St. Cloud invested in Advanced H2O, Inc. in the form of subordinated secured promissory notes with warrants. The investment was part of a debt offering led by St. Cloud. The capital was used to refinance a lease on bottle blowing equipment, to purchase new equipment and for working capital. Advanced H2O is the leading producer and distributor of private label bottled water products in the Pacific Northwest. The Company was eventually sold to LaSalle Capital Group, L.P. St. Cloud’s subordinated secured promissory notes were repaid in full and the warrants were sold.