JAMES C. "JIM" RUSHING III
 

	PROFESSIONAL EXPERIENCE
2001-Present         1998 - 2001	Corporate Resources Nashville, Tennessee President & CEO      Corporate Resources supports management with project achievement value added professional services  for clients. Companies who need the short-term or ongoing support from experienced management leadership will benefit from an engagement with Corporate Resources. The focus of leadership contributions include operations management leadership, financial and operational reorganizations as well as mergers and acquisitions planning and development and business turnaround project engagements. Some engagements since 2000 have included contract relationships with anchor clients such as New Life Corporation of America, Nashville, Tennessee as well as contract executive compensation planning and ownership transition program development.   Isolyser Company, Inc. (Nasdaq: OREX) (www.orex.com) Norcross, Georgia Executive Vice President & Chief Financial Officer      Isolyser is a materials technology company with primary emphasis in the medical, nuclear and automotive industries. The Company’s contamination control product offering focuses on environmentally friendly materials applications designed to achieve the greatest cost reduction for it’s customers while achieving the lowest negative impact on the environment. The largest customer of Isoyser is Allegiance Healthcare Corporation, Chicago Illinois, a subsidiary of Cardinal Healthcare, Inc. As Chief Financial Officer my functional duties included investor relations, treasury, control, SEC filings, human resources, mergers & acquisitions, financial planning and analysis including liquidity planning, budgeting, forecasting and participating as a member of the senior management team with the directors and executive management. The company employs 1,100 in the U.S., U.K., Mexico and the Dominican Republic. Some Major Accomplishments      The Company experienced a major financial turnaround from 1998 to mid 1999. Isolyser’s debt was $56 million and there was only 3-4 months cash remaining. The sale of certain non-performing assets in 1998 began a turnaround which was completed with a major transaction in 1999. As lead negotiator, in 1999, I managed the simultaneous sale of non-performing assets and global licensing of Isolyser’s core technology to the largest global healthcare products distributor. This transaction provided funding ($35 million) to liquidate all debt and produce significant funding to allow the Company to pursue the development of further technology. The transaction included an additional $30 million three year purchase commitment of the Isolyser’s technology. Post turnaround financial condition of the Company included elimination of all debt and left $14 million cash reserves to finance the Company’s new technology investments. From early 1999 through the third Quarter of 2000 the Isolyser achieved six consecutive profitable quarters for the first time in it's history after experiencing losses averaging $1.0 million per quarter for several quarters. I negotiated a $15 million bank line of credit for stand-by liquidity. There were no usages of the credit facility through the third quarter 2000. I Developed financial due diligence on the construction of a manufacturing facility for presentation to the Board of Directors. I analyzed, negotiated and developed due diligence and recommendations on several proposed acquisitions. I negotiated, together with the CEO of Isolyser, the proposed sale of a major subsidiary for $55 million to a consortium of venture capital entities during the first half of 2000. The transaction was terminated after the acquiring entities failed to obtain senior financing. When a program to redeploy Isolyser’s assets into immediately profitable businesses found resistance by the Board of Directors, both the CEO and myself separated from the Company as of December 1, 2000.
1997-1998	New Life Corporation of America Nashville, Tennessee Chief Financial Officer, Director      New Life is a national non-profit public charity which has assets of in excess of $110 million with endowments of over $150 million with operations throughout the United States. The primary growth strategy was through the use of strategic alliances with national marketing organizations, insurance companies and over 20,000 financial advisors, attorneys and brokers. New Life has continued to grow to assets in excess of $100 million market values. My tenure at this Company was cut short to accept a major new opportunity for the turnaround of a public company located in the Atlanta Metro area. Some Major Accomplishments      The Company had been operating for several years at a relatively slow growth rate when I joined the Founder and Chairman & C.E.O. as well as the President & C.O.O. and the Director of the planned giving subsidiary. We began a new direction which included life insurance based estate planning charitable gifting as well as trusts and charitable gift annuities. The market value of underlying assets more than doubled from 1997 to 1998. I managed the establishment of gift investment policy as well as charitable split-dollar life insurance and gift annuity product returns guidelines for New Life through it’s planned giving division, National Community Foundation. As the Company grew rapidly I participated in seminar presentations to security analysts and life insurance general agents and recruited and trained accounting staff.
