Orders and Clearing

Before Cales Investments can accept any orders, your account must show a free and clear credit balance.

Cales Investments introduces all accounts to Southwest Securities, Inc. ("Southwest") on a fully disclosed basis. Southwest is a member of the New York Stock Exchange and performs, as agent, certain execution and clearing functions for Cales Investments, Inc. Southwest's role is limited to performing execution, clearing and custodial functions for Cales Investments, Inc. Southwest makes no investment recommendations to the customers of Cales Investments, Inc. and assumes no responsibilty for any investment recommendations that Cales Investments, Inc. may make. Southwest's Customer Information Brochure containing the terms and conditions of your relationship with Southwest will be mailed to you upon opening an account or upon request.

Cales Investments, Inc. is currently registered in Colorado, Texas and Wyoming. If you are not a resident of those states, we can not accept your business for the time being. Please check back with us in a couple of weeks. Thank you!

Copyright 1998,1999 Cales Investments Inc., Denver, Colorado, U.S.A.
All rights reserved.