Transcript TRITON CAPITAL FUND - Triton Capital Fund, L.P.

Investor Presentation
The following presentation is a brief summary of information contained in the Private Offering Memorandum of Triton Capital Fund, L.P. This
presentation is not to be construed as an offer to sell securities of or any interest in Triton Capital Fund, L.P. or as an invitation or solicitation for
offers to buy securities of or any interest in Triton Capital Fund, L.P. Nothing to the contrary withstanding contained herein, potential investors
are cautioned that they may rely only upon information contained in the Private Offering Memorandum and related documents.
Contents
Page
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Market Risks Facing Investors Today . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
The Triton Solution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Hedging Strategy Example . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Investment Strategy - Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Triton Capital Pilot Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Fund Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Investor Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Fee Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Partnership Advantages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Executive Resume . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
How to Invest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
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Executive Summary
The principal purpose of the Triton Capital Fund, L.P. is to grow investors’ capital using a variety of
proprietary trading methodologies that are designed to deliver superior returns while simultaneously
insulating the investor from an increasingly volatile and hostile investing environment.
The Triton Capital Fund, L.P. seeks to provide investors with strong performance without the danger
inherent in “long-only” investment strategies such as a standard mutual fund “buy and hold” or “dollar cost
averaging” which rely solely on purchasing stocks.
The Triton Capital Fund, L.P. can be defined as a Global/Macro – Long/Short “hybrid” hedge fund that
seeks to provide investors with a better alternative than traditional buy and hold investment strategies.
The Triton Capital Fund, L.P.’s Investment Advisor, Triton Capital Investment Advisors, Inc. tends to
employ an opportunistic strategy, nimble enough to navigate volatile markets, in order to make profits,
regardless of the direction of the global markets.
The success of the Triton Capital, LLC pilot fund, which returned investors 125.02% over 29 months (vs.
23.4% for the Dow Industrials), prompted the creation of the Triton Capital Fund, L.P. in August of 2005.
Bowen C. Farrell is the President and CEO of the Triton Capital Fund L.P.’s Investment Advisor. Mr.
Farrell has been trading securities since 1978, and is a career investment banker schooled at the Harvard
Business School. Mr. Farrell researched, developed, and made all decisions for the Triton Capital pilot fund.
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Executive Summary
Objective
The objective of the Triton Capital Fund, L.P is to seek capital appreciation for its investors by
applying its understanding of micro-economic factors affecting individual securities amidst the
global macro-economic environment.
 Each security has valuation metrics, which include discounted and free cash flow analysis,
GAAP earnings, price multiples (price/sales, price/earnings, price/book, price/EBITDA,
etc.), volatility, and technical trading factors that may be considered and compared.
 Global macroeconomic factors such as industrial and demographic trends, interest rates,
currency rates, governmental monetary policy, and pricing anomalies may also be
simultaneously considered to determine if they will benefit or detract from the value of an
individual security.
Investment Strategy
The strategy of the Partnership is to optimize asset allocation, investing in securities (long
positions) with improving prospects and risk adjusted returns, and divesting securities the
Partnership holds (or taking short positions) with lesser expected returns or higher risks. The
General Partner intends to employ a flexible investment approach to asset allocation that will
allow rapid adjustments to changing market circumstances.
4
Market Risks Facing Investors Today
Recent Changes in Market Dynamics
For many individuals and institutions, timing the market has been increasingly difficult, as the
markets have become more volatile due to more rapid information flow, computerized buy
and sell programs (program trading), portfolio insurance strategies, and trend trading.
Increased Volatility
Rising markets have been followed by quick downturns, often caused by factors that have
little impact on a specific security. Investors now face new and extraordinary economic and
geo-political risks such as terrorism, nuclear proliferation, massive trade and budget deficits,
increasing leverage, asset bubbles, and more. These extraordinary factors can make investing
even more dangerous, as globalization and information flow has caused even distant markets
to often trade in the same direction, rendering few safe harbors for investors.
Buy and Hold Strategies Disappoint Investors
Investors who have chosen the buy and hold strategy used by most mutual funds have found
themselves euphoric at times, and depressed shortly after, as the markets swing up and down
more quickly than they have historically.
