Fred G. Choate

Independent Board Member

Fred Choate is the President and controlling shareholder of Greater Philadelphia Venture Capital Corporation, a position he has held since 1997. From 1972 until 1979 he worked at Bank of America in the US and Canada. Moving to the private equity sector in 1979 Fred served as Chief Investment Officer and Managing Director for funds in Canada, the US, and Eastern Europe. He was previously a director of Escalon Medical Corp. (Nasdaq: ESMC), a medical products company, Berean Federal Savings Bank and currently serves on the board of Parke Bank NA (Nasdaq: PKBK). He chaired or currently chairs the Audit Committee at all three of these institutions and currently serves on the board of directors for Xponance^®. Fred is a member of the Institute of Directors of the United Kingdom and has an extensive financial background and audit committee experience.