Investment Criteria

STAGE:

        Turnaround Growth, Restart or Ownership Recapitalization

BUSINESS CRITERIA:

        Proven product with existing customers and recurring revenues

FINANCIAL PERFORMANCE:

        At or near cash flow breakeven within a one to three month time period

INVESTMENT SIZE:

        Private: $10 million to $50 million in equity

        Public: Up to $150 million total transaction size

TYPE OF SECURITY:

        Typically Common Stock, although may position investment at any point in the capital structure,
        up to and including Senior Secured Debt. We typically do not use Preferred Stock.

OWNERSHIP:

        Typically control position, with management

INVESTMENT HORIZON:

        Very flexible - two to ten years, although may be as short as twelve months