Regional Roundup 4/9/01

April 6 2001

East

Torrent Systems Inc. of Cambridge, Mass., is raising just over $16 million through a private placement of Series G convertible preferred stock. A minimum investment is not required on the placement. At the time of its SEC filing, the company already had raised approximately $12.14 million from eight accredited investors. The company intends to use the proceeds from the offering for working capital and the repayment of indebtedness.

MedCases Inc. of Philadelphia is raising $15 million through a private placement of Series B preferred stock. There is no minimum investment required. At the time of its SEC filing, the company had already raised just over $8.15 million from 16 accredited investors. The provider of continuing medical education delivered via the Internet intends to use the proceeds from the offering for working capital.

FirstRain Inc. of New York is raising $8 million through a private placement of convertible securities. A minimum investment of $30,000 is required. At the time of its SEC filing, the company had already raised $255,000 from four accredited investors. The Internet infrastructure company intends to use the proceeds from the offering for working capital.

Wireless Mountain Laboratories Inc. of Deer Park, N.Y., is raising $7.5 million through a private placement of common stock. There is no minimum investment required. 1st Freedom Securities LLC of Westbury, N.Y., is acting as an agent on the placement for a $4,200 commission. At the time of its SEC filing, the company had already raised just over $160,000 from 14 accredited investors. The electronic wireless device manufacturer and distributor intends to use the proceeds from the offering for working capital.

Greenwich Technology Partners Inc. of White Plains, N.Y., is raising $5 million through a private placement of common stock options. There is no minimum investment required. At the time of its SEC filing, the company had already raised $2.4 million from 31 accredited investors. The provider of consulting services intends to use the proceeds from the offering for working capital.

Ripple Technologies Inc. of Washington Crossing, Pa., is raising approximately $3.02 million through a private placement of Series B convertible preferred stock. A minimum investment of $100,000 is required. At the time of its SEC filing, the company had already raised just over $2.18 million from three accredited investors. The developer and marketer of software applications intends to use the proceeds from the offering for working capital.

Rotary Power International Inc. of Fitchburg, Mass., is raising $2.64 million through a private placement of common stock and warrants. A minimum investment of $12,000 is required. Merit Capital Associates Inc. is acting as the agent on the placement for sales commissions of $264,000. At the time of its SEC filing, the company had already raised just over $635,000 from 14 accredited investors. The manufacturer of rotary engines intends to use a majority of the proceeds from the offering for the purchase, rental or leasing and installation of machinery and equipment, working capital and manufacturing costs.

Pelican Holding Inc. of Brooklyn is raising $2 million through a private placement of common stock and warrants. There is no minimum investment required. The issuer intends to use the proceeds from the offering for working capital and the repurchase of securities.

Loris Air Corp., of Concord, Mass., is raising $1.5 million through a private placement of convertible securities. A minimum investment is not required. At the time of its SEC filing, the company had already raised $50,000 from one accredited investor. The company’s Web site facilitates the connection between retailers, manufacturers, and consumers through the use of wireless communication devices. It intends to use the proceeds from the offering for working capital.

TexBid.com Inc. of Stamford, Conn., is raising $1.5 million through a private placement of Series A convertible preferred stock, common stock and warrants. A minimum investment of $50,000 is required. Aurum Capital LLC of Stamford is acting as the agent on the placement for a $75,000 commission. At the time of its SEC filing, the company had already raised $875,000 from three accredited investors. The Internet company intends to use the proceeds from the offering for working capital.

NetKey Inc. of Branford, Conn., raised just over $10 million from seven accredited investors through a private placement of Series B preferred stock. There was no minimum investment required. The company intends to use the proceeds from the offering for working capital, salaries and fees.

SeaChange International Inc. of Maynard, Mass., raised just over $10 million from one accredited investor through a private placement of Series B convertible preferred stock. There was no minimum investment required. The provider of digital advertisement insertion systems intends to use the proceeds from the offering for working capital.

