TEGSCO, LLC (DBA San Francisco AutoReturn)

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StCloud_Port_AutoReturn

www.autoreturn.com

St. Cloud invested in TEGSCO, LLC in the form of short-term senior secured promissory notes. In October 2004, TEGSCO, LLC repaid the short-term notes and entered into a long-term financing comprised of senior secured promissory notes with equity features. The investment was used for working capital purposes and was placed in conjunction with an emergency interim contract and a subsequent five-year contract signed between TEGSCO and the City and County of San Francisco. TEGSCO, LLC, which operates as San Francisco AutoReturn, provides services for towing, storage, and disposal of abandoned and illegally parked vehicles. St. Cloud’s notes were repaid in full. St. Cloud retains an equity position in the Company.

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