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Summary of Economic Risks Facing US Investors
Today
N A SD A Q 10 0 Ind ex - QQQQ
W eekly C lo sing Pr ices
Market Decline in 2000
In the late 1990s, the technology-heavy
NASDAQ 100 Index (QQQQ) increased
substantially as global industries
reconfigured themselves to take
advantage of the internet. After March
2000, the index suffered a severe
downturn as investors realized that these
economic changes were not sustainable.
Government Reaction
The U.S. Congress passed tax cuts and
the Federal reserve lowered the Fed
Funds rate in response. These actions, in
turn, flooded the markets with liquidity
and fueled asset prices, and allowed for
substantially increased household
leverage.
120.00
100.00
80.00
60.00
40.00
20.00
0.00
3/99
3/00
3/01
3/02
3/03
3/04
3/05
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Traditional Domestic and International Economic Risks
Lower Interest
Rates
Risk Factors
Given the economic situation facing US investors today, it is
easy to see the need to be aware of a variety and interrelationship of events that could, without an obvious warning,
affect the securities markets. The illustration to the right
depicts a brief, and by no means comprehensive, list of these
types events and their likely subsequent effects.
Higher Asset
Prices
Inflation
Increases
Less Demand for
US Bonds
Higher Interest
Rates
Economic and Budgetary Factors
Compounding these typical macro-economic factors for the
US investor is the global dependence upon increasingly high
oil prices, the war in Iraq, the declining ability for our
government to finance (defer) the costs of Social Security,
Medicaid, Medicare, and our ever growing budget and trade
deficits.
Housing Bubble
Bursting
Drop in
Consumption
Decrease in
Corporate Profits
Volatility in
Securities
Markets
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Additional Event Risks Facing Investors Today
Geo-Political Risks
Even though investors may understand the classic
macro-economic risks facing investors today and
apply that knowledge to investing strategies, geopolitical risks such as terrorist attacks like 9/11 also
can cause markets to collapse without notice.
Risk of Unpredictability
Terrorism has injected a new element into the
investment landscape, which is impossible to
dimension, impossible to predict, and impossible to
prepare for using standard buy and hold investment
strategies.
All these factors have given US investors an equity market exposed to above-normal
external risks, which render a buy and hold investment strategy obsolete.
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Triton Capital Fund’s Solution to
Obsolete Buy and Hold Strategies
The Triton Solution
The Triton Capital Fund, L.P. seeks high returns in the global securities marketplace without
exposing investors to the full force of unpredictable event risks like a terrorist attack.
 Investors in the Triton Capital Fund, L.P. would hold simultaneous long and short
positions in different securities in an attempt to mitigate event risk exposure.
 This investment strategy seeks to profit from the increasing spread between the value of
securities owned, which the fund believes to be undervalued, and the slower growth or
decline in securities sold short by the fund.
Thus, the Triton Capital Fund, L.P. is considered to be a Global/Macro – Long/Short
“hybrid” hedge fund, as our changing global landscape now appears to mandate.
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Long/Short Hedging
Defined by Example – First Day
Below is a theoretical example of the performance of a hedged investment given a devastating
overall market decline of 50%, declines of both ABC Corp. and XYZ Corp. stocks, but with
XYZ Corp. declining greater.
In this example, the investor is “net neutral,” having taken a position where his long and short
positions are equal on the first day. Assume a market index is trading at 100 on this day.
Index Value - 100
Purchase 2000 Shares of ABC Corp. at $25/share
Sell Short 1000 Shares of XYZ Corp. at $50/share
Net Cash Used (1)
− $50,000 (cash out)
+ $50,000 (cash in)
$0
(1)
An obligation to deliver shares of XYZ Corp. that were borrowed, then sold, is established at the time the short position
is established. This obligation is then eliminated when the shares are later purchased and delivered to the lender.
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Long/Short Hedging
Defined by Example – Subsequent Day(s)
At a subsequent time, assume the market index declines by 50% (from an index value of 100 to
50) after a calamitous event. The investor then unwinds his short position (he needs to
purchase XYZ Corp. stock to repay the XYZ Corp. stock borrowed and sold on the First Day),
and sells his stock in ABC Corp.
