Regional Roundup 10-15-01

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East

Parco Merged Media Corp. of Portland, Maine, is raising $15 million through a private placement of Series A convertible preferred stock. There is a minimum investment of $100,000 required on the placement. At the time of its SEC filing, the company had already raised $200,000 from two accredited investors. The provider of health-care telecommunications services intends to use the proceeds from the offering for working capital and the acquisition of other businesses.

Circadiant Systems Inc. of Allentown, Penn., is raising just over $13.79 million through the issuance and sale of Series C convertible preferred stock. At the time of its SEC filing, the company had already raised just over $10 million from seven accredited investors. The designer and manufacturer of fiber optic network appliances, intends to use the proceeds from the offering for working capital.

I/Tech Services Inc. of Frederick, Md., is raising $11.5 million through a private placement of Series A preferred warrants to purchase Series A preferred and Class B stock. Windriver Capital LLC of Salt Lake City is acting as the agent on the placement on the deal for sales commissions of $504,000. At the time of its SEC filing, the company had already raised just over $9 million from two accredited investors. The college/community-based educational services network, offering a variety of innovative information technology education and training and content support services, intends to use the proceeds from the offering for the repayment of indebtedness and working capital.

Fastnet Corp. of Bethlehem, Penn., is raising just over $5 million through a private placement of Series A convertible preferred stock. At the time of its SEC filing, the company had already raised $3.19 million from two accredited investors. The provider of Internet access and hosting services intends to use the proceeds from the offering for working capital.

SynVest R.E.I.T. Inc. of Washington, D.C., is raising $4 million through a private placement of common stock. At the time of its SEC filing, the company had already raised just over $57,000 from four accredited and non-accredited investors. The real estate and development company intends to use the proceeds from the offering for working capital, purchase of real estate and construction or leasing of plant buildings and facilities.

Helios Energy Technologies Inc. of LeRoy, N.Y., is raising just about $3.75 million through an issuance and sale of common stock including common stock warrants. There was a minimum investment of $7,500 required on the placement. The developer of patented, proprietary heat-driven systems for the electrical power generation industry, intends to use the proceeds from the offering for working capital and the final stage development, prototype and pre-production testing, advertising and promotion patent expenses.

InterScope Technologies Inc. of Pittsburgh, Penn., is raising $3.25 million through a private placement of Series A preferred stock. Princeton Equity Securities Inc. of Princeton is acting as the agent on the placement for sales commissions of $142,765. At the time of its SEC filing, the company had already raised just about $3 million from 21 accredited investors. The medical pathology products and consulting firm intends to use the proceeds from the offering for the repayment of indebtedness and working capital.

ALM Turbine Inc. of Washington, D.C., is raising $2.5 million through a private placement of Series A convertible preferred stock. There is a minimum investment of $25,000 required. Republic Equities of America Ltd. of New York is acting as the agent on the placement for sales commissions of $250,000. At the time of its SEC filing, the company had already raised $432,500 from 10 accredited investors. The company intends to use the proceeds from the offering for test programs, working capital and purchase, rental or leasing and installation of machinery and equipment.

LocatePlus Holding Corp. of Beverly, Mass., is raising $1.5 million through a private placement of common stock and warrants. The B2B provider of proprietary information solutions to commercial, private sector and law enforcement entities intends to use a majority of the proceeds from the offering for working capital.

Gentis Inc. of Berwyn, Penn., is raising just about $1 million through a placement of common stock. There is a minimum investment of $5,000 required on the placement. At the time of its SEC filing, the company had already raised $500,000 from 16 accredited investors. The researcher and developer of therapeutic products for the repair and regeneration of human tissue intends to use the proceeds from the offering for working capital.

Able Laboratories Inc. of Needham, Mass., raised $6.12 million from 43 accredited investors through a private placement of Series Q convertible preferred stock. Ramesh Akella of New York is acting as the agent on the placement for undisclosed sales commission. The developer and manufacturer of generic pharmaceutical drugs, intends to use a majority of the proceeds from the offering for working capital.

