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Firm Overview - Cabrillo Advisors

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					Firm Overview




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      Cabrillo Overview

Cabrillo Advisors provides clients with high quality solutions for business valuation, mergers and
acquisitions and post-sale shareholder representation. Our experienced team serves the most
dynamic public, venture and private equity-backed companies across the nation. Top attorneys,
CPAs, investors and business advisors rely on Cabrillo’s services to fulfill the needs of the
companies they represent. With deep expertise in a wide range of industries, Cabrillo is equipped to
deliver consistently high quality work to clients at a fair price.


Quality Work
  Having worked with more than 400 clients, our work has been
   reviewed and approved by most top-tier accounting firms, venture law
   firms and top-tier private equity and venture capital firms.
  Our process minimizes management distraction with ongoing support
   throughout the audit review process as needed.



Experienced Professionals
  Our clients rely on us for more than just valuation expertise.
  Our highly trained and credentialed leadership team has a diverse
   experience set, having advised for capital formation, M&A and
   strategic option evaluations.
  We have perfected an efficient, collaborative process that keeps
   management distraction to a minimum, while providing superior
   quality, highly defensible work.


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     Leadership Team

Our leadership       Wade Hansen   Founder & Managing Director
team is comprised                  Wade is the Founder and Managing Director at Cabrillo Advisors and has extensive
                                   experience executing M&A financings and business valuations for public and private
of highly trained                  clients. Prior to founding Cabrillo Advisors, and its predecessor firm MHT Partners
                                   in Dallas, Texas, Wade was a founding principal at Dell Ventures in Austin, Texas,
and credentialed                   where he invested in hightech (software, semiconductor) business services, and
professionals with                 Internet based companies. Wade began his postgraduate career at McKinsey & Co,
                                   where he served hightech and pharma companies on matters of M&A and post
a diverse set of                   merger management. He started his career in Ernst and Young’s Audit Department,
experiences.                       where he was a licensed CPA in the State of Texas.

                                   Wade has an MBA with distinction from Northwestern’s Kellogg Graduate School of
                                   Business and graduated from San Diego State University with a bachelor’s degree
                                   in Accounting summa cum laude. Wade holds FINRA Series 7, 24, 63, and 79
                                   licenses.

                     Channing Hamlet     Founder & Managing Director
                                   Channing is a Managing Director at Cabrillo Advisors and has conducted a
                                   multitude of business valuations and fairness opinions throughout his career. Prior
                                   to Cabrillo, he was a Principal at LLR Partners, a $260 million private-equity firm,
                                   where he was involved in structuring private equity investments, due diligence and
                                   advising portfolio companies at the Board level. Channing has also worked in Legg
                                   Mason’s Investment Banking group, where he was involved in transaction execution
                                   for mergers and acquisitions for companies in a broad range of industries.

                                   Upon graduating from Cornell University with a Masters degree in Operations
                                   Research and a BS in Mechanical Engineering he worked for Mars & Co, a
                                   boutique strategy consulting firm, where he advised clients on growth strategies,
                                   competitive assessments and strategic acquisitions often requiring valuation
                                   analysis. Channing holds FINRA Series 7, 63 and 79 licenses and is an Accredited
                                   Valuation Analyst (AVA).
                                                                                                                3
Leadership Team (cont)

           Laura Morrison    Director, Valuation Group
                      Ms. Morrison is a Director as Cabrillo Advisors with over twelve years of experience in
                      business, securities, and intangible asset valuation. She has consulted with domestic
                      and multi-national businesses of varying sizes and industry. Prior to joining Cabrillo
                      Advisors, Ms. Morrison was a Vice President of Strategic Equity Group where she led a
                      variety of valuation projects. In addition, she executed various engagements related to
                      transactional services, debt and equity valuations, and estate and gift planning. Prior
                      to SEG, Ms. Morrison was a Vice President at Globalview Advisors, and a Senior
                      Valuation Consultant in the Financial Valuation Services Group of American Appraisal
                      Associates, Inc. While in these positions, she conducted business enterprise
                      valuations, ESOPs, estate and tax planning, and litigation support.