Even though ABC Corp. stock lost 20% of its value, the value of the short position in XYZ
Corp. offset the loss, and even yielded a $20,000 gain for the combined trade. In this example,
the investor profits even after a 50% decline in the market index.
Index Value - 50
Sell 2000 Shares of ABC Corp. at $20/share
Purchase 1000 shares XYZ Corp. at $20/share
Net Gain (2)
+ $40,000 (cash in)
− $20,000 (cash out)
+ $20,000 (profit)
(2)
This simple example was designed to illustrate how an investor can make money using a hedged strategy even in a severely
declining market. In reality, the Triton Capital Fund, L.P.’s Global/Macro – Long/Short Hedge Fund will not be perfectly “net
neutral,” but will seek to be “net long” in periods of stock price appreciation and “net short” in periods of stock price depreciation,
while at the same time offering investors more protection from unforeseen economic or geo-political events than most un-hedged
portfolios.
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Simple Examples of Hedging Strategies
Primary Goal
The primary goal in the Triton Capital Fund, L.P. is to capitalize on the relative price
performance of securities chosen to buy vs. those chosen to sell short.
The matching of securities for long and short positions can also take many different forms,
some more closely hedged than others. Below are some simple examples of hedging
strategies.
Long Position
vs.
Short Position
Description of Hedge
IBM Corp.

Microsoft
Hardware
Dow Index

Russell 2000
Large Cap vs.
Small Cap
Exxon/Mobil

BP/Amoco
Company
vs.
Company
Altria

Cisco
Dividend
vs.
Growth
US Dollar

Euro
Currency
vs.
Currency
vs.
Software
Above are some examples used for illustrative purposes only, and do not necessarily reflect the current opinion of
the Triton Capital Fund, L.P. management.
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Securities Used by the Triton Capital Fund
Investment Strategy
The Triton Capital Fund, L.P. does not limit itself to domestic equity investments as shown in
the simple example of long/short hedging. In fact, the securities utilized in its investment
strategy may also include certain non-equity asset classes such as:




Bonds
Options
Commodities
Mutual Funds
 Real Estate
 Foreign Currencies
 Exchange Traded Funds
This may be especially true in times when the equity markets appear to have diminished
volatility or when these investments are more appropriate.
Although the Triton Capital Fund, L.P. seeks to offer event risk protection by hedging, it is
intended that the Fund will be net long in markets it considers undervalued, and net short in
markets it considers overvalued, in an effort to enhance portfolio performance.
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Investment Analysis Techniques
Analysis Techniques
Within the structure of a Global/Macro – Long/Short Hybrid fund, the Triton Capital Fund, L.P.
utilizes a proprietary investment strategy which may include, but is not limited to, the following
types of securities analysis:
Global Macroeconomic Analysis
•
•
•
•
•
•
Industrial and Demographic trends
Currency Exchange Rates
Governmental Monetary Policy
Pricing Anomalies including Labor Costs
Growth, GDP, Trade Policy, Legal Climate
Interest Rates and Interest Rate Differentials
Company Specific Financial Analysis
•
•
•
•
•
DCF and Free Cash Flow analysis
Financial Statement and Leverage Analysis
Price/Sales, Price/Earnings, Price/EBITDA
Earnings Volatility and Stability Analysis
Technical Analysis
Competitive Strategy
Legal Exposure Analysis
• Potential for Legal Attack
• Value of Current Litigation
•
•
•
•
•
Rivalry
Supplier Power
Barriers to Entry
Buyer Power
Threat of Substitutes
The Triton Capital Fund, L.P. may utilize any or all of the above investment analysis disciplines in considering
its portfolio strategies, long and short.
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Triton Capital, LLC Pilot Fund Performance
Pilot Fund Performance
Triton Capital, LLC operated a pilot account, in real-time trading, of its proprietary
account to research and develop the trading strategies for the Triton Capital Fund, L.P.
