Regional Roundup 5-6-02

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East

Improv Systems Inc. of Beverly, Mass., is raising $5 million through a private placement of Series A preferred stock. A minimum investment of $1,000 is required on the placement. At the time of its SEC filing, the company had already raised just about $3.72 million from 77 accredited and non-accredited investors. The company, which licenses semiconductor intellectual property, intends to use the proceeds from the offering for repayment of indebtedness. For more information, call Diane Flynn (CFO/Treasurer) 978-927-0555.

L3 Optics Inc. of Cambridge, Mass., is raising $4 million through a private placement of preferred stock. A minimum investment of $50,000 is required on the placement. At the time of its SEC filing, the company had already raised $1.75 million from 32 accredited investors. The optical communications company intends to use the proceeds from the offering for working capital. For more information, call Lewis Geffen (Asst. Secy.) 617-253-3157.

Ultra Fast Optical Systems Inc. of New York is raising $2.53 million through a private placement of Series B convertible preferred stock. At the time of its SEC filing, the company had already raised about $950,000 from 12 accredited investors. The manufacturer and designer of optical systems intends to use the proceeds from the offering for working capital and the exchange of convertible preferred stock for senior notes. For more information, call Gerald Brodsky (Treasurer) 212-826-6655.

Akula Software Inc. of West Dennis, Mass., is raising $2.2 million through a private placement of preferred stock. At the time of its SEC filing, the company had already raised $1.64 million from 20 accredited investors. The software development corporation intends to use the proceeds from the offering for working capital and marketing. For more information, call Kevin R. Maloney (President) 508-394-1441.

NF Acquisition Corp. of New York is raising $2 million through a private placement of common stock. A minimum investment of $50,000 is required. Brook Street Securities of Huntington, N.Y., is acting as the agent on the placement for $50, 000 in sales commissions. The investment banking and acquisitions firm intends to use the proceeds from the offering for the acquisition of other businesses and working capital. For more information, call Joshua J. Ziff (President/CEO) 212-508-4700.

MPhase Technologies Inc. of Norwalk, Conn., is raising $1.5 million through a private placement. A minimum investment of $12,500 is required. Lipper & Co. of New York is acting as the agent on the placement for sales commissions of 6,000 shares in stock. At the time of its SEC filing, the company had already raised about $1.87 million from 42 accredited investors. The designer, developer, manufacturer and marketer of high bandwidth telecommunications products incorporating DSL intends to use the proceeds from the offering for working capital. For more information, call Martin Smiley (Executive VP) 203-831-2242.

C Within Inc. of New Haven, Conn., is raising $1.58 million through an issuance and sale of Series A convertible preferred stock. At the time of its SEC filing, the company had already raised $1.13 million from four accredited investors. The provider of Web-based solutions and services for communications and security systems intends to use the proceeds from the offering for working capital. For more information, call Bruce A. Foodman (President) 203-624-2888.

World Winner.com Inc of Newton, Mass., raised $8.3 million from 10 accredited investors through an issuance and sale of preferred stock. The company, an Internet destination where people can play a variety of skill-based games while competing in large-scale tournaments against other people to win real money prizes, will use the proceeds from the offering for working capital. For more information, call Adam Zauder (COO) 617-928-0010.

Executive Greetings Inc. of New Hartford, Conn., raised $5.5 million from four accredited investors through an issuance and sale of Series A preferred stock. The designer, manufacturer and distributor of promotional materials intends to use the proceeds from the offering for the repayment of debt and working capital. For more information, call Joel Hughes (Acting President/CEO) 860-379-9912.

eGov Holdings Inc. of Laurel, Md., raised $3.25 million from seven accredited investors through an issuance and sale of common and preferred stock. The company, organized to provide information technology services to the public and federal governments, intends to use the proceeds from the offering for the acquisition of other businesses. For more information, call Paul Brubaker (President)

SleepMed Inc of Peabody, Mass., raised $2.01 million from 19 accredited investors through an issuance and sale of preferred stock. There was a minimum investment of $15,000 required on the placement. The provider of diagnostic and treatment services for sleep disorders and epilepsy intends to use the proceeds from the offering for working capital. For more information, call Carl R. Iberger (Executive VP/CFO) 800-334-5085.

