Patrick D. Bosold | Ivo Karindi
 Steven M. Rideout Steven M. Rideout has more than twenty years of diversified experience in international and domestic markets, with a primary emphasis in crude oil, electricity and other energy derivatives. His experience ranges from the hedging, arbitrage and trading of underlying commodities and their associated derivative products to the development of state-of-the-art financial business structures, including software architecture for hedging and trading support. Mr. Rideout began his career in finance in 1978, profiting through arbitrage in building material costs between the United States mainland and the Hawaiian Islands. In 1979, he was hired by Amerex Petroleum Group as a senior international crude oil broker. In this capacity, he negotiated the purchase and sale of approximately $6 billion a year of international crude oil contracts on the international spot market. In 1982, Mr. Rideout became Vice-President of International Crude Oil Trading at Osborne Energy in Houston, Texas, a firm specializing in domestic crude oil pipeline transactions. At Osborne Energy, he developed the firm's international arbitrage division, based on evergreen contracts negotiated with Standard Oil of Ohio. Mr. Rideout was responsible for moving $300 million per month of theoretic and physical domestic and foreign crude oils through agreements with major trading and oil companies worldwide. In 1985, Mr. Rideout became an independent consultant to a variety of large international trading firms. During this time he managed individual commodity accounts and was a regular guest on the Financial News Network. Studying a broad range of technical analysis systems, Mr. Rideout began developing his own proprietary algorithms. These algorithms became the basis for many of the systems currently in use by IES. In 1986 Mr. Rideout rejoined Amerex Petroleum Group as the senior broker of the United States forwards desk. During this time he designed and had constructed the first international computerized crude oil arbitrage system. This system linked international offices with a unique spreadsheet tool that monitored the changes in 10 crude grades for deliveries over a future six-month period. This computer system was successful in identifying inefficiencies in the crude oil market, generating millions of dollars of revenue for the firm. Mr. Rideout transferred to London, England in 1990 to become manager of Amerex's European operation. In 1992 he returned to the United States to form Royal Union Petroleum Group, a Commodity Trading Advisor which subsequently developed a successful track record in international crude oil arbitrage. Mr. Rideout is now managing director of Integrated Energy Services, a firm he founded in July 1995. Integrated Energy Services offers consulting services to electric power producers who face the competitive environment emerging from deregulation. This firm's proprietary research and development group creates groundbreaking new financial technologies that have been recognized by such prestigious groups as the International Association of Financial Engineers and the Second World Congress of Nonlinear Analysts as state-of-the-art contributions to the field of finance. In February 1998, Mr. Rideout formed two new companies as an outgrowth of the Integrated Energy Services operation: IES Capital and Trade, a fund manager; and IES Press, a publishing entity. These companies complement the existing IES organization, assisting with the practical implementation of the firm's new financial technologies in international financial markets.
Valery A. Kholodnyi Dr. Valery A. Kholodnyi is a world-renowned expert in finance and financial mathematics, and is the founder of the science of theoretical finance. He has extensive background in pure and applied mathematics, theoretical and mathematical physics, and electrical and electronic engineering. Dr. Kholodnyi was a four-time laureate of the Moscow Mathematical Olympics between the ages of twelve and sixteen. At seventeen, he received the Gold Medal, the highest graduating honor in the Soviet High School System. He received his Doctoral Degree at age 25 from the prestigious Moscow Institute of Electronics and Mathematics. Dr. Kholodnyi's experience with financial mathematics and financial capital markets includes several years of research and development experience in the areas of theoretical and numerical analysis of various contingent claims, term structure of interest rates, and dynamics of asset prices. Dr. Kholodnyi introduced to finance for the first time such fundamental notions from modern theoretical physics as observables, invariant or coordinate-free descriptions of phenomena, symmetries and related group-theoretical methods. Dr. Kholodnyi has more than sixteen years of research and development experience in the areas of boundary-value problems for Helmholtz and Maxwell's equations in general and also specifically in various periodic structures in the plane, reduction of these boundary-value problems to pseudodifferential equations on the boundary, and the properties of the corresponding pseudodifferential operators. He has applied these boundary-value problems to the numerical analysis of various problems in electrical and electronic engineering, such