The Firm

 In business since 1990, Spencer Edwards is a Denver, Colorado based FINRA Member Retail Broker-Dealer/Investment Banker and NASDAQ Exchange Member Market Maker acting as a boutique investment banking firm specializing in small cap equities.  Spencer Edwards makes markets in approximately 75 stocks, provides traditional retail brokerage and acts as underwriter in public offerings of equities and private placements of debt and equities.  Spencer Edwards is also qualified to provide merger and acquisition services, corporate advisory, and valuation and fairness opinions.

Executive Management

Gordon D. Dihle – CEO - Chairman of the Board

 Mr. Dihle has been involved in the securities industry for the past twenty years in investment banking capacities including underwriter’s counsel, issuer’s counsel, pricing analysis, valuations, and due diligence review, as well as underwriting and syndication with respect to public and private placement offerings.  Mr. Dihle has extensive regulatory experience with respect to public entities and the mutual fund industry.  Prior to management of Spencer Edwards, Mr. Dihle was associated with Integrity Mutual Funds, Inc., J.W. Gant Securities and Tamaron Investments as Underwriter Counsel.  Additionally, Mr. Dihle is the general partner of his family’s 6,000 acre agricultural operation.

 Mr. Dihle became a managing officer and CFO of Spencer Edwards in December 2002 and the CEO and Chairman of the firm in October 2005.

 Mr. Dihle is an active securities attorney, licensed since 1980, as well as a Certified Public Accountant “CPA” (also since 1980).  Mr. Dihle was also designated as a Certified Mergers and Acquisitions Advisor (“CMAA”) by the Alliance of Merger and Acquisition Advisors in 2004.

 Mr. Dihle is licensed by FINRA Regulation Inc. as a: General Securities Principal FINRA Series 24, Financial and Operations Principal FINRA Series 27; General Securities Agent FINRA Series 7; Uniform State Licensing FINRA Series 63; and Financial Adviser FINRA Series 66.  Mr. Dihle is also licensed as a Life and Variable Annuities agent by the Insurance Division, State of Colorado and as a Real Estate Broker by the Real Estate Division, State of Colorado.

 Mr. Dihle earned a BA degree Summa Cum Laude, in Accounting and Business Administration from the University of Dickinson, Dickinson, North Dakota in 1976 and a Juris Doctorate, with distinction, from the University of North Dakota in 1980.

 Donna Flemming – Executive Vice President – Corporate Director

 Ms. Flemming’s background includes twenty + years in the securities industry as a supervising broker, compliance officer, and securities firm administrator.  Prior to assuming her management position at Spencer Edwards, Ms. Flemming was the Compliance Officer and Human Resources Associate with Portfolio Management Consultants, Inc. of Denver, Colorado.  In that position Ms. Flemming was responsible for compliance with federal, state and self regulatory laws and licensing requirements for a NSMIA registered investment advisor, broker/dealer and their agents (with limited international operations).

 Ms. Flemming became a director of compliance services and financial specialist at Spencer Edwards in December 2002 and its Executive Vice President and Corporate Director in October 2005.

 Ms. Flemming is licensed by FINRA Regulation Inc. as a: General Securities Principal FINRA Series 24, Financial and Operations Principal FINRA Series 27; General Securities Agent FINRA Series 7; Uniform State Licensing FINRA Series 63; Financial Adviser FINRA Series 65; FINRA Equity Trader Series 55; Municipal Bond Principal Series 53 and FINRA Registered Options Principal Series 4.

 Ms. Flemming earned her BA Degree in English Literature from the University of Colorado, Boulder, Colorado in 1969 and a Paralegal degree with honors from Denver Paralegal Institute, Denver, Colorado, in 1996.

Karen Ard – Director of Investment Banking Services

 Ms. Ard’s experience includes twenty-five + years of experience in the brokerage industry including corporate finance and syndicate management with several national firms.  Ms. Ard has been instrumental in the successful completion of a multiplicity of private placements, IPO’s, secondary and PIPE offerings.  Her experience includes initial identification of corporate finance candidates, due diligence, structure of the offering, syndication, marketing, and overall management of the offering through its closings.  Ms. Ard is an active member of the National Investment Bankers Association, the Financial Services Exchange, the National Due Diligence Alliance and Nationwide Financial Network.  Collectively these organizations represent approximately 20,000 registered representatives.  Ms. Ard actively maintains extensive associations in the investment banking and direct participation communities.  Karen Ard is Spencer Edwards’ underwriting rainmaker and investment banking dealmaker.  Ms. Ard has an immense referral network of broker dealer contacts, public relations firms, securities law firms, small cap stock risk investors, institutional capital sources and interactive independent broker dealer organizations.

 Ms. Ard became Director of Investment Banking Services and underwriting specialist at Spencer Edwards in August 2003.

 Ms. Ard is licensed by FINRA Regulation Inc. as a: General Securities Agent FINRA Series 7.

Market Making Professionals

Thomas Richardson – Trading Compliance Principal, Manager of Trading Department and Head Trader

Mr. Richardson has been a professional equities trader with national and regional OTC and clearing firms since 1979.  Mr. Richardson earned his BA Degree in Business Administration from the University of Buena Vista, Storm Lake, Iowa in 1975.
Mr. Richardson became the Equity Trader and a market-making specialist for Spencer Edwards in March 2003 and the Trading Compliance Principal, Manager of Trading and Head trader in December, 2008.
Mr. Richardson is licensed by FINRA Regulation Inc. as a: General Securities Principal FINRA Series 24; General Securities Agent FINRA Series 7 and FINRA Equity Trader Series 55.

Frederick Ott – Senior Trader

Mr. Ott’s experience in the securities industry includes forty + years in the brokerage industry as a professional stock trader with several NYSE firms as well as quality OTC firms.  Mr. Ott operated as a commodities trader for six years.  He also served on the FINRA Arbitration Committee for five years and has testified as an expert witness in a number of securities litigation matters.  From 1984 to 1988, Mr. Ott served as the Vice President and President of the Denver Securities Traders Association and remains an active member of that organization.

 Mr. Ott became the Senior Trader and a market-making specialist for Spencer Edwards in December 2002.

 Mr. Ott is licensed by FINRA Regulation Inc. as a: General Securities Agent FINRA Series 7; Uniform State Licensing FINRA Series 63 and FINRA Equity Trader Series 55.

Stephen Biley – OTC Equity Trader 

Mr. Biley has been a securities broker since 1993.  Mr. Biley earned his BA Degree in Business Administration from the Hofstra University, New York, New York in 1992.
Mr. Biley has been employed by Spencer Edwards as a registered representative since January 1999.  In December, 2008, Mr. Biley became the Equity Trader and a market-making specialist for Spencer Edwards.
Mr. Biley is licensed by FINRA Regulation Inc. as a: General Securities Agent FINRA Series 7 and FINRA Equity Trader Series 55.

 Other Spencer Edwards Personnel

 Spencer Edwards employs twenty-two seasoned retail brokers as well as the necessary experienced and efficient administrative and supervisory personnel to maintain its varied finance specialist functions.  Virtually all of these individuals have twenty plus years in the securities industry, some as many as forty years.  Its main office is in suburban Denver, Colorado, with satellite office representatives in North Dakota, Florida and Ohio.