TSF Capital has been in business only since 2003.  However, in that time we have engaged in a variety of activities.  The following are samples of those activities which are intended to provide examples of the kinds of things which TSF Capital will do in the future.

Advisory Services:

            Creating a spinout company.  A company which was primarily engaged in government funded research and development projects approached TSF to help it commercialize a device it had developed as an adjunct to a research project.  The device was a high tech solution to a common problem in the construction industry and had multiple applications and opportunities for the development of advanced products and new related devices.  The Company had little expertise in the commercial market place and had unsuccessfully tried to commercialize other products.

            TSF advised the company that its R & D culture would not be conducive to successfully exploiting the device.  TSF led the company through a series of planning meetings to develop the most appropriate structure for this effort.  As a result, TSF led the organization of a separate operation around the technology and hired a CEO for it with sales and marketing expertise in the construction industry.  We then created a new entity, distinct from the now parent company, and spun-off the assets and business into the new company.  We then assisted the new CEO in developing a business plan and began hiring staff.  Within three months, the new company had, with the assistance of TSF, raised the necessary capital from outside to fund its business plan and the company is on track to increase revenues by 3 to 4 times over the prior year.  A Principal of TSf continues to serve on the Board.

            Refocusing a start-up.  One of the comprehensive universities in Oklahoma had spun-off a company in early 2003 to commercialize a new technology which the university had developed and patented.  The technology is applicable to a field for which the commercial applications for the technology are still years away and the new company's efforts were still focused on research and development.  The company chose to try to raise money from the venture community to leapfrog its development efforts.  This was unsuccessful.

            The university engaged TSF to develop and lead a new direction for the company.  TSF developed a new business plan that focused the company on acquiring strategic partners to refine and finance its research and development efforts.  While this effort is just beginning, the investment community has universally commented favorably on this approach and has indicated a willingness to invest once these collaborations are established.  Already, TSF has been successful in acquiring a research collaboration agreement from one Fortune 50 company as well as the assistance of its venture capital affiliate in raising new money when other similar contracts are in place.

Investing:

            Developing a growth plan.  TSF had a small investment in a company in the growing field of environmental testing.  TSF, working with management and the company's largest stockholder, developed and funded a plan to buy out several stockholders.  Today, TSF and the other large stockholder each own 44% and the President of the company owns 12% and the new Board of Directors is embarking on a growth plan that is intended to more than double the company's size and profitability in a few years.  One of the Principals of TSF is the Chairman of the Board and he and the other TSF Principals take an active role with the company, working with the President, assisting in the management and growth of the company.

            Funding new directions.  TSF was approached by a company which was in the IT consulting and applications development business.  In the course of its consulting practice, the company had developed what it believed to be a business model which it could exploit.  TSF assisted the company in structuring a complicated buy out of a related entity that held certain proprietary rights which were important to the new business model.  As part of this, TSF led the negotiations with the lenders and stockholders of the related entity.  TSF then provided funding to the company for the implementation of its new business model.  TSF is providing ongoing business advice and a Principal of TSF serves on the company's Board of Director.  TSF owns approximately 20% of the Company at this time.

            Turnaround.  TSF was approached to investigate the possiblitly of acquiring a failing manufacturer of downhole equipment for the oil and gas industry.  After two years of work, TSF successfully acquired the operations, putting together a new management team and an investor syndicate.  TSF undertook the direct oversight of the management team on behalf of the investors and led the trunaround of this operation from under $5 million in revenue losing apporximately $1 million to revenues of over $14 million and pre-tax profits of over $2.3 milloin in less than 2 years.