1995-1997	BBA Nonwovens Nashville, Tennessee Vice President - Finance      This $500 million U.S. division of the London-based BBA Group PLC consisted of the manufacture and distribution of engineered, nonwoven, polymer-based industrial fabrics in seven manufacturing plants located in five countries. As part of the global management group, my position was responsible for operations, finance and strategic capital planning for seven plants with 1,600 employees worldwide. Included in the administration of major capital expenditures was the financial evaluation of capital project proposals as well as the production process and product profit evaluations. My responsibilities also included independent audit coordination, the management of major financial and accounting issues such as accounting for a $100 million capital lease, inventory control, and a seven plant global budget preparation schedule, management review and final presentation in the form of a Division consolidated budget. The management responsibilities included review, analysis and direction of financial issues in five different currencies including Italian, French, Swedish, United Kingdom and U.S. Travel included visits and management reviews in each of these locations as well as three plants in the U.S. My function included the budget vs. actual analysis and reporting monthly converted from each currency to the parent company currency (United Kingdom). Some Major Accomplishments      As the Division CFO, I managed the successful financial integration of acquisitions that doubled the size of BBA Nonwovens from $250 to $560 million while increasing profitability 35%. The Company reduced trade working capital as a percentage of revenue by 18% and improved cash flow by 51.5% during the first half of 1996. The major European acquisition, which included five of the seven plant operations, was managed from 1995 to 1997 from losing money to a profitable double digit return on sales. I developed and implemented inventory control programs which produced the trade working capital management improvements. Additionally, I coordinated and managed the Company’s relationship with the independent auditors for the audit of all of BBA Nonwovens’ U. S. operations. Extensive global travel requirements and pending personal relocation, pursuant to a reorganization of the parent company, BBA Group – U.S., Inc., led to the consideration of other alternatives requiring less travel.
1989-1995	Corporate Resources Nashville, Tennessee President      Corporate Resources provided business management services and problem-solving expertise serving as CFO, COO, President and Manager, as the circumstance dictated, primarily to smaller companies located in Middle Tennessee. Some of these clients were start-up operations which included fund raising activities and assisting the CEO in building a staff. Some Major Accomplishments      Corporate Resources assisted the management of a satellite communication sales company in preparation for its IPO, assembling a team for due diligence and organization of data prior to the audit by an international auditing firm. As acting CFO for a client the Company prepared a 3-year business plan for a music publishing company to achieve a competitive ROI, assisting in an investment offer and additional capitalization of the company . Another project was to develop the initial business plan and 5-year operational plan for a start-up compact disk manufacturer. Corporate Resources was engaged to restructure the financial operations of a distribution/sales company and develop and present a proposal which resulted in providing emergency funding . Corporate Resources assisted a client with a major collection problem which included implementing creative accounts receivable repayment plans and additional controls. Upon request by a client who was implementing an acquisition program, Corporate Resources provided acquisition due diligence services to improve shareholder value in the client company's investments. Corporate Resources produced and presented national trade shows for a client who was establishing franchises and dealerships nationally. The client recruited and trained 36 dealers in a 3-year period. I functioned as Senior Vice President to provide additional management depth and initial years’ start up leadership.
1987-1989	Enco Industries, Inc. Nashville, Tennessee Vice President - Finance and Administration      Enco was the third largest construction materials and reinforcing steel distributor in the U. S. Enco’s customers were primarily general contractors. Operations were located in Tennessee, Alabama and Georgia and included warehouse and distribution operations and well as custom order reinforcing steel for construction projects. I was responsible for financial operations, analysis and reporting, budgeting, and corporate Planning. Enco was a $35MM fabricator of reinforcing steel and wholesaler of building materials. As CFO, I assisted the CEO and Board in the forming of a holding company. My responsibilities included managing the financial and accounting operations of the centralized information system for inventory control as well as basic financial analysis and reporting. Some Major Accomplishments      Additionally, I performed due diligence work on potential acquisitions which included some commercial real-estate acquisitions as well as performed a financial review of a major NASA contract in Enco’s Georgia operations. Other accomplishments include improving the financial reporting and basic financial policy and procedure infrastructure of the Company to provide consistent documentation of financial operating policy and procedures. Enco’s shareholders’ decided to move much slower in implementing the acquisition strategy previously outlined by the Chairman & CEO. I pursued other personal opportunities to develop a professional consulting practice.