Bowen C. Farrell was solely responsible for all trades, management, and execution of the
Triton Capital, LLC pilot account.
Performance for the Triton Capital, LLC pilot account was measured from August 1,
2002 through December 31, 2004, a 29 month period.
The financial performance of the Triton Capital, LLC pilot account was audited by
Kaplan & Co., Certified Public Accountants, which specializes in hedge fund accounting.
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Triton Capital, LLC Pilot Fund Performance
Investment Performance
If a $1,000,000 investment
was made in the Triton
Capital, LLC pilot fund on
August 1, 2002, it would
have risen to $2,250,094 on
December 31, 2004. This 29
month period produced a
return of 125.02%.
During that same period, the
S&P index increased 32.9%
and the Dow increased
23.4%.
Triton Pilot
$2,250,094
S&P
$1,329,414
Dow
$1,234,236
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Triton Capital, LLC Pilot Fund Performance
TRITON CAPITAL, LLC PILOT ACCOUNT
PERFORMANCE COMPARISONS
Performance Comparison
The chart at the right shows what would
have happened to a theoretical investor with
a $1 million dollar investment in either the
Triton Capital, LLC pilot fund, the Dow
Jones Industrial Average, or the S&P 500
Index. Note that the Triton Capital, LLC
pilot fund easily beat both other indexes and
turned a $1 million dollar investment into
$2.25 million dollars in 29 months.
Performance Qualification
This investment return of the Triton Capital,
LLC pilot fund, though outstanding, cannot
be guaranteed in the future.
Investors Starting with $1 Million
Audited
Dow Jones
Date
Triton Pilot
Industrials
S&P 500
July 31, 2002
$1,000,000
$1,000,000
$1,000,000
August 31, 2002
$985,800
$991,634
$1,004,881
September 30, 2002
$1,037,160
$868,981
$894,320
October 31, 2002
$1,084,351
$961,134
$971,633
November 30, 2002
$1,457,259
$1,018,257
$1,027,084
December 31, 2002
$1,426,948
$954,792
$965,117
January 31, 2003
$1,415,390
$909,409
$926,493
February 28, 2003
$1,393,027
$903,222
$922,698
March 31, 2003
$1,421,723
$914,788
$930,410
April 30, 2003
$1,533,328
$970,641
$1,005,814
May 31, 2003
$1,711,808
$1,013,011
$1,057,008
June 30, 2003
$1,858,852
$1,028,484
$1,068,976
July 31, 2003
$1,848,628
$1,056,911
$1,086,319
August 31, 2003
$1,853,805
$1,077,745
$1,105,735
September 30, 2003
$1,916,278
$1,061,634
$1,092,528
October 31, 2003
$2,107,714
$1,121,847
$1,152,575
November 30, 2003
$2,147,761
$1,119,711
$1,160,791
December 31, 2003
$2,209,831
$1,193,262
$1,217,218
January 31, 2004
$2,190,605
$1,200,476
$1,240,791
February 29, 2004
$2,217,769
$1,211,447
$1,255,940
March 31, 2004
$2,200,692
$1,185,554
$1,235,394
April 30, 2004
$2,159,539
$1,170,430
$1,214,651
May 31, 2004
$2,148,741
$1,166,182
$1,229,328
June 30, 2004
$2,194,724
$1,194,457
$1,251,442
July 31, 2004
$2,060,188
$1,160,603
$1,208,530
August 31, 2004
$2,145,068
$1,164,518
$1,211,294
September 30, 2004
$2,044,464
$1,153,799
$1,222,637
October 31, 2004
$2,105,798
$1,147,756
$1,239,771
November 30, 2004
$2,169,393
$1,193,603
$1,287,620
December 31, 2004
$2,250,094
$1,234,236
$1,329,414
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Risk-Return Performance Analysis
Risk-Adjusted Performance Measure
The Sharpe Ratio quantifies the return of an investment portfolio in excess of a risk free rate
(the 90-day Treasury-bill), relative to the risk taken in achieving those returns. The higher the
Sharpe Ratio, the better performance relative to the risk taken.
