Charlotte-Based DesignLine Drives in $11.3M - cbl

Posted December 20, 2010

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CHARLOTTE -- DesignLine Corp. has secured $11.25 million from four investors in a $14.25 million mixed-securities offering, according to a filing with the SEC.

Founded in 1985, the Charlotte-based company initially manufactured standard diesel vehicles. DesignLine introduced its first hybrid demonstration vehicles to the United States in May 2007. Its key products today are EcoSaver IV and Eco-Smart I.

Principals named in the Reg D filing include CEO Brad Glosson, Chairman Buster Glosson and CFO William Cave. Also named are directors Fouad Alaeddin, Linda Combs, Joseph Cox, James Martin, Arnold Punaro, Bill Tillett, Edward Weisiger and Darin Wallis.

DesignLine last raised $5 million from a sole investor in April, according to an SEC filing at the time.

Sales commissions on the current offering are about $590,000.

Reg D: http://tinyurl.com/2993v89

Bios from DesignLine's website:

Brad C. Glosson, Chief Executive Officer

Mr. Glosson has been DesignLine's Chief Executive Officer since August 2006. Before joining DesignLine, Mr. Glosson was the President of Eagle Limited, a company focused on international investment, consulting and residential resort developments, from January 2002 to August 2006. In that role, Mr. Glosson managed real estate development projects, negotiated and structured acquisitions of companies up to $1.5 billion in revenue and assisted companies with management and restructuring. From June 1998 to December 2001, Mr. Glosson served as the General Counsel and then the Chief Operating Officer for Emirates Palomar Medical Technology Services. Mr. Glosson received his Bachelor of Arts from Davidson College and a Juris Doctor from Wake Forest University.

Bill Cave, Chief Financial Officer

Bill has been DesignLine's Chief Financial Officer since March 2009. In connection with the Merger, Mr. Cave became our Chief Financial Officer and Treasurer effective September 30, 2009. Mr. Cave has over 20 years of experience in leading financial organizations in large and small companies across multiple industries.

Before joining us, Mr. Cave worked with Hunt Private Equity, Springs Industries, Polyone, RJR Nabisco and Durr-Fillauer Medical.

From November 2000 to February 2007, he served as the Vice President and Corporate Controller for Springs Industries, Inc., a global supplier of home furnishings and specialty fabrics.
From February 2007 to September 2008, Mr. Cave served as the Chief Financial Officer for New Poseidon Enterprises, LLC, a wholesale seafood distributor.

He began his career in the manufacturing environment as a cost accountant and continued to gain responsibilities to fill the positions of Director of Business Analysis, Corporate Controller, Treasurer and Chief Financial Officer.

Mr. Cave holds a B.S. degree in Accounting from Bryan College and an MBA in Finance from the University of Tennessee.

Board of Directors

Buster Glosson
Chairman
Member of the Executive Committee

Elected Chairman November 10, 2009. Member of the Executive Committee. Previously served as a director of DesignLine International Holdings, LLC (predecessor of DesignLine Corporation) from August 2006 until July 22, 2009, when limited liability company converted to a corporation. Since 1994, General Glosson serves as the Chief Executive Officer and Chairman of Eagle, Limited, a private investment company. Additionally, during this same time frame, General Glosson served on the advisory board to the Director, Central Intelligence Agency. From 2007 to 2008, he served as the Chief Executive Officer of Uncle Julio's, a $90 million revenue Mexican food chain. He is also a member of the board of directors of Uncle Julio's and the Alcoholic Beverage Medical Research Foundation (ABMRF). General Glosson received his Bachelor's degree in Electrical Engineering from the North Carolina State University and is a graduate of the National War College in Washington, D.C. General Glosson is a retired U.S. Air Force Lieutenant General.

Fouad M. Alaeddin

Director since November 10, 2009. Member of the Executive, Audit and Compensation Committees. Mr Alaeddin is a Managing Partner of PricewaterhouseCoopers in the Middle East. Before joining PricewaterhouseCoopers, Mr. Alaeddin served as a Managing Partner for Arthur Andersen from 1982 to 2002 and then for Ernst & Young in the Middle East from 2002 until 2009, in which he led a global team specializing in serving the Middle East Sovereign Wealth Funds. Mr. Alaeddin also serves as the Chairman of Galeana Telecommunications Investments, Metrobeam and Kulacom Broadband Investment Company, each of which specializes in telecommunications in the Middle East. Mr. Alaeddin received his undergraduate degree from Ain Shams University in Cairo, Egypt and is a member of the American Institute of Certified Public Accountants and the International Accounting Standards Committee.

Linda M. Combs

Director since November 10, 2009. Member of the Audit and Governance/Nominating Committees. Dr Combs has been involved in public service throughout her professional life. Since December 2007, Dr. Combs has delivered a number of lectures on leadership and use of business and financial analytics for various public and private companies and has also served as a consultant for the National Academy of Public Administration. Before December 2007, Dr. Combs had five Presidential appointments confirmed by the U.S. Senate and served under three Presidents: Presidents Ronald Reagan, George H.W. Bush and George W. Bush. From February 2005 to August 2007, she served as the Controller of the Office of Management and Budget under the Executive Office of President George W. Bush. From November 2003 to February 2005, she served as the Assistance Secretary for Budget and Programs and the Chief Financial Officer for the U.S. Department of Transportation. Before November 2003, Dr. Combs also served as the Chief Financial Officer for the U.S. Department of Treasury and the U.S. Environmental Protection Agency. Dr. Combs earned an Associate of the Arts degree at Gardner-Webb University, Bachelor of Science and Master's degrees from Appalachian State University, and a Doctorate in Education from Virginia Polytechnic Institute and State University.