1985-1987	Detention Development Corporation Nashville, Tennessee Chairman, President and CEO      This was a start-up company in which the founders envisioned a national program to develop new local jail facilities for counties. Market research indicated that a very large share of county jails in the U.S. and particularly the Eastern U.S. were very old and not in compliance with Federal guidelines to prevent being ruled unconstitutional incarceration. The initial entrepreneurs were myself and two partners who had 20-30 years experience in the corrections industry with emphasis on local jail equipment construction and installation. Their contacts and credibility in the industry were very strong as was confirmed by the notoriety they generated at state and national trade shows we attended and in which we exhibited. Some Major Accomplishments      Among my responsibilities as Chairman and CEO was to organize and develop a Private Placement and subscription to the Detention Development Corporation stock. We accomplished this by personal contact with qualified investors in four stages as needed to fund the development and marketing activities. Additionally, I led a plan to assemble a facility development team for the Company. Since I had been CFO of a regional design firm for the five years previous to the Company’s organization, I drew from these contacts and interviewed and recruited key architectural and general construction firms as well as jail equipment manufacturing companies with previous successful local jail experience.      The development approach was to assemble a design/build team with a basic model local jail facility which significantly reduced the operating costs to counties while achieving Federal guideline compliance for a U. S. Constitutionally compliant facility. Upon completion of the basic model, state and national corrections officials were consulted to validate the compliant nature of the design. The concept was based on a "pod" approach which could be constructed in stages over time without risking the security of existing pods and thus increasing the costs of construction and operation. The marketing approach was to focus on six states which already had many counties under Federal Court Orders to eliminate the unconstitutional conditions of overcrowding in their local jail facilities. All six states Corrections Departments were contacted and communications relationships were established. State and county law enforcement conventions and trade shows were attended and in some cases we exhibited the Company’s model with attendant operating costs reductions and compliant advantages.      After presentation to many local county officials and boards and courts we found that county elected officials were confronted by voters about supporting any expenditure for new jail facilities in lieu of the ability to construct new local schools and other public projects. While law enforcement officials charged with the safe and compliant operation of local jails were very enthusiastic about the Company’s proposals to their county the authorities charged with approving the expenditure were not able to overcome the political pressure from proponents of school construction to the exclusion of jail construction. Basically, local officials only appropriated funding for jail construction upon actual final order by a Federal Judge to eliminate unconstitutional conditions in the facility or be sentenced to jail themselves. Most counties found temporary solutions to just add-on to existing facilities until the existing authorities terms of office expired. One five-county facility in Virginia was developed by the Detention Development Corporation after an extremely high overhead investment in political activity costs fighting local opposition. The high investment to achieve only a one time profit margin on design and construction of a facility would not justify continued investment in the Company. Detention Development Corporation was able to bring these five counties together, for the first and only time in the U.S., as far as we could determine, to agree on operating costs sharing, construction costs, and to complete a regional jail facility in Virginia.
1980-1985	Gresham, Smith and Partners Nashville, Tennessee Director of Finance & Administration      Gresham, Smith and Partners was the first and, for a number of years the only, architectural firm used by Hospital Corporation of America in the design of hospitals as HCA experienced two decades of extremely successful growth to become the world’s largest hospital holding company. As the private healthcare industry matured, the Company expanded it’s market strategy to include commercial real-estate design and development. Continued focus on very specialized areas of healthcare added growth and depth to Gresham, Smith and Partners. My responsibilities included functioning as the senior financial principal as the company grew to among the top twelve design firms in the U.S. with offices in Dallas, Orlando, Charleston, Birmingham, and Nashville. Additionally, I began acting, on behalf of the founders and certain principals, as Director of certain investments outside the Company. Some Major Accomplishments      As the Company grew, I was able to grow the business support function staff support to achieve a focus on project profitability which was not within the training of design school academic offerings. While talented architects were very successful in providing design solutions to client requirements, the management of design team time and resources to achieve a profitable result was a matter of great focus. We implemented in-house seminars for design team leaders and project architects. We undertook an 18 month program to completely re-engineer the business support and accounting information systems of the Company and included a firm partner or principal in attendance with each business management seminar session. The business information system was designed to highlight the profit performance of project management and reward the high performers for excellence.      The firm grew during these years from two offices to five offices and from 90 to 320 total staff generating over $22 million in fee revenues. Financing the growth in opening new offices, increasing working capital requirements and new investment in a completely integrated computer-aided design and drafting system was accomplished through improved revenues supplemented by a five bank participation funding arrangement. My approach to banking relationships was a strategic mix of achieving financing goals while using the financial resources of each market where we had a design production presence. Financing institutions who were included in our banking relationships were then incentivized to provide cooperative efforts as we leveraged those relationships to achieve marketing successes in each market. One such success in the commercial real estate market was the winning of the design contract for the development of the Electronic Data Systems’ (Ross Perot) campus of commercial buildings in North Dallas on the site of an old golf course. These activities and the growth of the Gresham, Smith and Partners allowed me to generate the network contacts which resulted in the opportunity to join Detention Development Corporation.
