Regional Roundup 10-29-01

East

e-Credit.com of Dedham, Mass., is raising $10 million through a private placement of Series F preferred stock including warrants. There is no minimum investment required. At the time of its SEC filing, the company had already raised just about $5 million from one accredited investor. The Internet-based company, which writes, develops, produces, markets, distributes, sells and services computer software, intends to use a majority of the proceeds from the offering for working capital, salaries and fees.

E Credible Solution Inc. of Washington, D.C., is raising over $7.9 million through a private placement of common stock. There is a minimum investment of $1,000 required on the placement. At the time of its SEC filing, the company had already raised $502,050 from eight accredited and 10 non-accredited investors. The provider of Web, palm, and wireless solutions for state and local governments intends to use the proceeds from the offering for working capital, product development, administration, sales and marketing, public relations, and consultants.

USA Technologies Inc. of Wayne, Pa., is raising $5.04 million through a private placement of convertible securities. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised about $3.46 million from 183 accredited investors. The company, which licenses and sells automated credit card activated control systems, intends to use the proceeds from the offering for working capital, the repayment of indebtedness, and the purchase, rental or leasing and installation of machinery and equipment.

Safe Science Inc. of Boston is raising $5 million through a private placement of convertible securities. 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 $600,000 from three accredited investors. The company, which develops carbohydrate-based agricultural and human therapeutic products through two wholly owned subsidiaries, intends to use the proceeds from the offering for working capital, salaries and fees.

FatKat Inc. of Wellesley Hills, Mass., is raising $2 million through a private placement of Series B convertible preferred stock. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised about $1.84 million from 34 accredited investors. The developer, marketer and seller of technology for quantitative investing in the securities markets intends to use the proceeds from the offering for working capital, research and development, advertising and promotion.

Digital Online Network Inc. of Glenwood Landing, N.Y., is raising $2.5 million through a private placement of common stock. A minimum investment of $100,000 is required on the placement. At the time of its SEC filing, the company had already raised about $700,000 from eight accredited investors. The developer, marketer and distributor of interactive rich-media for e-learning intends to use the proceeds from the offering for working capital.

InCert Software Corp. of Cambridge, Mass., is raising approximately $2 million through a private placement of Series D preferred stock and warrants. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised $1 million from 12 accredited investors. The company, which assists organizations in maximizing the availability of e-business applications, intends to use the proceeds from the offering for working capital.

Optelics Inc. of Berkeley Heights, N.J., is raising $2 million through an issuance of Series A convertible preferred stock. There is a minimum investment of $1,000 required. At the time of its SEC filing, the company had already raised $500,000 from six accredited investors. The designer, developer, marketer and seller of high-speed semiconductor solutions for communication systems intends to use the proceeds from the offering primarily for working capital.

Harmac Medical Products Inc. of Buffalo, N.Y., is raising approximately $1.5 million through a private placement of common stock including warrants. There is a minimum investment of $10,000 required. The manufacturer and seller of medical products and devices intend to use the proceeds from the offering for working capital.

H.D.S. Associates Inc. of Rumson, N.J., is raising just about $1.25 million through a private placement of common stock including warrants. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised over $487,500 from five accredited investors. The owner and operator of assisted living facilities intends to use the proceeds from the offering for the construction or leasing of plant buildings and facilities, working capital and repayment of indebtedness.

Aircuity Inc. of Newton, Mass., is raising $1 million through a private placement of common stock including warrants. There is a minimum investment of $25,000 required on the placement. At the time of its SEC filing, the company had already raised just over $415,000 from six accredited investors. The web-based air quality and energy efficiency provider intends to use the proceeds from the offering for working capital.

Reslynx Inc. of Philadelphia raised $2 million from two accredited investors through a private placement of Series A preferred stock. A minimum investment of $50,000 was required. The developer of a proprietary process to market telecommunications services intends to use the proceeds from the offering for working capital.

Back to top


South

Rivercrest Golf Corp. of Houston is raising just over $6 million through a private placement of common stock. A minimum investment of $50,000 is required on the placement. The golf course management company, which will soon be involved in the manufacturing and marketing of golf products, intends to use the proceeds from the offering for repayment of indebtedness, working capital, infomercial and marketing costs, inventory, due diligence costs and the acquisition of other businesses.

Rate Genius Inc. of Austin, Texas, is raising $3.15 million through a Series C preferred stock financing. A minimum investment is not required. At the time of its SEC filing, the company had already raised $2.7 million from 24 accredited investors. The online auction site for bank loans intends to use the proceeds from the offering for working capital.

3Tex Inc. of Cary, N.C., is raising $3 million through equity financing. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised just about $250,000 from one accredited investor. The materials company intends to use the proceeds from the offering for working capital.

Vitalz Inc. of Austin is raising approximately $2 million through a private placement of convertible securities including warrants. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised just about $950,000 from two accredited investors. The provider of integrated enterprise scheduling and resource management solutions for healthcare organization intends to use the proceeds from the offering for working capital.

E.H. Partners Inc. of West Palm Beach, Fla., is raising $1.5 million through a private placement of common stock. A minimum investment is not required. At the time of its SEC filing, the company had already raised $250,000 from three accredited investors. The company, which owns and operates a motorcycle manufacturing company through an affiliated entity, intends to use the proceeds from the offering for working capital.

Elumens Corp. of Cary, N.C., raised $6.47 million from five accredited investors through a private placement of Series D preferred stock. A minimum investment of $250,000 was required. The manufacturer of 3-D digital projection systems intends to use the proceeds from the offering for working capital.

