do the work necessary to ensure success.

Senior Financial Executive with unique operations experience and a strong focus on enabling cross functional performance to achieve business objectives. Successfully managed all aspects of finance, accounting and administration including: internal and external financial reporting; strategic planning; cash management; HR; IT; transition management; business operations; and M&A activities. Seasoned through management of rigorous growth, developmental and distress cycle organizations in both private and public companies. Facilitative Problem Solver who partners with all aspects of business to define objectives and develop innovative solutions that enables the organization to be successful. Strong Leader who blends strategic thinking with tactical execution to deliver results in both traditional and complex manufacturing settings.

 

Experience

Chief Financial Officer : Jadoo Power Systems, Inc - [2008-01 to 2010-05]
Successfully restructured business following a re-capitalization which resulted in the reduction in cash burn from $180K per month to under $25K per month. Secured $1M in working capital bank line, established rolling forecast and created a strategic business model for the hydrogen fuel cell development company. • Managed product development contract solicitation and the negotiations of awarded contracts with US Government agencies such as: Department of Defense, Department of Energy, and Department of Homeland Security. Closed over $5 Million in product development contracts. • Responsible for maintaining compliance with International Traffic in Arms (ITAR) regulations and Export Administration Regulations (EAR) and Federal Acquisitions Regulations (FAR) and reporting audits to the Defense Contact Audit Agency (DCAA). • Partnered with CEO to package and present the Company for possible acquisition.

VP Finance, Controller : Ample Communications, Inc - [2002-08 to 2007-06]
Established an engaged business/financial organization and guided the fabless semi-conductor manufacturer from pre-revenue to early stage revenue. - Defined working capital requirements for the business and secured required working capital through private equity placement, convertible debt instruments and bank working capital loans. Successfully generated over $25 million in two equity rounds and $12 million of convertible debt from private investors. - Created processes for managing and controlling financial systems, financial reporting, budgeting, cost accounting, short- and long-range financial planning and cash flow management. - Created a strong business process and financial system of governance and compliance with current accounting best practices. The company completed five years of financial audits with audit findings that maintained full support from both the outside auditors and the Board of Directors.

Controller : Level One Communications, inc. - [1996-06 to 2002-08]
Built the finance and accounting organization that supported the company’s growth from under $90 million, to over $260 million in annual revenues. - Created planning models for treasury management, Annual Operating Plan and Strategic Financial Plan and presented quarterly updates to CEO, CFO and prepared semi-annual reviews for the Board of Directors. - Responsible for creation all financial reporting to management, the SEC, shareholders, and the Board of Directors. - Successfully managed the business process and financial accounting integrations of three businesses acquired by Level One. - Created financial models used for structuring the transaction and provided technical support to CEO and CFO in execution of the sale of Level One to Intel Corporation. During the negotiation process, I managed the due diligence on Level One’s behalf and was a senior member of the Level One management team throughout post acquisition integration

Chief Financial Officer : BHP Steel Building Products - [1987-09 to 1996-06]
Managed the creation and reporting of financial reporting, budgeting, strategic planning, asset acquisition, and financial communications to The Broken Hill Proprietary Company, Ltd., (the parent company and the largest company in Australia) for the metal building components manufacturer.  Responsible for all financial reporting to management and the parent company. Ensured that company met all reporting requirements, and maintained strong internal controls while successfully completing all audit reviews.  Sponsored and then co-managed with the parent company a complete business process reorganization of the company. The 18 month project required that every transaction and process flow be re-engineered to improve productivity and reduce cost. The project successfully reduced costs corporate-wide by 25-35% and increased profitability performance 40%.

 

Education

MBA, Accounting : University of Puget Sound - [1975 to 1977]