1978-1980	Northern Telecom, Inc. Nashville, Tennessee Director of Accounting & Financial Analysis      As a member of senior management for the U.S. Headquarters of Northern Telecom, Inc. (NORTEL) my principal function was to provide the financial information and insight into the operating performance of the Company through it's 10 U.S. manufacturing operations. Acquisition team participation in several acquisitions were also among assigned duties. The Company was in an extremely fast growth phase during the late 1970’s just after relocating it’s U.S. Headquarters from the Boston Metro area to Nashville, Tennessee. The telecommunications industry was changing rapidly as digital technology was finding it’s way into the design of telecommunications to improve both the speed and reliability of service. Northern Telecom, Inc. began acquiring digital technology market share through an aggressive acquisition program. The merging of computer technologies and applications with telecommunications became the primary focus of the Company. Having joined NTI as manager of financial analysis I became involved in acquisitions and integration of those acquisitions as Director of Accounting and Financial Analysis for the U.S. Some Major Accomplishments      My initial focus was to provide a corporate financial information consolidations vehicle to achieve a two-day flash operating financial performance reporting to senior management of 10 manufacturing divisions from coast-to-coast. Immediate use of an existing national computer network already in place was the initial vehicle of achieving the consolidation of financial information. The GE network was leased for this purpose until we could develop Northern Telecom, Inc.’s own internal network. Extremely fast growth produced the challenge of standardization of information format from subsidiaries and the need for fast response to the promulgation of financial policy and procedures to consistently measure results of operations. The development of an Accounting and Financial Policy Manual and continual updating of the system was one of my primary efforts during my tenure with the Company. Recruitment and training of accounting and finance personnel at the Corporate Offices of the Northern Telecom, Inc. included building the staff to support the increased financial analysis and SEC reporting requirements. Frequent visits to the Company subsidiaries to ensure competent and compliant adherence to NTI financial and accounting policy produce extensive travel to the 10 locations in the U.S. Coordination with the parent company of NTI, Northern Telecom Ltd., Toronto, Ontario, Canada was my designated appointment as well. Frequent travel to Montreal and Toronto to participate in the same type of financial measurement consistency programs in the global company as we implemented in the U.S. was also required. Growth of Northern Telecom, Inc. produced the requirement of relocation and extensive travel which prevented my from spending the quality time with my family. I responded to a recruitment initiative by Arthur Andersen, Nashville, to join one of their clients, Gresham, Smith & Partners.