                      Ms. Morrison earned a Bachelor of Arts degree in Economics from the University of
                      California at Irvine. She holds the Chartered Financial Analyst (CFA) designation and
                      is a member of the CFA Society of Orange County. In addition, she is an accredited
                      Member of the American Society of Appraisers.

           Mark Sadauski     Manager, Valuation Group
                         Mark is a Manager at Cabrillo Advisors where he specializes in an array of financial
                         valuations for both public and private firms in the biotechnology, pharmaceutical and
                         medical device industries. Mark has experience in complex security valuations,
                         including determining the fair value of convertible debt and performance-based
                         stock. Prior to joining Cabrillo, Mark was employed as a Senior Valuation
                         Consultant with Globalview Advisors, LLC where he specialized in analyses for a
                         variety of client needs under the guidance of SFAS 123R, SFAS 133, SFAS 142,
                         SFAS 144, SFAS 155, SFAS 157 and other financial reporting requirements such
                         as those for IRC 409A tax purposes.. Prior to this, Mark was a Senior Financial
                         Analyst with RSM EquiCo.

                         Mark received his MBA in Finance and Investment Management from the
                         Pennsylvania State University and his BS in Molecular Biology from the University
                         of California, San Diego. Mark is a member of the Institute of Management
                                                                                                        4
                         Accountants and National Association of Certified Valuation Analysts.
Leadership Team (Cont)

  Chris Dougherty Director, Valuation Group
                 Chris is a Director of the Valuation group at Cabrillo. Formerly with Pricewaterhouse Cooper’s valuation
                 practice in New York, Chris has significant experience assisting clients with valuation matters for
                 businesses on intangible assets and equity and debt securities for the purposes of financial and tax
                 reporting, merger and acquisition planning, reorganizations and restructurings, financing and litigation.
                 Prior to PWC, Chris worked as a Valuation Manager at Deloitte and Ernst & Young and as a Senior
                 Associate at a regional accounting and consulting firm as well as Grant Thornton.

                 Chris has led a variety of tax and financial reporting valuation engagements for some of PwC’s largest
                 corporate clients and has been involved in numerous mergers and acquisitions, reorganizations, initial
                 public offerings and corporate finance transactions. These engagements have involved clients both
                 national and international in a wide range of industries including the financial services, private equity,
                 hedge funds, manufacturing, retail, consumer products, pharmaceuticals, technology and food distribution
                 industries among others. Chris holds a Bachelor of Science in Accounting & Finance from Drexel
                 University.



  Corbet “Cory” Lancaster Manager, Valuation Group
                 Before Cabrillo, Cory was Managing Director, San Diego for Resources Global Professionals (NASDAQ:
                 RECN) where he was responsible for business development, client service and leadership/management of
                 the San Diego practice. Prior to joining Resources, Cory served as Vice President of Finance, Americas for
                 ResMed (NYSE: RMD), where he was responsible for all the financial activities and provided strategic
                 operational guidance for the Americas region. Before joining ResMed, he held senior level financial
                 positions with venture backed organizations in the software development and social media internet
                 industries. Cory also held audit and tax positions in public accounting firms including Deloitte & Touche and
                 Grant Thornton. He began his career with a boutique economic expert testimony firm.
                 Cory holds a BA in Business Economics from California State University, Fullerton, a MBA from Chapman
                 University and has completed executive programs in strategy & organization, financial management and
                 mergers & acquisitions from Stanford, University of Chicago, Wharton and UCLA. He is a Certified Public
                 Accountant (inactive) and a member of the American Institute of Certified Public Accountants, Association
                 for Corporate Growth and Financial Executives International.
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     Valuation Services Offered

Cabrillo provides                             Financial Reporting
a full suite of
valuation services      Purchase Price Allocations (ASC 805 formerly SFAS 141, 141R)
for public and          Goodwill Impairment Testing (ASC 350, 360 formerly SFAS 142, 144)

private clients         Accounting for Stock Option Expense (ASC 718 formerly SFAS 123R)
                          Complex Securities (Embedded Derivatives & Credit Default Swaps,
done in
                           ASC 815, formerly FAS 133, 155)
accordance with
                        Fair Value (ASC 820 formerly SFAS 157)
AICPA, GAAP and
USPAP Standards.