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South

Celite System, Inc. of Austin, Texas, is raising $12.91 million through a private placement of Series A preferred stock. A minimum investment of $62,500 is required on the placement. At the time of its SEC filing, the company had already raised $12 million from seven accredited investors. The developer of a digital subscriber line that works like broadband cable intends to use the proceeds from the offering for working capital. For more information, call Joe Geesman (CFO/Secretary) 512-681-2362.

Source Medical Solutions Inc. of Birmingham, Ala., is raising $8.05 million through a private placement of common stock. A minimum investment of $5,000 is required on the placement. At the time of its SEC filing, the company had already raised just about $3.75 million from two accredited investors. The seller of computer software for healthcare applications intends to use the proceeds from the offering for working capital, and the repayment of indebtedness. For more information, call P. Daryl Brown (Executive Officer) 205-972-1222.

VeriCenter Inc. of Houston is raising just about $2.5 million through a Series C convertible preferred stock offering. At the time of its SEC filing, the company had already raised $131,000 from 13 accredited and non-accredited investors. The managed service provider intends to use proceeds from the offering for working capital. For more information, call Roger Ramsey (Chairman) 281-584-4500.

Electronic Page Solutions Inc. of Atlanta is raising $2 million through a private placement of common stock. Capital Securities of America Inc. of Hartville, Ohio is acting as the agent on the placement for a sales commission of $120,000. At the time of its SEC filing, the company had already raised $1.44 million from 14 accredited investors. The developer of high-speed transformation software that converts traditional mainframe and desktop computer data into electronic pages intends to use proceeds from the offering for working capital. For more information, call Lee Presley (Controller) 770-457-1025.

Vtel Products Corp. of Austin, Texas, is raising $1 million through a Series C convertible preferred stock offering. A minimum investment of $10,000 is required on the placement. At the time of its SEC filing, the company had already raised $205,000 from 13 accredited and non-accredited investors. The seller of video conferencing technology and solutions intends to use proceeds from the offering for working capital. For more information, call Robert R. Swem (President) 512-821-7000.

Elogex Inc. of Charlotte, N.C., raised $2 million from one accredited investor through a private placement of convertible securities. The provider of software and general logistics services for the transportation industry, including carriers and other third-party logistics providers, intends to use proceeds from the offering for working capital. For more information, call Cameron Herrera (Executive Officer) 704-227-1900.

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Midwest

LiquidGeneration Inc. of Chicago is raising $2 million through a private placement of Series A convertible preferred stock. The Internet portal and market research firm intends to use the proceeds from the offering for the working capital. For more information, call Bruce Freud (Executive Officer) 312-573-0123.

Baseline of Boise, Idaho, is raising just about $2 million through a private placement. A minimum investment of $100,000 is required on the placement. At the time of its SEC filing, the company had already raised more than $190,000 from two accredited investors. The developer, marketer and distributor of communications technology and moisture sensors for conservation and irrigation systems, intends to use the proceeds from the offering for working capital. For more information, call Tim Hickenlooper (Manager) 208-323-1634.

Endocardial Solutions Inc. of Oklahoma City raised $10 million from four accredited investors through a private placement of common stock. US Bancorp Piper Jaffray of Minneapolis acted as the agent on the placement for a finders’ fee of $600,3000. At the time of its SEC filing, the company had already raised $444,000 from 18 accredited investors. The designer, developer and manufacturer of a minimally invasive diagnostic system that diagnoses arrhythmia intends to use the proceeds from the offering for working capital. For more information, call James W. Bullock (CEO) 651-523-6900.

Athersys Inc. of Cleveland raised more than $10.73 million through an exchange of common shares. A minimum investment of $1,300 is required. RBC Capital Markets acted as the agent on the placement for a sales commission of $500,000. At the time of its SEC filing, the company had already raised $377,000 from 12 accredited investors. BioSafe is a holding company for several special service subsidiaries. For more information, call David C. Fleisner (President) 216-431-9000.

