INVESTMENT PROCESS

Our approach to investing is direct and deliberate. We realize that time is always of the essence. Shortly after preliminary underwriting and concluding that a proposed investment is highly attractive, we will draft a "conversational offer" which specifies the primary terms for a transaction. The next step is to visit the company and meet with management. A formal letter of intent is then issued with detailed specifics for completion of the transaction. Subsequent due diligence usually requires sixty days; the investment is completed as soon as legal documents are finalized.