Regional Roundup 12-17-01

East

Equal Logic Inc. of Nashua, N.H., is raising $9 million through a private placement of Series A preferred convertible stock. A minimum investment of $3,000 is required. At the time of its SEC filing, the company had already raised $3.1 million from four accredited investors. The company, which develops and sells storage network solutions, intends to use the proceeds from the offering for working capital.

Blue Agave Software Inc. of Boston, Mass., is raising over $7.09 million through a private placement of Series A convertible preferred stock. There is no minimum investment required. At the time of its SEC filing, the company had already raised $2.02 million from six accredited investors. The developer and seller of software intends to use the proceeds from the offering for working capital, salaries and fees.

Silver Back Technologies Inc. of North Billerica, Mass., is raising $5 million through a private placement of Series C preferred stock. There is no minimum investment required. At the time of its SEC filing, the company had already raised about $3.94 million from six accredited investors. The company, which deals with all aspects of hardware and software development, intends to use the proceeds from the offering for working capital.

PDS Associates Inc. of Danbury, Conn., is raising $3.75 million through a private placement of preferred stock. A minimum investment of $500,000 is required. At the time of its SEC filing, the company had already raised about $1 million from four accredited investors. The operator of a specialty retailer of high-end fixtures, ceramic tiles, and accessories for the bath intends to use the proceeds from the offering for working capital.

USA Technologies Inc. of Wayne, Pa., is raising $2.25 million through a private placement of common stock. No minimum investment is required. At the time of its SEC filing, the company had already raised over $854,844 from 79 accredited investors. The licensing provider and seller of automated credit card-activated control systems intends to use the proceeds from the offering for working capital.

Priority Access Inc. of Albany, N.Y., is raising $1.5 million through a private placement of common stock. A minimum investment of $150,000 is required on the placement. At the time of its SEC filing, the company had already raised over $759,000 from 26 accredited and 11 non-accredited investors. The provider of marketing services for equity investments in early-stage companies intends to use the proceeds from the offering for working capital and the construction or leasing of plant buildings and facilities.

CompAs Controls Inc. of Indiana, Pa., is raising about $1.07 million through a private placement of preferred stock. No minimum investment is required. The developer and seller of thermal process control software intends to use a majority of the proceeds from the offering for repayment of indebtedness, working capital, salaries, fees, the purchase, rental or leasing and installation of machinery and equipment, and other purposes.

Oracom Inc. of North Andover, Mass., is raising $1 million through a private placement of common stock and convertible securities. No minimum investment is required on the placement. At the time of its SEC filing, the company had already raised about $500,000 from three accredited investors. The developer and seller of Internet appliances for network management intends to use a majority of the proceeds from the offering for working capital.

Cetek Corp. of Framingham, Mass., has raised about $14 million from 14 accredited investors through a private placement of common stock. A minimum investment of $100,000 was required. The screener of compounds for use in new drug discovery intends to use the proceeds from the offering for the purchase, rental or leasing and installation of machinery and equipment, salaries, fees and working capital.

Diogenes Inc. of Iselin, N.J., has raised about $11.03 million from 14 accredited investors through an issuance and sale of preferred stock, including common stock warrants. A minimum investment of $25,000 was required. The manufacturer of computer software intends to use the proceeds from the offering for working capital and the repayment of indebtedness.

Aryya Communications Inc. of Gaithersburg, Md., has raised approximately $8.53 million from seven accredited investors through a private placement of Series A convertible preferred stock. A minimum investment of $5,000 was required. The developer of wireless communications technology intends to use the proceeds from the offering for working capital and other corporate expenses.

Allegheny Child Care Academy Inc. of Pittsburgh has raised $7.77 million from seven accredited investors through a private placement of preferred stock. No minimum investment was required. The child-care provider intends to use a majority of the proceeds from the offering for working capital.

Voyant Corp. of New York has raised just about $2.97 million through a private placement. A minimum investment of $100,000 was required. The provider of eyewear and related accessories intends to use the proceeds from the offering for working capital.