Sharpe Ratio
(29 m onth com parison)
Standard Deviation as Proxy for Risk
The risk an investor takes is commonly
calculated by using the portfolio’s “standard
deviation,” measured monthly and annualized
(M/A).
1.40
Triton Pilot
1.45
1.20
1.00
0.80
Sharpe Ratio Formula
0.60
In simple form, the Sharpe Ratio is the quotient.
M/A Portfolio Performance – M/A Risk Free Rate
M/A Standard Deviation of Portfolio
S&P 500
0.81
0.40
Dow Jones
0.51
0.20
0.00
The Triton Capital pilot fund has a Sharpe Ratio of 1.45.
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Management of the Triton Capital Fund, L.P.
Management
Triton Capital Investment Advisors, Inc. is the General Partner of the Triton Capital
Fund, L.P.
Triton Capital Investment Advisors, Inc., the fund’s General Partner, is also the
Investment Advisor to the Fund, responsible for implementing the investment
objectives of the Partnership.
The General Partner of the Triton Capital Fund, L.P. will also manage the preparation
of tax returns, financial statements, and other special financial reports and statements to
Limited Partners.
Bowen C. Farrell is the President and Chief Executive Officer of Triton Capital
Investment Advisors, Inc., the Triton Capital Fund, L.P.’s Investment Advisor and
General Partner.
19
Legal Structure of the Triton Capital Fund, L.P.
The Legal Structure, shown in this diagram allows for investors to become Limited Partners
and share in the performance of the Triton Capital Fund, L.P.
Triton Capital
Investment Advisors, Inc.
Bowen C. Farrell
President and CEO
Triton Capital
Fund, L.P.
Triton Capital
Investment Advisors, Inc
(General Partner)
Limited
Partners
Limited
Partners
Limited
Partners
Limited
Partners
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Summary of Investor Requirements
Accredited Investors
Limited Partners must be “Accredited Investors,” defined as individuals, who, (individually
or together with their spouse), have a minimum net worth of $1.5 million, or who make an
investment in the Triton Capital Fund, L.P. of not less than $750,000.
Minimum Investment
Approved Limited Partners are subject to a minimum investment of $250,000 in the Triton
Capital Fund, L.P. This minimum may be waived in the General Partner’s sole discretion.
Withdrawal Limitation
Approved Limited Partners are subject to a minimum investment period of 90 days, after
which Limited Partners can withdraw capital at the closing of each calendar quarter, with a
one month notice. This restriction may be waived in the General Partner’s sole discretion.
21
Investment Management Fee Structure
Fee Structure
Investors in the Fund will be subject to the following fee and incentive allocation, payable to
Triton Capital Investment Advisors, Inc., the Triton Capital Fund, L.P.’s investment advisor.
Management Fee
A .5% management fee is charged on a quarterly basis (2% annually) for research, legal
and financial administration, auditing, and disclosure costs.
Incentive Allocation
A 20% incentive allocation on new profits will be assessed quarterly on the increase in
the fund’s value. The General Partner’s incentive allocation will be subject to a “high
water mark,” meaning that no additional performance is allocated to the General Partner
without new profits.
22
Advantages of Investment Through Partnership
Partnership Advantages
The General Partner believes that certain features of the Partnership make it advantageous for
investors who wish to trade and invest in securities. The advantages include:
Experience
As an experienced trader and investor, the General Partner is in a position to respond appropriately to
marketplace developments as they occur.
Limited Liability
Limited Partners’ losses are limited to the amount of their investment and any undistributed net profits
of the partnership and will not personally be subject to margin calls.
Economies of Scale – Lower Transaction Costs
The anticipated trade size and volume of trading by the Partnership may enable the Partnership to obtain
lower commission rates than would otherwise be available to smaller portfolios invested independently
in the strategies applied by the Partnership.
Administrative Convenience
The Partnership provides investors with numerous services designed to alleviate the administrative
details involved in engaging directly in securities transactions, including maintenance of the books and
accounts of trading activities.