DigitalNet Inc. of Bethesda, Md., raised $1.6 million from one accredited investor through a placement of common stock. There was a minimum investment of $1,000 required on the placement. The consulting firm intends to use the proceeds from the offering for working capital.

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South

NetBotz Inc. of Austin, Texas, is raising $12.98 million through an issuance of Series B preferred stock. At the time of its SEC filing, the company had already raised just over $9.92 million from 12 accredited investors. The computer hardware developer intends to use the proceeds from the offering for working capital.

Latus Lightworks Inc. of Richardson, Texas, is raising $9.53 million through convertible securities financing. A minimum investment of $20,000 is required on the placement. At the time of its SEC filing, the company had already raised just over $1.46 million from 15 accredited investors. The designer, developer, and seller of fiber optics network amplifiers and dense wavelength division multiplexes for the optical telecommunications markets intends to use the proceeds from the offering for working capital.

Cross Match Technologies Inc. of Palm Beach, Fla., is raising just about $6.8 million through convertible securities and warrant to purchase stock. At the time of its SEC filing, the company had already raised over $6.5 million from 24 accredited investors. The designer, developer and manufacturer of live-scan finger and hand identification scanners interface software intends to use the proceeds from the offering for working capital.

ThermoEnergy Corp. of Little Rock is raising $3 million through a private placement of convertible securities. A minimum investment of $5,000 is required on the placement. At the time of its SEC filing, the company had already raised $604,400 from 23 accredited investors. The environmental services corporation intends to use the proceeds from the offering for working capital.

Mid-Atlantic Building Systems Inc. of Candor, N.C., is raising $2.5 million through a private placement of common stock. At the time of its SEC filing, the company had already raised just about $595,603 from one accredited investor. The provider of housing solutions for builders intends to use the proceeds from the offering for working capital.

Shells Seafood Restaurants Inc. of Tampa, Fla., is raising $2 million through a private placement of Series A convertible preferred stock financing. The company intends to use the proceeds from the offering for satisfaction of indebtedness.

Emergent Technologies Inc. of Austin, Tex., is raising $2 million through a private placement of common stock. At the time of its SEC filing, the company had already raised $100,000 from one accredited investor. The developer of early stage technologies intends to use the proceeds from the offering for the acquisition of other businesses and working capital.

nthCo, Inc. of Houston is raising just over $1 million through a private placement of common stock. A minimum investment of $50,025 is required on the placement. At the time of its SEC filing, the company had already raised just about $300,150 from one accredited investor. The Internet informational resource company intends to use proceeds from the offering for the purchase, rental or leasing of plant buildings and facilities and other corporate purposes.

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Midwest

Quad City Holdings Inc. of Chicago is raising $5.5 million through a private placement of non-managing membership interests. There is a minimum investment of $25,025 required. D.M. Kelly & Company of Des Moines is acting as the agent on the placement for sales commissions of $60,000. At the time of its SEC filing, the company had already raised just about $5.23 million from 63 accredited and non-accredited investors. The bank holding company intends to use the proceeds from the offering for working capital.

Girarrosto Toscano Inc. of Minneapolis is raising $3.5 million through a private placement of Series D-1 convertible preferred stock including warrants. A minimum investment of $25,000 is required on the placement. At the time of its SEC filing, the company had already raised just about $3.1 million from 40 accredited investors. The developer and operator of restaurants, intends to use the proceeds from the offering for working capital, the purchase, rental or leasing and installation of machinery and equipment, construction or leasing of plant buildings and facilities, inventory and pre-opening development expenses.

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West

VertiCom Inc. of Santa Rosa, Calif., is raising $10.03 million through a private placement of Series D preferred stock. There is a minimum investment of $600 required on the placement. At the time of its SEC filing, the company had already raised $6.71 million from 16 accredited investors. The wireless telecommunication company intends to use the proceeds from the offering for working capital.