Method Products Corp. of Pompano Beach, Fla., has raised $1.5 million through a private placement of common stock. A minimum investment of $25,000 was required. The full service communications systems provider intends to use the proceeds from the offering for working capital, the acquisition of other businesses, repayment of indebtedness and the purchase or leasing of equipment.

Agari Mediware Inc. of McLean, Va., raised just about $1.05 million from 10 accredited investors through an issuance and sale of Series C preferred stock and convertible securities. There is no minimum investment required. The provider of media management technologies intends to use the proceeds from the offering for working capital.

Back to top


Midwest

Midwest Resources of Brookfield, Wis., is raising $3.5 million through a private placement of Series E convertible preferred stock. A minimum investment of $10,000 is required. Midwest Resources Securities Corp. of Brookfield is acting as the agent on the placement for a sales commission of $235,500. At the time of its SEC filing, the company had already raised just over $3 million from 98 accredited investors. The company, which purchases and operates oil and gas properties, intends to use the proceeds from the offering for working capital and the acquisition of oil and gas properties.

Nanonation Inc. of Lincoln, Neb., is raising $2.05 million through a private placement of Series C convertible preferred stock. There is no minimum investment required on the placement. Smith Hayes Financial Services Corp. of Lincoln is acting as the agent on the placement for a sales commission of $235,500. At the time of its SEC filing, the company had already raised just over $62,800 from two accredited investors. The software development company intends to use the proceeds from the offering for working capital.

Back to top


West

Source Inc. of Newhall, Calif., is raising just about $10 million through a private placement of common stock with warrants. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised over $38,000 from two accredited investors. The point-of-sale and Internet information gathering and tracking company intends to use the proceeds from the offering for working capital.

Woodside Networks Inc. of Redwood City, Calif., is raising approximately $9 million through a Series A preferred stock financing. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised over $8 million from accredited investors. The provider of technology to enable wireless enterprise solutions intends to use the proceeds from the offering for working capital.

ReachCast Corp. of Danville, Calif., is raising approximately $7.71 million through a private placement of Series A preferred and common stock. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised just over $6.77 million from 15 accredited investors. The computer software company intends to use the proceeds from the offering for working capital.

Passco Real Estate Enterprises Inc. of Santa Ana, Calif., is raising approximately $5.2 million through a private placement of common stock. There is a minimum investment of $365,000 required. Brookstreet Financial Securities of Irvine, Calif., is acting as the agent on the placement for an undisclosed finders’ fee. At the time of its SEC filing, the company had already raised just over $23,000 from one accredited investor. The real estate company intends to use the proceeds from the offering for working capital.

Total Training Inc. of Encinitas, Calif., is raising just over $3 million through a private placement of common stock including warrants and preferred stock. A minimum investment of $30,000 is required on the placement. At the time of its SEC filing, the company had already raised just over $131,000 from five accredited investors. The provider of computer software training and development intends to use the proceeds from the offering for working capital, salaries and fees, and the purchase, rental or leasing and installation of machinery and equipment.

Complexions Rx Inc. of La Jolla, Calif., is raising about $3.21million through a private placement of common stock and Series A preferred stock. A minimum investment of $1.05 million is required on the placement. At the time of its SEC filing, the company had already raised just over $1.41 million from ten accredited investors. The cosmetics company intends to use the proceeds from the offering for working capital.

Protein Polymer Technologies Inc. of Campbell, Calif., is raising about $3 million through a private placement of Series H preferred and common stock with warrants. There is a minimum investment of approximately $15,000 required. At the time of its SEC filing, the company had already raised just about $1.22 million from two accredited investors. The biotechnology research and development company intends to use the proceeds from the offering for the repayment of indebtedness and working capital.

Blade Internet Ventures Inc. of Las Vegas is raising $2.25 million through a private placement of common stock. At the time of its SEC filing, the company had already raised $896,925 from 27 accredited investors. The company, which is in the electronic commerce business, intends to use the proceeds from the offering for working capital, Web site development, advertising and marketing programs, and acquisition of capital assets.

Amerigroup Inc. of Mesa, Ariz., is raising $1.05 million through a private placement of common stock. There is a minimum investment of $15,000 required on the placement. At the time of its SEC filing, the company had already raised just over $700,000 from six accredited investors. The facilitator of local and national businesses will use proceeds from the offering for salaries and fees, the purchase, rental or leasing and installation of machinery and equipment, working capital, reserves and construction or leasing of plant buildings and facilities.

Safety Associates Inc. of Tustin, Calif., is raising just over $1 million through a private placement of convertible securities and common stock with warrants. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised just about $1 million from two accredited investors. The developer, marketer and seller of products for testing food and cosmetics intends to use the proceeds from the offering for working capital.

TAM Acquisition Corp. of San Francisco is raising $1.5 million through a Series A convertible preferred stock offering. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised over $600 million from two accredited investors. The provider of fully customized end-to-end e-learning solutions to help organizations maintain their training needs and improve employee development, productivity and retention intends to use proceeds from the offering for working capital.

Fleetwood Owen Inc. of San Francisco raised just over $2.37 million from seven accredited and four non-accredited investors through an issuance and sale of common stock and warrants. A minimum investment was not required on the placement. The provider of an Internet auction intends to use proceeds from the offering for working capital and the purchase, rental or leasing and installation of machinery and equipment.

Regents Bancshares Inc. of Vancouver, Wash., raised $12.5 million from 11 accredited investors through a private placement of common stock. A minimum investment was not required on the placement. The bank holding company intends to use the proceeds for working capital and investments in bank subsidiaries.

Back to top