Dennis Townsend

Chairman

Dennis founded Townsend Capital, LLC in 1975, after beginning his investment career at Thomson McKinnon Securities, Inc., where he was one of the pioneers in the newly-emerging field of tax-advantaged investments. Because of his tax expertise, he frequently advised tax attorneys and accountants on the analysis and structuring of these partnerships. Relying on his ability to understand the market, Dennis has guided Townsend Capital as it evolved from a registered securities broker dealer and investment advisory firm to a company that invests primarily for its own account. From purchasing empty buildings in Texas, to long-term net leases to credit tenants, to sale-leaseback transactions, to build-to-suit developments, to building laboratory research facilities for major universities, he has established lasting relationships with such clients as AT&T, Lucent Technologies, Tyco and the University of Pennsylvania.

In late 2006, Dennis predicted that the real estate industry was near its peak and set a course to divest the majority of its real estate holdings. With the sale of its primary real estate portfolio in 2007, Townsend turned its focus to various opportunities with the energy field, and formed Townsend Ventures. These new ventures included the acquisition of Encelium Technologies, a lighting controls company focused on delivering energy savings to commercial properties, significant investments in Kokam Co., Ltd., Dow Kokam, LLC and Kokam America, Inc. (now KA Remainder) as well as domestic oil and natural gas exploration.

Dennis attended Johns Hopkins University and was a member of the staff that coached the lacrosse team to five NCAA championships. An avid golfer, Dennis is also the founder of Hamilton Farm Golf Club in Gladstone, New Jersey.

David Townsend

President

For more than a decade, David has been instrumental in growing Townsend to its current size, level of sophistication, and breadth of services and expertise available to our clients. Today, David maps the strategic direction of the company and manages the company’s day-to-day operations. He brings to Townsend Capital a unique perspective, extensive experience and expertise in financing, leasing, structuring, sale/leaseback transactions and like-kind exchange transactions.

In 2007, David and his father formed Townsend Ventures, and moved the Company’s focus from real estate related transactions to energy related investments. David serves as President of Townsend Ventures, LLC. This new venture includes the acquisition of Encelium Technologies as well as significant investments in Kokam Co., Ltd., Dow Kokam, LLC and Kokam America, Inc. (now KA Remainder).

In addition to his role in Townsend Ventures, David serves as President of Hamilton Farm Golf Club, LLC, a related company that owns an exclusive, high-end, private golf club in Gladstone, NJ.

David was a starting player for the nationally-renowned lacrosse team at Johns Hopkins University, where he graduated with a degree in economics in 1993

Richard R. Cundiff, III

Chief Operating Officer

Rick joined Townsend Capital in 2004, bringing with him nearly a quarter century of investment banking experience in the financing and capitalization of projects and companies. Early in 2009 he was named Chief Operating Officer of Townsend Capital, the operating company for most of the company’s investments.

Rick has helped raise all forms of investment capital, including private and public debt and mortgages, common and preferred equity and mezzanine financing. As a Managing Director at McDonald Investments, a KeyCorp. Subsidiary, he founded the firm's tax credit practice, raising hundreds of millions of dollars from Corporations to invest in tax oriented transactions including IRC. Sec. 42 Affordable Housing, IRC Sec. 29 Alternative Fuels and Sec. 47 Historic Rehab credits.

While at McDonald, he was integral in advising the firm's Real Estate Investment Trust (REIT) clients on initial public offerings, secondary offerings, preferred stock issuance and corporate and mortgage debt placements. Rick was named head of McDonald's Credit Tenant Lease practice in 1998, structuring and placing billions of bonds and notes for the firm’s corporate clients.

Since joining Townsend Capital, Rick organized the efforts to form a Community Development Entity (CDE) to utilize New Markets Tax Credits (NMTC) as an attractive project capital source. With Townsend's successful bid for NMTC allocations, Rick and his staff are responsible for structuring the NMTC transactions and raising the equity from corporations that wish to invest in qualified projects.

Rick has also been a driving force in the formation of Townsend Ventures and its subsequent creation of a robust investment portfolio. He has been integral in the acquisition of an interest in Kokam Co. Ltd, the acquisition and disposition of Kokam America, the structure, formation and funding of Dow Kokam in addition to various other corporate investments.

Rick graduated from the University of Toledo with a bachelor of arts in finance and economics. He has served as a member of the board of trustees of Recovery Resources, the Lake Erie Nature and Science Center, and the local council of the Boy Scouts of America.

Michael Swanenburg

General Counsel

Michael joined Townsend Capital in 2004, after many years of service in the real estate practice group of a large, national law firm. He has extensive experience in a wide variety of sophisticated real estate transactions, including financing arrangements and leasing. Since joining Townsend, he has participated in the closing of numerous transactions, including the acquisition of many of the Company’s energy related investments.

Michael is a 1991 graduate of Duke University, double-majoring in Art History and Political Science, and a 1994 graduate of the Southern Methodist University School of Law. Michael is the former Chair of the Real Property Section of the Maryland State Bar Association.

Jared P. Stile, CPA

Vice President

Jared has over 14 years of diverse accounting and financial experience. He began his career with Reznick Group, a large national public accounting firm, where he specialized in auditing commercial and residential real estate holdings. From there, Jared was hired as the Controller for two start-up software development firms where he was responsible for all aspects of accounting, financial reporting, and financial forecasting.

In 2003, Jared joined Townsend Capital as the Controller and has since become a part of the transaction team, participating in the closing of many of the company’s largest real estate sales and was actively involved in repositioning a 62,000 square foot medical office building for resale. Most recently, Jared has been actively involved in the analysis, acquisition, and recapitalization of Townsend’s energy related investments. Additionally, Jared has been an integral part of the team responsible for preparing and submitting applications to the U.S. Department of Energy and numerous state agencies requesting more than $1 billion in energy related funding for Townsend’s Dow Kokam investment.

Jared graduated from Loyola University Maryland with a Bachelor of Business Administration in Accounting and a Masters in Business Administration in Finance. He is a Certified Public Accountant in the State of Maryland.

Josh Ferguson

Assistant Vice President

Since joining Townsend Capital in 2007, Josh has worked closely with the Executive team on many of their strategic initiatives. He has been an instrumental part of Townsend Ventures’ energy related investments, and has provided much of the economic research, analysis, and financial modeling that has guided the company’s decision making. Josh also works closely with Rick Cundiff in managing Townsend Capital’s $100 million New Markets Tax Credit (NMTC) business, and has worked on several debt placement transactions. Josh’s previous experience includes working for three years as a Credit Analyst for a major commercial finance company.

Josh graduated from the University of Oklahoma with a Bachelor of Business Administration in Finance, and from the University of Virginia’s Darden School of Business with a Master of Business Administration.