Hiwire Inc. of Los Angeles is raising $9.11 million through Series C preferred stock financing. At the time of its SEC filing, the company had already raised $6.52 million from four accredited investors. The multimedia and software development company intends to use the proceeds from the offering for working capital.

Alzheimer’s Corp. of Albuquerque, N.M., is raising $6.5 million through a private placement of common stock. A minimum investment is of $6,500 required on the placement. At the time of its SEC filing, the company had already raised over $10.77 million from seven accredited investors. The company intends to use the proceeds from the offering for working capital, the purchase, rental or leasing and installation of machinery and equipment, construction or leasing of plant buildings and facilities and repayment of indebtedness.

Switchouse Inc. of San Francisco is raising just over $4.74 million through a private placement of Series C preferred stock and common stock with warrants. At the time of its SEC filling, the company had already raised just about $2.69 million from six accredited investors. The firm intends to use the proceeds from the offering for working capital.

Osmotek Inc. of Albany, Oregon is raising $4 million through a private placement of common stock. A minimum investment of $25,000 is required. The membrane filtration system provider intends to use the proceeds from the offering for working capital, the acquisition of other businesses and for the launching of nutritional supplements in association with Gemini Pharmaceuticals.

Yulex Corp. of Carlsbad, Calif., is raising $2.5 million through a private placement of preferred stock. There is a minimum investment of $50,000 required on the placement. At the time of its SEC filing, the company had already raised just over $100,000 from two accredited investors. The developer of non-allergic natural latex rubber products intends to use the proceeds from the offering for working capital.

Jackson Taylor Inc. of Las Vegas is raising $2 million through a private placement of common stock. There is a minimum investment of $10,000 required on the placement. The business-consulting firm intends to use proceeds from the offering for salaries, fees and working capital.

Mobility Inc. of Seattle is raising $1.61 million through a private placement of Series A common stock and warrants. A minimum investment of $2,500 is required. At the time of its SEC filing, the company had already raised just over $1.43 million from 35 accredited investors. Kibble & Prentice Financial of Seattle is acting as an agent on the placement for a finders’ fee of $26,000. The provider of personal transportation related services intend to use the proceeds from the offering for working capital.

Warp 9 Inc. of Santa Barbara, Calif., is raising $1.5 million through a private placement of common capital stock. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $55,000 from three accredited investors. The developer, marketer and seller of internet-based services designed for e-commerce Web sites, intends to use the proceeds from the offering for working capital.

RedSwitch Inc. of Milpitas, Calif., raised just about $15 million from one accredited investor through a private placement of Series B convertible preferred stock. A minimum investment was required on the placement. The computer components company intends to use proceeds from the offering for working capital, the acquisition of other businesses and the repayment of indebtedness.

Gadzoox Networks Inc. of San Jose, Calif., raised just over $7.5 million from six accredited investors through a private placement of common stock. The provider of hardware and software products for storage area networks intends to use the proceeds from the offering for working capital.

Torrex Equipment Corp. of Livermore, Calif., raised $6.82 million from 16 accredited investors through a private placement of convertible securities and warrants of common stock. The developer of software based technologies, which allow the transmission of location and other information from cellular telephones and other remote, wireless communications devices, intends to use proceeds from the offering for working capital.

digiMine Inc. of Bellevue, Wash., raised over $5.44 million from 14 accredited investors through Series B preferred stock. The information service company intends to use proceeds from the offering for working capital.

B2B E-Commerce International Inc. of Los Angeles raised $4 million from one accredited investor through the private placement of Series B preferred stock. A minimum investment was not required on the placement. The advertising and publishing for business-to-business markets intends to use the proceeds for marketing and promotion.

Light Green Advisor Inc. of Seattle raised $1.4 million from one accredited investor through an issuance of common stock. There was a minimum investment of $1.4 million required on the placement. The asset management company providing blue chip investments for environmentally aware investors intends to use the proceeds from the offering for repayment of indebtedness, working capital, subscriptions, licenses and registrations.

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