California Grapes International, Inc (CAGR)

[Alyssa]

The REF: A Conclusion

The REF is a simple, flexible, innovative and effective alternative equity financing tool that serves as a method for public companies to opportunistically raise capital from the equity markets. If properly structured and used with regard to current market conditions, the REF is an inexpensive, non-restrictive way to raise capital without incurring excessive dilution. As such, the REF is well suited to enhance and manage liquidity while ensuring a guaranteed source of funding regardless of market conditions.