                              IRS Compliance                      Financial Advisory

                        Equity Incentive Plans (IRC          Business Valuations
                         409a)                                Fairness Opinions
                        Gift & Estate Tax                    Dissenting Shareholder Suits
                        Employee Stock Ownership             Partner Buyouts
                         Plans
                        IP Valuation
                        Estate Transfers




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     Selected Referral Partners
                          Law Firms           Accounting Firms
We have
established a        Cooley LLP             BDO Seidman             “Wade and his team at Cabrillo
strong network of                                                     have worked with many of my
                     DLA Piper              CEA, LLP                venture-backed private company
trusted advisors                                                      clients on 409A and enterprise
                     Duane Morris           Crowe Horwath           valuations recently. I have been
and professional                                                      impressed by Wade's command of
                     Fenwick & West         Deloitte & Touche LLP
service firms.                                                        the issues, professionalism and
                                                                      pragmatic approach with clients. I
                     Foley & Lardner        Ernst & Young
                                                                      highly recommend Wade and
                     Goodwin Proctor        Grant Thornton          Cabrillo for valuation services.”

                     Gunderson Dettmer      Haskell & White            Brady Berg,
                                                                         Partner, Mintz Levin
                     Mintz Levin            J.H. Cohn
                     Morrison & Foerster    KPMG                    “Whether on the buy or sell side,
                                                                      Wade and his crew at Cabrillo
                     Pepper Hamilton        Moss Adams              have consistently positioned my
                                                                      clients to obtain maximum value
                     Procopio               PKF                     for their business or successfully
                                                                      accomplish acquisition
                     Sheppard Mullin        Polito Eppich
                                                                      objectives.”
                     Snell & Wilmer         PWC
                                                                         John O’Neil,
                     Stradling Yocca        Squar Milner               Partner, Procopio,Cory,
                                                                         Hargreaves, & Savitch
                     Wilson Sonsini         Windes & McClaughry




                                                                                                           7
     Selected Venture & Private Equity Firms

                               Venture Capital / Private Equity Firms                “Wade Hansen and his
We serve the                                                                         colleagues at Cabrillo provided
portfolio             Advent Venture Partners         Lilly Ventures               my company Rayspan with
                                                                                     expert and high value services in
                      Alloy Ventures                  Madrone Capital Partners
companies of                                                                         connection with preparing rock
                      Andreesen Horowitz              Mesa Verde Venture           solid appraisals of the value of
top-tier Venture &                                      Partners                     Rayspan's securities. It was a
                      Anthem Ventures                                               pleasure to work with them.”
Private Equity                                         Mission Ventures
                      ARCH Venture Partners
firms who rely on     Arsenal Capital Partners
                                                       Morgenthaler Ventures           Franz Birkner ,
                                                                                        President & CEO,
us for their          Austin Ventures
                                                       New Enterprise Associates       Rayspan Corporation, a
                                                       Oak Investments                 Sequoia Capital portfolio
financial             Avalon Ventures                                                  company.
reporting and IRS                                      Okapi Venture Capital
                      Baird Venture Partners
compliance.                                            Oxford Bioscience Partners
                      Bessemer Ventures                                             “The 3E Company, the leading
                                                       Polaris Ventures             provider of EH&S product and
                      BD Ventures
                                                       Sanderling Ventures          regulatory compliance data and
                      CitiGroup Alternative                                         outsourced service based
                       Investments                     Scale Venture Partners       solutions, had commissioned
                      Domain Associates               Sequoia Capital              Cabrillo Advisors to provide
                                                                                     valuation services and advice
                      Enterprise Business Partners    The Carlyle Group            during the second half of 2009.
                      Draper Fisher Jurvetson         The Clayton Foundation       The Cabrillo team of professionals
                                                                                     impressed 3E with their
                      Frontenac                       Thomas, McNerney &           intelligence, market savvy and
                                                        Partners
                      Google Ventures                                               experience along with their
                                                       Three Arch Partners          efficient use of time and resources
                      HIG Ventures                                                  in delivering a high quality and
                                                       Trident Capital
                      Highland Capital Partners                                     well-balanced 409A analysis. I
                                                       Union Square                 would highly recommend Cabrillo
                      Interwest Partners                                            Advisors.”
                                                       Venrock
                      Kleiner Perkins
                                                                                        Kevin O’Hare, CFO, 3E     8
                                                       Versant Ventures
                                                                                        Company
     Selected Clients
                        Digital Media                      Software