as diffraction problems and wave propagation in various periodic structures and slow-wave systems. His theoretical and mathematical physics background includes more than seven years of research and development experience in the area of four-dimensional superstrings in free fermionic formulation. Dr. Kholodnyi's administrative experience includes initiation, supervision and completion of over forty research and development projects in the areas of financial mathematics and financial capital markets. He was founder and chairman of the Research Seminar on Finance and Related Mathematical and Physical Models, sponsored by Integrated Energy Services, L.C. He currently serves as Editor in Chief for the Journal of Theoretical Finance, published by IES Press. Dr. Kholodnyi's publishing credits include over sixty research papers and a patent for an invention, all on the topics of his research work. He is the author of Beliefs-Preferences Gauge Symmetry Group and Replication of Contingent Claims in a General Market Environment (IES Press), a book based on his 1995 article of the same name that marked the first introduction of gauge symmetry to the analysis of financial capital markets. Dr. Kholodnyi is also the co-author of two other published monographs, Foreign Exchange Option Symmetry (World Scientific Publishing Co.) and Foundations of Foreign Exchange Option Symmetry (IES Press), with another six monographs in development or pre-press production. He has presented more than seventy research papers, thirteen of which were invited papers, at world congresses, international and national conferences, and at research seminars in university departments. In August 1995, Dr. Kholodnyi became Vice-President of Research and Development for Integrated Energy Services L.C. In May 1996 he became an equity member of the firm. In July 1996, Dr. Kholodnyi gave one of the main invited presentations to the prestigious Second World Congress of Nonlinear Analysts, held in Athens, Greece, on his work in nonlinear analysis and its applications to finance. The equation created by Dr. Kholodnyi and presented at this conference is now known internationally as "The Kholodnyi Semilinear Evolution Equation for Universal Contingent Claims." In March 1997, Dr. Kholodnyi was honored by the International Association of Financial Engineers for his groundbreaking work on foreign exchange option symmetry. This work was conceptually based on his 1995 article, Beliefs-Preferences Gauge Symmetry Group and Replication of Contingent Claims in a General Market Environment. In October 1998, Dr. Kholodnyi accepted an invitation to organize a minisymposium and also to give an invited 45-minute talk at the Third World Congress of Nonlinear Analysts in Catania, Italy in July 2000. Dr. Kholodnyi was also invited to be a member of the Organizing Committee for the Congress, which is held once every four years and is considered to be one of the leading forums for announcements of groundbreaking new discoveries and solutions related to global economic, environmental and social issues. Dr. Kholodnyi is the author of the principles underlying IES L.C.'s many intellectual properties. His work is revolutionizing the derivatives industry and global financial markets.
Patrick D. Bosold Patrick D. Bosold is a professional writer and editor with extensive technical writing, editing, project management and publishing experience. Mr. Bosold's technical writing experience includes documentation of one of the first travel agency computer systems to interface with major airline reservation networks. He has also documented computer systems that managed and reported on: commodity flow and delivery for the largest agricultural cooperative in the United States; circuit engineering and design for one of the largest telephone companies in the country; inventory control for a leading provider of business computer systems and networks; box office receipts, accounting and cash flow analysis for one of the largest cinema chains in the US; and corporate charitable contributions for a large pharmaceutical firm. He contributed to a best-selling "user-friendly" manual on the use of a popular word-processing and desktop publishing program. He was also a contributor to the NeXt computer user's guide for one of NeXt's preferred word processing, desktop publishing and office management software packages. Mr. Bosold has contributed research, interviews and and background writing to articles on advances in workplace management such as quality circles, total quality management, and other human resource issues in industrial and high-technology environments. He has also written policies and procedures manuals for human resource applications in industrial, manufacturing, health care and engineering firms. As a copywriter and project manager, Mr. Bosold has served diverse clients and industries. He has written, edited and overseen production of instructional manuals, home study courses, books, newsletter articles, direct mail packages, press releases and promotional brochures and flyers on a wide range of subjects including real estate investment, personal investment management, options investing, environmentally-sound solid waste disposal systems, satellite communications systems, consumer credit reporting, corporate