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Wellspring Hires Sanford Devries as Controller
Date:7/27/2009

LOS ANGELES, July 27 /PRNewswire/ -- Fueled by aggressive goals to expand nationwide, Wellspring recently hired Sanford Devries for the position of Controller. Sanford is a financial leader with extensive experience in the role of CFO/Controller for various companies. He has special expertise in G.A.A.P., internal financial controls and accounting best practices. With Wellspring's goals for expansion and growth, Sanford is the ideal candidate to leverage controls on cash management, budgeting and financial forecasting.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090505/LA10604LOGO)

Sanford brings over 20 years of financial management experience as a Controller with fast paced private companies and rapidly growing public entities. Sanford took a startup company to $40M in sales after nine years with a leveraged buyout by management in the fourth year. He identified critical variances and metrics that resulted in a 3% growth in gross margin as a result of procedural changes and supplier negotiations. He opened eleven new offices, all having full accounting controls and each responding profitably within the first year of operation. He increased the cash flow at a newly acquired company $500K by implementing rigorous controls in accounts receivable and without adding additional personnel. Sanford financially consolidated eleven corporations, profit centers and partnerships each month. He reduced direct and indirect costs 2.5% at an engineering company by implementing a paperless office using Adobe Professional. He received his BA at University of Nevada and his MBA at California State University Long Beach. With Sanford's numerous professional accomplishments and financial background, he's the perfect addition to the Wellspring management team. <
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