Private Placement Memorandum: A comprehensive legal document stating the objectives, risks and terms of investment involved with a private securities offering. This document includes items such as the financial statements, management biographies, detailed description of the business, etc. A PPM serves to provide buyers with information on the offering and to protect the sellers from the liability associated with selling unregistered securities. CFS develops this document based on presenting information in a straightforward and detailed manner (see also “Private Placement Memorandum and Other Private Investment Documents”). A PPM is used in both equity and debt offerings.

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