1971-1978	The LTV Corporation Dallas, Texas Senior S.E.C. Analyst (1976 to 1978) Administrator of General Accounting, Financial Analyst (1971 to 1976)      My tenure at The LTV Corporation began as Manager of General Accounting in the aerospace construction subsidiary, LTV Aerospace Corporation with 12,000 employees located in Grand Prairie, Texas, a suburb of Dallas. LTVA manufactured A-7 tactical jet fighter aircraft for the U.S. Navy and Air Force. After two promotions at LTVA I was invited to join the world headquarters in Dallas. My initial responsibilities were to provide the consolidation of financial information for SEC reporting. The LTV Corporation had acquired Jones & Laughlin Steel Corporation, Wilson Foods Corporation as well as other businesses in the international shipping and recreation industries. Some Major Accomplishments      With revenues of $4.0 billion The LTV Corporation had generated some very interesting finance and accounting issues concerning acquisitions. It’s auditors, Ernst & Ernst, Dallas, Texas, were engaged to evaluate the accounting for the acquisition of J & L Steel at a price below book value creating "negative goodwill". I was assigned directly to the CFO to participate in a cooperative project with the American Institute of Certified Public Accountants, New York to publish an exposure draft of a pronouncement by the Accounting Principles Board of the AICPA. The LTV Corporation case history was used as the focus to generate what became a "generally accepted accounting principle" (GAAP) for accounting for negative goodwill. Additional assignments were to support the Director of Investor Relations in conducting executive briefings for senior management of the Company in preparation for security analysts meetings. The LTV Corporation’s earnings per share and other financial information had become very complex due to the accounting issues produced from major acquisitions as well as the diverse portfolio of subsidiary operations. Financing of these acquisitions was achieved through a series of public bond issues which aggregated over $1.0 billion together with a 25 bank syndicated credit facility. The bank credit facility contained many complex financial covenants as did the public bond issues. Maintaining detailed calculations and reporting of compliance with the negative and affirmative covenants with these complex and sometimes conflicting credit agreements became a major task for the Company. Any efforts to renegotiate existing debt or issue new debt instruments required an extensive analysis to prevent The LTV Corporation’s default under a previously issued agreement. I became involved extensively in the maintenance of this analysis which eventually produced the basis for a complete computer program application development to manage, interactively, the financial proformas necessary to operate the Company’s financing activities. After two years of very technically challenging experience I responded to an opportunity to return to managing people in the next career change to join Northern Telecom, Inc.
1965-1971	Public Accounting Practice      After completing my college education, I purchased the local accounting and tax practice of the CPA for whom I worked while attending school. I worked for a local food market chain as Assistant Treasurer while maintaining my accounting practice and using the fee revenues to fund my acquisition of the practice. After two years I began my full time professional practice with the client base I acquired plus those I had added during those two years. In 1968 joined a Dallas area local CPA firm with the prospect of a partnership after one year. The senior partner, who was in poor health, had another junior partner and wanted to retire. Unfortunately, he passed away after six months. I joined a regional CPA firm which had been founded by former partners of Arthur Andersen LLP. The late 1960’s and early 1970’s in the U.S. produced a significant growth by acquisition and initial public stock offering audit business for the regional CPA firm and my activities and experience in the SEC registration and reporting area began with these engagements. After six years in public accounting I joined LTV Aerospace Corporation to establish a broader business, finance and accounting exposure and experience base for my career growth.
EDUCATION	University of Southern Mississippi Hattiesburg, Mississippi B.S. Accounting/ Management - 1965      I began college, in 1961, in this small southern city where I grew up and graduated from high school. I worked part-time during the school year and full time in the summer to pay for my education. With a major in Accounting and a minor in Management I also took extensive psychology and debate courses offerings. My social life included Treasurer of my Greek fraternity, Alpha Tau Omega.
CIVIC ACTIVITIES	After college, I was active in my church as well as local civic organizations. As a member of the Junior Chamber of Commerce and Lions Clubs International, I participated in many community events and fund raising activities. After moving to the Dallas/Ft. Worth mid-cities area in 1968, I became Treasurer of my local church and participated in the writing of a book published by Zondervan Publishing Company, on church administration. My primary civic activity in Texas was to lead a fundraising effort to construct church facilities. I began with my own church and then consulted with many other Dallas/Ft. Worth area churches on bond issue program management. I participated in a pilot training program for leaders augmented by teaching leadership from Dallas Seminary to train business leaders in church leadership and spiritual pastor/mentor capabilities.      In Nashville, Tennessee I joined the Exchange Club of Nashville, the second oldest and largest Exchange Club in the U.S. This civic service opportunity included my appointment as Chairman of the largest annual fund raiser for the organization with 14 committees employing 85 volunteers which required over two years advanced planning. The Project brought the first and only replica of a "tropical rain forest" to Tennessee. National/international environmental interests groups were attracted to this exhibit which was funded by Opryland Hotel for $50,000. Many of Nashville’s business leadership were included in the membership of the Exchange Club of Nashville.      In 1985, I joined one of the first men’s Bible study classes offered by an new organization called Christian Leadership Concepts, Inc. Having been founded by Dr. Hal Hadden.  CLC sought business leaders who were already Christians and who were willing to commit to a two year weekly three hour study program. The purpose was to equip men to produce a teaching and discipleship ministry in their professional and management growth by using successful Biblical leadership principles.
PROFESSIONAL C.P.A.	Texas State Board of Public Accountancy - 1974