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Bethesda-Based ClearPath Garners $1.3M, Appoints GridPoint’s Corsell to Board - CBL
By Citybizlist Staff
BETHESDA , Md. -- According to a Reg D filing with the U.S. Securities and Exchange Commission, ClearPath Immigration LLC has cleared $1.3 million in an equity offering.
The Bethesda, Md.-based immigration services provider will use the proceeds to pay about $30,000 in legal and accounting expenses, and for general operating costs. The round was led by Roseland, N.J.-based ff Asset Management LLC, and was substantially oversubscribed, according to a news release.
ClearPath also announced in the release that John Frankel, president of ff Asset Management, and Peter Corsell, founder and CEO of GridPoint Inc. in Arlington, Va., have joined ClearPath's board of managers.
Michael Petrucelli, president, CEO and manager of ClearPath, was the only principal named in the SEC filing.
Reg D filing: http://tinyurl.com/yaav2em
About Michael J. Petrucelli, Chief Executive Officer and President
Michael Petrucelli served as Acting Director of U.S. Citizenship and Immigration Services after previously working for two years as Deputy Director. Most recently, Mr. Petrucelli was Vice President of Government Affairs for GridPoint, Inc., and in that position was responsible for engaging federal, state, and international policymakers, representing the company in a variety of policy forums, and undertaking government-wide initiatives to raise awareness of the company's capabilities.
Prior to holding positions within USCIS, Mr. Petrucelli was Senior Vice President for Operations and Chief of Staff of the Export-Import Bank of the United States. He has also worked on economic and business issues at the Federal Communications Commission (FCC) and has extensive experience promoting U.S.-Asia trade relations, serving as Executive Director of the U.S.-Thailand Business Council, and as Director for Thailand, Burma and Financial Services at the U.S.-ASEAN Business Council. As a U.S. State Department Foreign Service Officer from 1992 to 1996, Mr. Petrucelli was assigned to the U.S. Embassy in Bangkok, Thailand, the Bureau of Intelligence & Research in Washington, D.C., and the U.S. Consulate General, Netherlands Antilles.
Mr. Petrucelli holds a master's degree in business administration from Goizueta Business School, Emory University, and also studied international business in the MBA program at Nijenrode University in the Netherlands. Mr. Petrucelli also holds a bachelor's degree in political science from Trinity College in Hartford, Conn.
About John Frankel and ff Asset Management
ff Asset Management is focused on companies that can be the low cost disruptive player in their industry. These companies, coupled with the right management team and adequate financing, have the chance to grow significantly and become tomorrow's leaders. The firm targets market entry opportunities with initial investments below $1 million.
Mr. Frankel started his business career with Arthur Anderson & Co. in the audit and insolvency divisions. He spent the following twenty one years at Goldman, Sachs & Co. in a variety of roles that involved technology development, reengineering, and capital markets. His primary focus is helping early stage companies deploy lightweight disruptive business models to become the low cost player in their respective market. Mr. Frankel was an early stage investor and director of Quigo Technologies, Inc. which was purchased by AOL in December 2007, and has served on a number of boards including Alerts.com, StongTech, The Goldman Sachs Trust Company, Patents.com and Track.com.
About Peter L. Corsell
Peter L. Corsell is the founder and Chief Executive Officer of GridPoint, an established leader in the smart grid and energy efficiency industry. MIT's Technology Review magazine has recognized Mr. Corsell as one of the world's top innovators under age 35 for developing a practical solution to advance the development of the smart grid.
In 2003, Mr. Corsell founded GridPoint to create a technology that would increase energy efficiency and fuel the adoption of renewable energy sources. Today, the company is working with electric utilities and commercial customers nationwide to create a clean and efficient 21st century power system.
Mr. Corsell's commitment to the environment and society is also evident in his background and work outside of GridPoint. He was Chairman of the World Economic Forum's Council on Sustainable Energy (2008-2009) and is a member of the Clinton Global Initiative and the Electrification Coalition. Mr. Corsell also serves on Newsweek's Global Environment and Leadership Advisory Committee and the Board of Directors of Entech Solar, a developer of concentrating solar energy systems. Previously, he served with the U.S. State Department in Cuba and as a political analyst with the Central Intelligence Agency. Mr. Corsell holds a B.S. from the School of Foreign Service at Georgetown University.
Posted: Jan 05, 2010