takeovers and consolidations, and high-accuracy industrial cutting systems. Mr. Bosold's published credits include articles in numerous business and financial magazines and newspapers, including Futures, Technical Analysis of Stocks and Commodities, Bull & Bear, Electric Light & Power, Teleprofessional, Personal Investor, Registered Representative, the Des Moines Register, Mortgage Banking, National Underwriter, Insurance Week, and Insurance Times. He has developed story concepts for stories that appeared in Time, Business Week, USA Today, Success, and the Chicago Sun-Times. He is the co-author of the forthcoming IES Press publication that explains the P-28 physics-based financial technology to non-technical audiences: P-28: The Coming Revolution in Global Financial Markets (a Laymans's Guide to Beliefs-Preferences Gauge Symmetry Group and Replication of Contingent Claims in a General Market Environment). Mr. Bosold became the Managing Director and Editor in Chief for IES Press in January 1998. He served as editor of the first two books published by IES Press, Beliefs-Preferences Gauge Symmetry Group and Replication of Contingent Claims in a General Market Environment and Foundations of Foreign Exchange Option Symmetry. During his tenure, IES Press has become a distributor for World Scientific Publishing Co., a leading publisher of books for the natural sciences. Mr. Bosold has also established distribution relationships for IES Press with Amazon, Barnes & Noble, Baker & Taylor, Global Investor, NUMA Financial, and over fifteen other Internet distributors of finance-related books. He continues to negotiate distribution relationships with targeted distribution outlets, including the International Association of Financial Engineers and the Global Association of Risk Professionals. IES Press is the publishing subsidiary of Integrated Energy Services LC and the Institute for Financial Technology. IES and IFT scientists conduct leading-edge research in the field Theoretical Financesm; Mr. Bosold and IES Press are dedicated to bringing into the public domain the results of their efforts. At the same time, Mr. Bosold plays a key role in directing and supporting the parent company's ongoing funding, marketing and public relations programs.
Ivo Karindi Ivo Karindi brings substantial consulting, trading and programming experience to his role as lead financial researcher, analyst and technology programmer for IES LC. Mr. Karindi studied radio engineering in his native Estonia and Business Administration in the United States, focusing on a wide range of areas that included financial accounting and financial management, statistics, macroeconomics, money markets and capital markets, advanced mathematics and physics, strategic management, operations management, business ethics and business law. During his schooling in the United States, Mr. Karindi's background in these different areas led to numerous business, financial and management consulting contracts. Mr. Karindi has developed workplace computer programs that have substantially streamlined customer service, accounting and analytical systems for business clients. In the field of finance and financial markets, he has conducted extensive research and analysis on the performance of numerous investment funds and hedge funds. He has worked for National Chemical Company of Oslo, Norway, DeCicco Associates, a portfolio management service, and Telegroup, Inc., an international telecommunications company. Mr. Karindi's work for IES includes the development of Dynamic Phase Transitionssm (DPT), an advanced modeling process that provides a strong competitive advantage for power producers hedging risk in competitive markets. Mr. Karindi designed DPT to provide continual and intricate technical measurement of price activity in each liquid component of the electric power process, as well as continual and intricate technical measurement of the relative values between the components. Mr. Karindi's program provides a dramatically more accurate method for optimizing and hedging price, either the price of any individual component of the electric power process or the price relationships between input fuels and electric power products in various time windows. This program has helped IES maintain and enhance its position as a leader in risk management consulting for the electric power industry. In addition to his ongoing refinement of the DPT program, Mr. Karindi's contributions to the IES team include development of software that will bring to market the company's first physics-based pricing technology. This new product, known as Foundations of Foreign Exchange Option Symmetry, will provide a new method for calculating the value of specific financial instruments in foreign exchange option markets. This new product is expected to provide substantial revenue for the company. It is also expected that leading market information providers such as Bloomberg, Dow Jones, Reuters and others, along with major risk management software developers such as Primo, Zai Net and others, will eventually provide services and develop software components based on Mr. Karindi's work. Mr. Karindi's excellence as a researcher, analyst and programmer will continue to support IES's future success, growth and earning power.
