All offers and sales of any securities will be made only to Accredited Investors, which for natural persons, are investors who meet certain minimum annual income or net worth thresholds or hold certain SEC approved certifications. Any securities that are offered, are offered in reliance on certain exemptions from the registration requirements of the Securities Act of 1933 (primarily Rule 506(c) of Regulation D and/or Section 4(a)(2) of the Act) and are not required to comply with specific disclosure requirements that apply to registrations under the Act. There are risks associated with investing and securities in general. Investing involves risk of loss including loss of principal. Some high-risk investments which use leverage may accentuate gains and losses. Past investment performance is not a guarantee or predictor of future investment performance. Further, the content on this website is not intended to be investment, legal, or tax advice. Piper Waterhouse is not acting as an investment adviser, attorney, or tax professional and nothing on this website should be construed as personalized advice. Prior to making any investment decision, you should consult with your own investment, legal, and tax advisors to evaluate the risks, consequences, and suitability of the investment opportunity. Your specific circumstances may, and likely will, vary.