Cyber Shift Holding Inc. of Parsippany, N.J., has raised about $5 million from four accredited investors through a private placement of Series A preferred stock. A minimum investment of $100,000 was required. The seller and implementer of computer software and hardware programs for workforce management intends to use the proceeds from the offering for working capital.

Cross Media Marketing Corp. of New York has raised slightly more than $1.05 million from four accredited investors through a common stock financing. No minimum investment was required on the placement. The direct marketer of multi-magazine subscription packages, discount buying club memberships and telecommunication services intends to use the proceeds from the offering for working capital.

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South

Fem Partners Inc. of Houston is raising approximately $4.2 million through a private placement of convertible preferred stock. At the time of its SEC filing, the company had already raised $3.05 million from 21 accredited investors. The physicians’ practice management company intends to use the proceeds from the offering for working capital and the acquisition of other businesses.

Sterling Beverage Systems Inc. of Newnan, Ga., is raising $3 million through a private placement of common stock. A minimum investment of $1,000 is required. At the time of its SEC filing, the company had already raised $2,000 from one accredited investor. The developer and marketer of a post-mix beverage-dispensing system for use aboard commercial aircraft intends to use the proceeds from the offering for working capital.

Intelli-Mark Technologies Inc. of Raleigh, N.C., is raising approximately $3 million through an issuance of Series B convertible preferred stock. No minimum investment is required. At the time of its SEC filing, the company had already raised more than $2 million from 12 accredited investors. The provider of a technology that enables secure delivery of tickets and redeemable vouchers over the Internet intends to use the proceeds from the offering for working capital.

Q-PC Inc. of Austin, Texas, is raising approximately $2.6 million through an issuance and sale of common stock. No minimum investment is required. At the time of its SEC filing, the company had already raised about $50,000 from one accredited investor. The developer and marketer of vehicle computing solutions, integrated systems, engineering and related services intends to use the proceeds from the offering for working capital.

Merscorp Inc. of Vienna, Va., is raising $2 million through a private placement of common stock. A minimum investment of $10,900 is required. At the time of its SEC filing, the company had already raised about $907,294 from 11 accredited investors. The national mortgage rights registry company intends to use the proceeds from the offering for working capital.

eDiets.com of Deerfield Beach, Fla., has raised approximately $3 million from 43 accredited and non-accredited investors through a private placement of Series B participating convertible preferred stock. No minimum investment is required. The marketer of an online, customized fee-based diet program that is delivered to individuals’ homes or offices via the Internet intends to use the proceeds from the offering for the acquisition of other businesses.

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Midwest

LCP Holding Company of Mayfield Heights, Ohio, is raising approximately $4.14 million from 10 accredited investors through a private placement of common stock. A minimum investment of $10,000 is required. The company, which sells commercial truck and van bodies and related products throughout the United States, intends to use the proceeds from the offering for the repayment of indebtedness.

New Monics of Lisle, Ill., is raising $3 million through a private placement of Series D-1 convertible preferred stock, including warrants. No minimum investment is required. At the time of its SEC filing, the company had already raised about $1.63 million from five accredited investors. The software development company intends to use the proceeds from the offering for working capital.

First National Bancshares Inc. of Edmond, Okla., is raising $5 million through a private placement of Series D preferred stock. A minimum investment of $15,000 is required. At the time of its SEC filing, the company had already raised approximately $3 million from 36 accredited investors. The bank holding company intends to use the proceeds from the offering for working capital.

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West

SolarFlare Communications Inc. of Irvine, Calif., is raising $14 million through a private placement of Series A preferred stock and convertible securities. No minimum investment is required. At the time of its SEC filing, the company had already raised more than $12.3 million from 10 accredited investors. The developer of communication products intends to use the proceeds from the offering for working capital.