Technical Consultants
Ilya Gikhman Dr. Ilya Gikhman comes from a family that includes one of the world's most noted experts in probability theory, Dr. Josef Gikhman. Dr. Ilya Gikhman has made extremely elegant and insightful contributions to stochastic partial differential equations. This is an active area of mathematical research that is considered highly challenging and of great practical importance in general and in particular in the field of finance. Dr. Gikhman received his Ph.D. in mathematics in 1975 and his Doctor of Science degree in mathematics in 1990, both from the Institute of Mathematics in Kiev, Ukraine. His fifteen years of teaching experience include a professorship at Donetsk State University, Ukraine. He also was a Senior Researcher at the Ukrainian Academy of Science's Research Center for Applied Mathematics and Mechanics. In the United States, he has been a member of the faculty at the University of Cincinnati. Dr. Gikhman's twenty years of research have given him expertise in stochastic ordinary and partial differential equations, random processes, stochastic calculus, operations research, and stochastic control. A small sample of Dr. Gikhman's results includes solutions to general stability problems related to ordinary stochastic differential equations, a new probabilistic interpretation for the solution of the Schrodinger equation in quantum mechanics, a suggested direct probabilistic method for solution of the Cauchy problem for nonlinear stochastic parabolic equations, and discovery of the conditions under which the solution of a stochastic evolutionary equation does not have a finite moment of the second order. Dr. Gikhman has published over 42 papers. He has been an invited lecturer at symposia and workshops for the University of Cincinnati, Michigan State University, the American Mathematical Society, and the Conference on Stochastic Partial Differential Equations. His research has been supported by prestigious international research grants from the International Science Fund and the American Mathematical Society. Dr. Gikhman's practical work includes research and consulting for aerospace and marine technology firms. He has conducted statistical analysis of discrete mass scattering, vibrations of beams under random boundary conditions and in non-inertial systems, and reliability of complex electronic systems. He is listed in "Who's Who in the World" (12th edition) and "The International Who's Who of Intellectuals" (8th edition). Dr. Gikhman's expertise in probability theory plays an important role in Integrated Energy Services LC's ongoing development of theoretical finance and its application to world financial markets.
Maxim Zyskin Dr. Maxim Zyskin has extensive experience with a variety of mathematical and physical models. Dr. Zyskin received his M.S. in physics and applied mathematics from the Institute of Physics and Technology in Moscow, Russia in 1990. He received his Ph.D. in mathematics in 1996 from Rutgers University. Dr. Zyskin has made important contributions in several areas of mathematics and physics. He was a co-developer of a new general method for the solution of a Cauchy problem for nonlinear integrable equations in terms of analytic functionals of initial data. His current research includes investigation of supersymmetric quantum mechanics. Dr. Zyskin's papers have been published in Geometry and Singular Theory, Letters of Mathematical Physics and Physics Review. He has been an invited lecturer at the Mathematical Physics and Dynamical Systems seminar series conducted by Dr. Michael Lapidus at the University of California, Riverside. Dr. Zyskin's work experience includes development of mathematical models and algorithms in computational linguistics, leading to the creation of a commercial product for NDim, Inc. of New Jersey. In conjunction with Orbit Co. of New Jersey, he has developed financial mathematical models and algorithms for a Canadian financial institution. Dr. Zyskin studied under Dr. Israel M. Gelfand, one of the world's leading experts in probability and functional analysis. Dr. Zyskin's teaching experience includes a visiting professorship at the Dept. of Mathematics of the University of California, Riverside. In an era when mathematics and physics have become closely related, Dr. Zyskin is a rare example of someone who can work in both areas with the highest level of competency. This combination of skills plays an important part in the Integrated Energy Services LC research and development program for theoretical finance.
