Claim: Michael McCafferty was the President of EDP and, in its first six months of business, the company saw a half million dollar profit.
Evidence: After a year employed as programmer and manager of the Data Processing department, he and the President of Technitrol decided to form a company in 1968 called Eastern Data Processing (EDP) as a subsidiary of Technitrol when McCafferty was only 26. McCafferty was the company's President, and he had a 20% share in the company. In the first six months of the company's operation, the company saw $400,000 in losses, which was due in part to the fact that much of its business was not related to its intended business structure.