Igene Biotechnology Inc. of Columbia, Md., raised just over $1 million from two accredited investors through a private placement of Series D convertible preferred stock. A minimum investment was not required. The researcher, developer and manufacturer of biochemical specialty products intends to use the proceeds from the offering for working capital, manufacturing and marketing.

South

Engineered Financial Solutions Inc. of Houston is raising approximately $8.18 million through a private placement of preferred stock. A minimum investment of $10,000 is required. M. Keith Miller and John C. Duffe of Houston are acting as an agent on the placement for a combined commission of $175,000. At the time of its SEC filing, the company had already raised just over $455,000 from 22 accredited. The purchaser and seller of automobile installment sales contracts intends to use the proceeds from the offering for the working capital, research and development materials, equipment and services, and other corporate purposes.

South Carolina Community Bank Inc. of Columbia, S.C., is raising $8 million through a private placement of common stock. A minimum investment of $10,000 is required. At the time of its SEC filing, the company had already raised just over $350,000 from one accredited investor. The banking issuer intends to use the proceeds from the offering for working capital.

NotifyMD Inc. of Nashville is raising $7 million through a private placement of convertible preferred stock. There is no minimum investment required. The provider of Web-enabled call center services to physicians intends to use the proceeds from the offering for working capital.

Pilot Therapeutics Inc. of Winston-Salem, N.C., is raising $6 million through a private placement of Series B preferred stock. A minimum investment of $25,000 is required on the placement. At the time of its SEC filing, the company had already raised approximately $3.38 million from 30 accredited investors. The developer and researcher of pharmaceuticals and nutraceuticals intends to use the proceeds from the offering primarily for working capital.

Midwest

Aravox Technologies Inc. of Arden Hills, Minn., is raising $14 million through a private placement of preferred stock. There is no minimum investment required. The manager of IP media on VoIP networks intends to use the proceeds from the offering for the repayment of indebtedness and working capital.

Novel City Pictures of Chagrin Falls, Ohio, is raising just over $1.6 million through a private placement of membership units. A minimum investment of $25,000 is required on the placement. At the time of its SEC filing, the company had already raised approximately $50,000 from two accredited investors. The developer, producer and owner of a feature-length motion picture intends to use the proceeds from the offering for the purchase, rental or leasing and installation of machinery and equipment, salaries and fees, production expenses and working capital.

UltraVisual Medical Systems Corp. of Madison, Wisc., is raising approximately $1.5 million through a private placement of common stock. There is no minimum investment required. Frederick & Co. Inc. of Milwaukee is acting as the agent on the placement for an undisclosed commission. At the time of its SEC filing, the company had already raised just over $1.4 million from 24 accredited investors. The software development firm intends to use the proceeds from the offering for working capital.

IstoTechnologies Inc. of St. Louis is raising $1.25 million through a private placement of preferred and common stock. A minimum investment of $50,000 is required. At the time of its SEC filing, the company had already raised approximately $800,000 from five accredited investors. The biotechnology research and development company intends to use the proceeds from the offering for working capital, general corporate purposes, the construction or leasing of plant buildings and facilities and the purchase of real estate.

Cymtec Systems Inc. of St. Louis is raising approximately $1 million through a private placement of Series A convertible preferred stock. A minimum investment of $25,000 is required. At the time of its SEC filing, the company had already raised just over $366,000 from eight accredited investors. The provider of computer network management and security intends to use the proceeds from the offering for working capital.

Techies.com Inc. of Bloomington, Minn., raised approximately $7.69 million from 28 accredited investors through a private placement. The issuer intends to use the proceeds from the offering for working capital.

Harold‘s Stores Inc. of Norman, Okla., raised $6 million from one accredited investor through a private placement of Series A preferred stock. A minimum investment of $6 million was required on the placement. The clothing retailer intends to use the proceeds from the offering for working capital and the repayment of indebtedness.