Eduard R. Tsekanovskii Dr. Eduard R. Tsekanovskii has made outstanding contributions to research in operator theory, especially in the theory of nonselfadjoint operators and their applications. He has over 30 years' experience in functional analysis, operator theory and theory of stationary and nonstationary stochastic processes. Dr. Tsekanovskii received his Ph.D. in mathematics from the Physics and Engineering Institute, Kharkov, USSR. He has been a faculty member at Donetsk State University, Ukraine and the State University of New York at Buffalo and has been a visiting professor at the University of Indiana, Weizman Institute of Science/Ben-Gurion University (Israel), Leipzig University (Germany), and Jagellonian University (Poland). His most recent teaching position was as a visiting professor at the University of Missouri-Columbia Department of Mathematics. Dr. Tsekanovskii has taught many courses and given numerous seminars on a wide range of topics within his areas of expertise. He has given major invited addresses at conferences, symposia and workshops around the world. Dr. Tsekanovskii's substantial research achievements include development of a new extension theory of Hermitian operators in rigged Hilbert spaces, which has been named biextension theory. He resolved the T. Kato problem about the existence and description of sectorial extensions of positive operators with dense domain. On the basis of biextension theory, he created the theory of characteristic operator-valued functions of unbounded nonselfadjoint operators. He also gave the spectral decomposition and description of correlation functions for nonstationary stochastic processes with slowly increasing resolvent of an infinitesimal operator. Dr. Tsekanovskii's published credits include 86 published articles. He has been listed in "Mathematics Achievements in the USSR," "Who's Who in the World" (11th edition), and "Who's Who in Science and Engineering" (2nd edition). The American Biographical Institute nominated him in 1996 for the International Cultural Diploma and Man of the Year honors. He is a member of the American Mathematical Society, Mathematical Association of America, and the German Association of Mathematics and Mechanics. Dr. Tsekanovskii's depth and range of experience in mathematics greatly aids Integrated Energy Services LC's fundamental research and development in theoretical finance.
George W. Paslaski Dr. George W. Paslaski received his B.S. and M.S. in Mathematics from the University of Idaho. In 1992, he entered Louisiana State University to pursue a Ph.D. in mathematics. Dr. Paslaski studied with LSU's outstanding probability group, which includes his advisor, Dr. P. Sundar, a highly respected stochastic analyst, Dr. H. H. Kuo, one of the chief architects of white noise theory, and Dr. A. Sengupta, a recognized authority in mathematical physics. Dr. Paslaski's Ph.D. dissertation established the weak convergence of mean field interaction systems driven by Poisson random measure and the weak convergence of mean field interaction systems driven by semimartingales. He received his Ph.D. in mathematics in 1997. Dr. Paslaski's work in mathematical finance includes extensive mathematical writing and editing experience. He is the co-author, with Dr. Valery Kholodnyi, of Foreign exchange symmetry for barrier options with time-dependent barriers in a market environment which admits the method of images, an article published by Integrated Energy Services in 1997. He was a mathematical editor for Foreign Exchange Option Symmetry, a World Scientific book published in 1998. He also served as the lead mathematical editor for the first monograph published by IES Press, Foundations of Foreign Exchange Option Symmetry. Dr. Paslaski is currently the lead mathematical editor for Dr. Valery Kholodnyi's groundbreaking work, Beliefs-Preferences Gauge Symmetry Group and Replication of Contingent Claims in a General Market Environment. This monograph, to be published by IES Press in 1998, marks the first introduction of gauge symmetry to the analysis of financial capital markets. Dr. Paslaski's other mathematical editing credits include the forthcoming IES press monographs, On the Linearity of Bermudan and American options with general time-dependent payoffs in partial semimodules and On Weighted Function Spaces Related to the Cauchy Problem for the Heat Equation Arising in Valuation of Contingent Claims in the Black and Scholes Market Environment, both of which are to be published in 1998. Dr. Paslaski's mathematical and editorial skills will continue to play an important part in the Integrated Energy Service LC research and development program, and will further support IES Press in bringing the results of this research into the public domain.