23
Resume – Bowen C. Farrell
Experience
1997-2004
TRITON CAPITAL, LLC – Managing Partner
Santa Barbara, CA
Founded company in 1997 as a vehicle for securities trading, private equity transactions, and venture capital. Successful
investment performance prompted the creation of the Triton Capital, LLC pilot fund in August of 2002.
1988-1997
CITICORP – Vice President/Senior Banker
New York, NY
Structured leveraged buyout/mergers & acquisition financing in the Leveraged Capital Department. Negotiated restructurings,
divestitures, and liquidations of distressed and bankrupt companies in the Institutional Recovery Management Department.
1985-1986
THE COOPER COMPANIES INC. – Mergers & Acquisitions Consultant
New York, NY
Consulted on M&A strategies for company with brands that included CooperVision, Permalens, Oral-B, Revo Sunglasses.
1982-1985
L.F. ROTHSCHILD, INC. – Financial Analyst
New York, NY
Corporate Finance/M&A Department. Participated in Initial Public Offerings for technology companies and advised clients
in mergers and acquisitions, leveraged buyouts, and other investment banking activities. Wrote firm’s computer programs.
Education
1986-1988
1978-1986
1975-1977
1973-1975
Harvard Business School
UC Berkeley
Santa Barbara High School
Phillips Academy (Andover)
Boston, MA
Berkeley, CA
Santa Barbara, CA
Andover, MA
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Investment Banking Experience – Bowen C. Farrell
Initial Public Offerings / Secondary Offerings / Subordinated Debt Offerings
Lotus Development Corporation
Ashton-Tate Corporation
Cooper Laboratories
Centocor
St. Jude Medical
Software Publishing Corp.
Intel Corporation
Daisy Systems
AST Research
Medtronics
Compaq Computer
Seagate Technology
Tandon Corporation
Dysan Corporation
Many others…
KP Holdings
Shepherd Oil
Fingerhut Corporation
KP/Kelly-Brinkmann Corporation
Penrod Drilling
Sylvan Learning Centers
Marks Bros. Jewelers
Kinder-Care
Henley Group
Sverdrup Corporation
Fingerhut Corporation
Presidio Oil
Gulf Canada Resources
Tex-Trac Corporation
MC Industries
Club Corporation of America
Varig Airlines
S & L Metal Products
Columbia House Records
Bantam, Doubleday, Dell
BMG Music
Mergers / Acquisitions / Divestitures
Black & Decker – Emhart
CareerCom Corporation
Harsco Corporation
Restructurings / Bankruptcy Workouts
Olympia & York
Federated - Ralph’s Groceries
Quality Plus Corporation
Houston Rockets
Six Flags Corporation
US Air
Asset Recovery
CareerCom
Random House Publishing
25
Reporting, Auditing, and Legal Administration
Procedures
Annual Statements
Investors in the Triton Capital Fund, L.P. are provided with audited annual financial
statements prepared by certified public accountants who specialize in accounting for hedge
funds. The Triton Capital Fund, L.P. is audited by Kaplan & Company, C.P.A.,
Northbrook, IL (847) 272-0001.
Monthly Reports
Investors in the Triton Capital Fund, L.P. will receive monthly, unaudited progress reports
and certain other reports from the General Partner as the General Partner may deem
appropriate.
Legal Administration
The General Partner of the Triton Capital Fund, L.P. is provided with legal administration
services to insure that the Triton Capital Fund, L.P. complies with all state and federal
laws, all Securities and Exchange Commission regulations, and all other governing
regulatory entities. The legal administrator is TK Fund Advisors, LLC, Fort Lauderdale, FL
(954) 345-6442.
26
Limited Partnership Process
Provide Investor:
Finalize Process:
 Private Offering Memorandum
 Receive required signatures
 Accredited Investor and Qualified
Client Subscription
 Transfer funds to the Triton Capital
Fund, L.P.
 Limited Partnership Signature
Documents
 Re-allocate the Fund’s ownership
percentage to reflect new Limited
Partner
 PowerPoint Presentation
 Invest new capital
27
For additional information on the
Triton Capital Fund, L.P.
contact the General Partner at:
1666 East Valley Road
Santa Barbara, CA 93108
(805) 969-3993