INVESTMENT CRITERIA

JOHNSTON ASSOCIATES INC. invests its own private capital and does not manage an investment fund. Accordingly, the firm has no pre-set investment horizons, return objectives, investment limits or size. Because of the time-consuming nature of start-ups, Johnston Associates typically invests in one enterprise a year. JAI's investments have ranged from $300,000 to over $3,000,000. Stringent criteria are applied to scientific achievement, market potential, uniqueness of approach, and caliber of co-founders.