James A. Cohen James A. Cohen received his B.S. and M.S. degress in Computer Science from the State University of New York at Stony Brook. He also served as a teaching assistant at SUNY Stony Brook. Mr. Cohen's professional training includes classes and seminars in C++, object-oriented programming with C++, and MFC development using visual C++. Mr. Cohen has served as a Principal Software Engineer with Data General, a Fortune 500 hardware, software and data management firm, since 1989. During his tenure with Data General, he has been a project leader for layered product engineering, leading a team of four engineers that repaired code and provided performance improvements and short-term enhancements to DG/UX commands, libraries and administration utilities, printer subsystems and various test programs and debuggers. He has also been a project leader for development of support services for new printers, terminals, servers, backup software and system administration interfaces. Mr. Cohen's experience includes product architecture for Data General's TeraBack database backup product, writing functional specifications for administration utilities and common DLL, as well as for DLL functions in C for Oracle backup routines. As DG/UX Internationalization project leader, he led three developers in providing international support to DG/UX. His team defined and implemented localization packages for European and Asian markets and enhanced several DG/UX commands to support international features. He also managed a team of three Japanese engineers who were responsible for porting the Multi-National Language Supplement (MNLS) package to DG/UX. Mr. Cohen has acted as a contracted system test engineer for IBM, designing and implementing database systems to manage test cases, evaluate test results and develop test suite frameworks. As a contract engineer for AT&T, Mr. Cohen developed system test plans, coordinated testing activities, assisted in system testing, developed automated reporting tools to graphically display system testing, and developed an interactive information system used to track and report field support problems. Mr. Cohen was a senior software engineer for Global Integration Technologies, a firm that specialized in developing Japanese-language-portable word processors. He acted as a technical supervisor and project planner for a team of 15 engineers, served as a project architect and requirements developer in conjunction with the firm's Japanese partner, and was also a senior programmer on various projects, designing, implementing and coding advances in input methods, multi-tasking operating systems, and an ideogramatic character generator. Mr. Cohen's experience in software development and project management will play an important role in IES's design, development and deployment of software engines that render the company's financial technologies into working tools for the financial marketplace.
Board of Directors
Steven Rideout, Managing Director
Christer Cederroth Mr. Christer Cederroth, a Swedish national living in Destin, Florida, has over thirty years of experience in corporate management, mergers and acquisitions. Mr. Cederroth was heir to family-owned businesses in Sweden that manufactured a variety of widely used health care and specialty items that had market shares well above 50% in Scandinavia. Mr. Cederroth received his Bachelor of Science degree in business from the University of California at Berkeley in 1965. Since then he has worked with family-owned companies, primarily manufacturing and marketing consumer products internationally. In 1984 Mr. Cederroth took Cederroth Nordic AB public on the Stockholm Exchange. The company was sold in 1991 to Chicago-based Alberto Culver. Mr. Cederroth currently controls a handful of companies, one of which is Threshold Capital, Inc. Threshold is an equity member of IES LC. Mr. Cederroth is an active consultant to Integrated Energy Services, LC.
William Hurlin Mr. William Hurlin received a Bachelor of Arts degree from Brown University in 1975. Beginning in 1981, Mr. Hurlin served as manager of residual fuels for United Fuels International, Inc., an oil brokerage firm active in the global "spot" oil markets. Since 1985, Mr. Hurlin has been vice-president of B. Hauptman & Associates, Inc., an investment management research and consulting firm with specific expertise in the area of non-traditional money management strategies. In 1989 Mr. Hurlin also became a general partner of Genesis Management, General Partner and Commodity Pool Operator of Genesis Capital Fund, L.P., a global multi-advisor hedge fund. Mr. Hurlin is an active consultant to Integrated Energy Services, L.C.
Tim McCormack Mr. Tim McCormack is a highly successful investment portfolio manager. He has years of experience in the investment arena as a designer and manager of investment portfolios for institutions and high-net-worth individuals. Mr. McCormack is the President of McCormack Advisors, Inc., an investment consulting firm that specializes in designing and managing multi-manager investment portfolios. He is registered as a CTA and CPO with the CFTC, has been a member of the NFA since 1987, and has passed the NASD Series 7, 24 and 63 examinations. His prior work in the investment field includes three years as a CTA for Alpha Futures Management, a firm specializing in development and trading of a volatility-based mechanical trading strategy for futures markets. Mr. McCormack also worked as a general securities principal with Vangaurd Capital, a broker/dealer, operating the firm's office in Santa Barbara, CA.
Mr. McCormack is an active consultant to Integrated Energy Services, LC.
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