Iridigm Display Corp. of San Francisco is raising approximately $14 million through a private placement of Series A preferred stock and warrants. No minimum investment is required. At the time of its SEC filing, the company had already raised about $6.92 million from seven accredited investors. The developer of display technology intends to use the proceeds from the offering for working capital.

Exemplary Software Inc. of Cupertino, Calif., is raising $12 million through a private placement of Series D preferred and common stock. No minimum investment is required. At the time of its SEC filing, the company had already raised about $5 million from 12 accredited investors. The computer software company intends to use the proceeds from the offering for working capital.

Source Inc. of Newhall, Calif., is raising $10 million through a private placement of common stock with warrants. No minimum investment is required. At the time of its SEC filing, the company had already raised more than $38,000 from two accredited investors. The 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 about $8.6 million through Series A preferred stock financing. No minimum investment is required on the placement. At the time of its SEC filing, the company had already raised more than $8.15 million from 17 accredited investors. The provider of technology to enable wireless enterprise solutions intends to use the proceeds from the offering for working capital.

Jentec Interactive Inc. of La Mesa, Calif., is raising more than $6 million through the issuance and sale of common stock. A minimum investment of $5,000 is required. At the time of its SEC filing, the company had already raised about $865,723 from 40 accredited and non-accredited investors. The producer and seller of multi-media presentations intends to use the proceeds from the offering for the purchase, rental or leasing and installation of machinery and equipment, construction or leasing of plant buildings and facilities, and working capital.

World Wireless Communication Inc. of Greenwood Village, Colo., is raising approximately $5.84 million through a private placement of convertible securities. A minimum investment of $100,000 is required. At the time of its SEC filing, the company had already raised about $1.93 million from three accredited investors. The provider of wired and wireless communications products, systems and technology to the electronics industry intends to use the proceeds from the offering for working capital and the purchase of inventory.

Paradigm Medical Industries Inc. of Salt Lake City is raising $5 million from one accredited investor through an equity financing. A minimum investment of $20,000 is required. At the time of its SEC filing, the company had already raised about $1.67 million from 19 accredited investors. The developer, manufacturer and seller of diagnostic and surgical equipment for the eyes intends to use the proceeds from the offering for working capital and general corporate purposes.

Televoke Inc. of San Francisco is raising $4.8 million through a private placement of Series B preferred stock. No minimum investment is required. At the time of its SEC filing, the company had already raised $4 million from 11 accredited investors. The Internet appliance service provider integrating Web, wireless and telecom technologies intends to use the proceeds from the offering for working capital.

Target Discovery Inc. of San Carlos, Calif., is raising slightly more than $3.5 million through a Series A-2 preferred stock offering. No minimum investment is required. At the time of its SEC filing, the company had already raised about $1.56 million from 16 accredited investors. The life sciences research and development firm intends to use proceeds from the offering for working capital.

E-dn.com of Aliso Viejo, Calif., is raising approximately $1.86 million through a Series C preferred stock financing. No minimum investment is required. Bathgate McColley Capital Group of Englewood, Colo., is acting as the agent on the placement for sales commissions of $15,000. At the time of its SEC filing, the company had already raised about $1.44 million from 19 accredited investors. The developer of software products intends to use the proceeds from the offering for working capital and the repayment of indebtedness.

Meridian Project Systems Inc. of Folsom, Calif., has raised $5 million from one accredited investor through the issuance and sale of Series D preferred stock. The construction management software company intends to use the proceeds for working capital and acquiring other businesses.

Aptos Corp. of Milpitas, Calif., has raised approximately $1.47 million from 10 accredited investors through a private placement of convertible securities and warrants to purchase common stock. No minimum investment is required. The provider of wafer bumping services intends to use the proceeds from the offering for working capital.

Rthport Inc. of Irvine, Calif., has raised approximately $1.12 million from three accredited investors through a private placement of Series A preferred stock. A minimum investment of $5,000 was required. The Internet auction service provider intends to use the proceeds from the offering for working capital, salaries and fees.

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