Joseph M. Cox

Director since November 10, 2009. Serves as Chairman of the Governance and Nominating Committee. Judge Cox currently is a practicing attorney at Patton Boggs LLP in Dallas, Texas, specializing in litigation and dispute resolution involving complex financial and commercial disputes and product liability and mass torts. Before joining Patton Boggs in December 2007, Judge Cox was a partner at another Dallas-based law firm, Hughes & Luce, LLP from January 2006 to November 2007. From August 2002 to January 2006, Judge Cox served as a District Judge in the 160th Judicial District Court of the State of Texas. Judge Cox received his Bachelor's degree in Finance from the University of Notre Dame and a Juris Doctor degree from the University of Texas School of Law.

Brad C. Glosson

James G. Martin

DesignLine Director since 2006. Serves as Chairman of the Executive Committee. Since July 2008, Dr. Martin has served as Senior Advisor of McGuire Woods Consulting, a full service public affairs firm. From 1993 until 2008, Dr. Martin was Vice President of Carolinas HealthCare System. Before 1993, Dr. Martin was a member of the U.S. House of Representatives from 1973 to 1984 and the Governor of the State of North Carolina from 1985 to 1993. Dr. Martin is founding Chairman of the North Carolina Global TransPark in Kinston, North Carolina, the Charlotte Regional Advisory Committee of the North Carolina Biotechnology Center, the Nutrition Research Center at the North Carolina Research Campus in Kannapolis, North Carolina and the Charlotte Area Science Network. He is also a director of Family Dollar Stores, Palomar Medical Technologies and the North Carolina Capital Management Trust. He serves on the boards of the Charlotte Symphony Orchestra, the North Carolina Masonic Foundation and the Joe Martin ALS Foundation. Dr. Martin received his B.S. degree in Chemistry from Davidson College and Ph.D. degree in Organic Chemistry from Princeton University.

Arnold Punaro

Director since November 10, 2009. Arnold Punaro is Chief Executive Officer of The Punaro Group, LLC, a Washington-based firm offering government relations, strategic planning, federal budget and market analysis, communications, crisis and emergency management, business development and sensitive operations consulting. Formerly and Executive Vice President for Science Applications International Corporation (SAIC) for 14 years, he was the senior corporate official responsible for SAIC's government affairs, communications, support operations, and general manager of Washington Operations. He serves as a Member on Secretary of Defense Gates' Defense Business Board and as a Senior Associate at the Center for Strategic and International Studies in Washington, DC. He serves on the Boards of the Atlantic Council, the National Defense Industrial Association, and Wolf Trap. In January 2005, he was named to chair the independent Commission on the National Guard and Reserves (CNGR). He has a Masters of Arts degree from the University of Georgia and a Masters of Arts Degree from Georgetown University, the latter in National Security Studies. General Punaro was on the Adjunct Faculty of the Walsh School of Foreign Service at Georgetown University for 10 years and is a retired U.S. Marine Corps Major General.

Bill R. Tillett

Director since November 10, 2009. Serves as Chairman of the Audit Committee. Mr. Tillett has worked in the accounting and financial profession during the past three decades. Since retiring from Coopers & Lybrand as a Managing Partner and a member of its National Board, Mr. Tillett has been a Transaction Partner and an Executive Committee member of Maplewood Partners, through which he serves on the portfolio board of a $100 million revenue automobile parts company and Uncle Julio's, a $90 million revenue Mexican food chain. Mr. Tillet is also the Chairman of National Foundation for Advancement in the Arts, the Trustee of United Way of Miami - Dade and the Board member of the Community Partnership for the Homeless, Inc. and the Baptist Hospital System foundation. Mr. Tillett received his Bachelor's degree in Business from the North Texas State University and is a certified public accountant.

Darren C. Wallis

Mr. Wallis joined the DesignLine Board of Directors in April 2010. Darren is a Managing Director of Guggenheim Capital Ventures. Prior to Mr. Wallis joining Guggenheim, he served as Partner and Portfolio Manager of Permit Capital, LLC. He headed the direct private equity and opportunistic investments of the firm and co-headed the fund of funds investment activities. Prior to joining Permit Capital, Mr. Wallis was Managing Partner of Osage Partners, an early stage venture capital firm. He has been recognized in 2007 by the Philadelphia Business Journal with its prestigious "40 Under 40" award, which honors individuals committed to professional excellence and community involvement. He serves on the Executive Committee of the Mid-Atlantic Capital (MAC) Alliance, a consortium of over 100 investment firms and professional service providers. Mr. Wallis received his Bachelor of Science degree in Chemical Engineering from the University of Notre Dame and studied law and capital markets at Duke Law School and Duke's Fuqua School of Business, where he received a J.D. cum laude.

Edward I. Weisiger

Director since February 2009. Serves as Chairman of the Compensation Committee. After serving in the U.S. military, Mr. Weisiger joined Carolina Tractor and Equipment Company. He served as the President and since 1991 serves as the Chairman of the Board of Directors of Carolina Tractor and Equipment Company. In addition, Mr. Weisiger has served on the Board of Directors of Wachovia Bank and was the Chairman of the Board of Trustees of North Carolina State University. Mr. Weisiger received his Bachelor's degree in Mechanical Engineering from the North Carolina State University.