Cora Health Services Inc. of Lima, Ohio, raised approximately $3.45 million from 48 accredited investors through a private placement of preferred stock. The provider of outpatient rehabilitation services intends to use the proceeds from the offering for the development of clinics, working capital and the repayment of indebtedness.

Avery Communications Inc. of Chicago raised approximately $1.6 million from two accredited investors through a private placement of Series H convertible preferred stock. There was no minimum investment required. The telecommunications billing provider intends to use the proceeds from the offering for working capital.

ViA Inc. of Burnsville, Minn., raised $1 million from one accredited investor through a private placement of Series A preferred stock. There was no minimum investment required. The developer of intuitive computing and communications products intends to use the proceeds from the offering for working capital.

West

ViAir Inc. of Seattle is raising $15 million through a private placement of Series B convertible preferred stock and warrants for the purchase of common stock. There is no minimum investment required. At the time of its SEC filing, the company had already raised just over $9.85 million from 14 accredited investors. The wireless telecommunications provider intends to use the proceeds from the offering for working capital.

Know Now Inc. of Menlo Park, Calif., is raising approximately $7.9 million through a private placement of Series A preferred stock. At the time of its SEC filing, the company had already raised approximately $7.79 million from 22 accredited investors. The developer of two-way messaging technology for Internet users intends to use the proceeds from the offering for working capital.

Gradproducts Inc. of Dana Point, Calif., is raising $6 million through a private placement of common stock. A minimum investment of $30,000 is required. Tradeway Securities Group Inc. of Irvine, Calif., is acting as the agent on the placement for a $780,000 commission. At the time of its SEC filing, the company had already raised $255,000 from eight accredited investors. The retailer of graduation and other educational and corporate memorabilia intends to use the proceeds from the offering for working capital, the repayment of indebtedness and Web site development.

Soft Face Inc. of Alameda, Calif., is raising approximately $6.02 million through a private placement of Series B convertible preferred stock and warrants. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised approximately $5.9 million from 17 accredited investors. The developer of software intends to use the proceeds from the offering for working capital.

Eneco Inc. of Salt Lake City is raising approximately $6 million through a private placement of common stock and warrants. There is a minimum investment of $60,000 required on the placement. At the time of its SEC filing, the company had already raised just over $1.5 million from 15 accredited investors. The researcher and developer of energy generation and energy conversion technology intends to use the proceeds from the offering for research and development, patent protection, marketing and strategic alliance formation.

International Ticket Machines Corp. of Chino, Calif., is raising $5 million through a private placement of common stock. A minimum investment of $10,000 is required. The provider of automated point-of-sale networks and systems intends to use the proceeds from the offering for working capital, the purchase, repayment of indebtedness, sales and marketing, research development and the rental or leasing and installation of machinery and equipment.

Geotrust Inc. of Portland, Ore., is raising just over $4 million through a private placement of convertible securities and warrants to purchase common stock. There is no minimum investment required. At the time of its SEC filing, the company had already raised approximately $2.6 million from nine accredited investors. The e-security software developer intends to use the proceeds from the offering for working capital.

IRA-INFO Inc. of Santa Monica, Calif., is raising just over $3 million through a private placement of preferred stock. A minimum investment of $10,000 is required. At the time of its SEC filing, the company had already raised approximately $10,000 from one accredited investor. The intranet portal service provider of IRA, 401(k) and pension information intends to use the proceeds from the offering for working capital, development and marketing expenses, and salaries and fees.

InterVideo Inc. of Fremont, Calif., is raising just over $1.34 million through a private placement of options to purchase common stock. There is no minimum investment required. At the time of its SEC filing, the company had already raised approximately $740,000 from three accredited investors. The software design company intends to use the proceeds from the offering for working capital.

Corporate VAT Management Inc. of Seattle is raising just over $1 million through a private placement of common stock. At the time of its SEC filing, the company already had raised approximately $125,000 from three accredited investors. The seller of software and the provider of services for the reclaim of VAT taxes paid on transaction in foreign countries intends to use the proceeds from the offering for working capital and salaries and fees.

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