We proudly
serve top
companies in
the tech and life
science sectors.




                                   Life Sciences/Biotech




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Selected Deal Experience

                                                                                        An entity formed by:


   has been acquired by                                                                      acquired
                                 has been acquired by       Strategic Alternatives
                                                                   Review



    Financial Advisor to         Financial Advisor to       Financial Advisor to      Financial Advisor to UVP
          Ancept                  Sunrise Telecom            Sunrise Telecom




        has received a                 acquired               doing business as               acquired
   strategic investment from

                                Constant Data

  Financial Advisor to Hart      Financial Advisor to        Strategic Alternative      Financial Advisor to
         InterCivic              BakBone Software                  Review                 People Support




   has acquired a source               acquired             has been acquired by              acquired
     code license from

     SofTouch
              Systems

  Financial Advisor to Neon    Financial Advisor to Neon   Financial Advisor to ISE     Financial Advisor to
          Systems                      Systems                  Corporation                   Entriq


                                                                                                                 10
           What Our Clients Say

    “We used Wade's firm (Cabrillo) for               “Channing and his firm have been          “Top notch, fast, easy to work with, just
business valuation services two years in a       invaluable to me as CFO of a Carlyle and                     hire them.”
 row. I personally worked both with Wade           HIG portfolio company. He has been a
and his colleagues. I was very impressed         solid hand to lean on, provide counsel, cut         Michael Cerda, CEO, CCBetty
with their level of expertise and attention to    through to the chase and deliver on the
  detail. They were easy to work with and         several projects I've engaged them on. I
  very flexible to accommodate our hectic         would not hesitate to stack Cabrillo and
 schedules and requirements. They were            Channing against any of the 25 years of
  always very responsive and I was very           my network contacts from Wall Street to       “Cabrillo Advisors, provided excellent,
 happy with their work. Looking forward to       Disney to the private equity world of small     professional, and timely services for
          working with them again.”                       to mid sized companies."                some companies I work with. I will
                                                                                                   continue to use Cabrillo as the
      Metin Bayram, Director of FEC                    Thomas Moyes, CFO, Revshare                         occasions arise.”
   and High Speed Modems Business
   Area, TrellisWare Technologies, Inc.                                                            Jim Branch Controller, Otonomy



 “It's a pleasure to recommend Wade and          “Cabrillo Advisors did an excellent job with
     Cabrillo. We've worked together on           a 409(a) valuation analysis for one of our     “Wade and Cabrillo Advisors have
  various projects since 2002. Proximetry            portfolio companies. The report was        prepared two 409A valuations for our
 uses Cabrillo for 409 valuation work, but        accurate, timely and a good value for our     company (VMIX Media, Inc.). In each
   he and his team have some top-notch                 limited budget at the company.”            case, the job was well done and
    technology M&A capabilities, as well.                                                               performed on time.”
           Keep up the great work!”                     Dan Wood, General Partner,
                                                        Mesa Verde Venture Partners                 Walter Tendler, CFO, VMIX Inc.
     Jim Arnett, CFO, Proximetry Inc.


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Contact Information




                 Wade Hansen                       Channing Hamlet
                Managing Director                    Managing Director
                cell. 619-204-9449                   cell. 858-342-4939
           whansen@cabrilloadvisors.com         chamlet@cabrilloadvisors.com




                      AUSTIN | IRVINE | PALO ALTO | SAN DIEGO




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