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West

Sendmail Inc. of Emeryville, Calif., is raising $14.06 million through a sale of Series E preferred stock and the issuance of Series A-1, B-1, C-1 and D-1 preferred stock and warrants to purchase common stock. At the time of its SEC filing, the company had already raised just over $11.12 million from 51 accredited investors. The provider of Internet mail software and services intends to use the proceeds from the offering for working capital. For more information, call Robert Gorlin (CFO/VP) 510-594-5400.

Human.com Inc. of Carson City, Nev., is raising just about $10 million through a private placement of common stock. A minimum investment of $25,000 is required on the placement. At the time of its SEC filing, the company had already raised just over $2.26 million from 77 accredited and non-accredited investors. The fiber optic network services company intends to use the proceeds from the offering for working capital. For more information, call Doug Ivanovich (President) 310-395-4421.

NetUPDATE Inc. of Redmond, Wash., is raising $9.5 million through Series C preferred stock financing. A minimum investment of $25,000 is required on the placement. At the time of its SEC filing, the company had already raised about $6.54 million from four accredited investors. The Internet software developer and integrator for the mortgage industry intends to use the proceeds from the offering for working capital. For more information, call Chris Dishman (CFO) 425-453-9950.

Coapt Systems Inc. of Palo Alto, Calif., is raising just about $6 million through Series D preferred stock financing. At the time of its SEC filing, the company had already raised $2.92 million from 23 accredited investors. The researcher, inventor and producer of bio-absorbable medical devices for use in human soft tissue healing intends to use the proceeds from the offering for working capital. For more information, call Richard Vicenti (Secretary) 650-289-1010.

Litel Instruments of San Diego is raising $5 million through Series A preferred stock financing. A minimum investment of $25,000 is required on the placement. At the time of its SEC filing, the company had already raised more than $250,000 from five accredited investors. The company is engaged in the development and manufacturing of instrumentation and software used to characterize and improve performance of semiconductor lithography equipment. It intends to use the proceeds from the offering for working capital. For more information, call Robert Hunter (Chairman) 858-546-3788.

Sierra Sciences Inc. of Reno, Nev., is raising $5.43 million through a private placement of Series B preferred stock and warrants. A minimum investment of $20,000 is required on the placement. At the time of its SEC filing, the company had already raised just about $2.6 million from 28 accredited investors. The biotechnology research and development company intends to use the proceeds from the offering for working capital. For more information, call Daniel H. Flystra (President) 775-856-9500.

Averant Inc. of Santa Clara, Calif., is raising $5 million through Series A convertible preferred stock financing. At the time of its SEC filing, the company had already raised more than $3.55 million from five accredited investors. The electronic design automation company focusing on verification of complex ICs and digital intellectual property intends to use the proceeds from the offering for working capital. For more information, call J.D. Delafield (President/CEO) 408-844-8440.

Escend Technologies Inc. of San Mateo, Calif., is raising $2.72 million through a private placement of common stock warrants and Series B preferred stock. At the time of its SEC filing, the company had already raised more than $1.88 million from three accredited investors. The enterprise software development company intends to use the proceeds from the offering for the repayment of indebtedness and working capital. For more information, call Hal Alles (CEO) 650-627-9200.

Roving IP.net Corp. of Redmond, Wash., is raising $4 million through Series B preferred stock financing. At the time of its SEC filing, the company had already raised $1.2 million from three accredited investors. The company, engaged in broadband wireless networks, intends to use the proceeds from the offering for general corporate purposes and working capital. For more information, call Robert G. Mechaley (President) 425-882-9776.

Sangari Inc. of San Diego is raising $4 million through a Series C preferred stock offering. There is a minimum investment of $40,000 required on the placement. At the time of its SEC filing, the company had already raised $1.54 million from four accredited investors. The developer of biopharmaceutical products intends to use proceeds from the offering for the purchase, rental or leasing and installation of machinery and equipment, repayment of indebtedness, and working capital. For more information, call David Renas (CFO) 858-455-0966.

Concero Inc. of Lake Oswego, Ore., is raising $2.06 million through Series B preferred stock financing. There is a minimum investment of $10,000 required on the placement. At the time of its SEC filing, the company had already raised more than $1.58 million from 20 accredited investors. The distributor of insurance products via the Internet intends to use the proceeds from the offering for working capital. For more information, call Alan M.Shiffer (President) 503-581-2005.

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