Regional Roundup 6-24-02

East

Improv Systems Inc. of Beverly, Mass., is raising $5 million through a convertible securities financing. A minimum investment of $1,000 is required on the placement. At the time of its SEC filing, the company had already raised $3.91 million from 78 accredited and non-accredited investors. The drug discovery company intends to use the proceeds from the offering for working capital. For more information, call Diane Flynn, chief financial officer and treasurer, at 978-927-0555.

IMlogic Inc. of Boston is raising $3.78 million through a Series A convertible preferred stock financing. At the time of its SEC filing, the company had already raised $3.75 million from 13 accredited investors. The provider of enterprise solutions based on Instant Messaging technology intends to use the proceeds from the offering for working capital. For more information, call Francis deSouza, chief executive and president, at 617-757-7740.

Voice Signal Technologies Inc. of Woburn, Mass., is raising $1.95 million through a financing of convertible securities. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $1.75 million from 10 accredited investors. The developer, manufacturer, marketer, seller of voice recognition technology, intends to use the proceeds from the offering for working capital. For more information, call Thomas Lazay, executive officer, at 781-970-5200.

Delcath Systems Inc. of Stamford, Conn., is raising $1.5 million through a common stock financing. A minimum investment of $50,000 is required on the placement. At the time of its SEC filing, the company had already raised $267,5000 from one accredited investor. The developer, clinical tester and manufacturer of medical equipment intends to use the proceeds from the offering for working capital. For more information, call M.S. Koly, president and chief executive, at 203-323-8668.

WorldScape Inc. of Martinsville, N.J., is raising $1 million through a common stock financing. At the time of its SEC filing, the company had already raised $422,000 from 13 accredited and non-accredited investors. The computer technology company intends to use the proceeds from the offering for working capital. For more information, call Peter Rogina, president and director, at 732-764-0442.

Seurat Company of Waltham, Mass., raised $12 million from one accredited investor through a Series B convertible preferred stock financing. A minimum investment was not required on the placement. The provider of consulting, integration and management services intends to use the proceeds from the offering for working capital. For more information, call James Slamp, chief financial officer, at 781-487-2700.

I-Many Inc. of Portland, Maine raised $6 million from accredited investors, through a common stock financing. A minimum investment was not required on the placement. The leader in contract management and trade relationship management solutions intends to use the proceeds from the offering for the acquisition of other businesses. For more information, call Robert Schwartz, vice president and general counsel, at 800-949-1229.

Away.com Inc. of Washington, D.C., raised $3.7 million from 11 accredited and non-accredited investors, through a financing of preferred stock and warrants financing. A minimum investment of $10,000 was required on the placement. The Internet travel company intends to use the proceeds from the offering for the acquisition of other businesses. For more information, call Sean Greene, president, at 202-654-8000.

Wasabi Systems Inc. of New York raised $2 million from two accredited investors through a private placement of Series A preferred stock. A minimum investment of $2,500 was required on the placement. The computer software developer intends to use the proceeds from the offering for the purchase, rental or leasing and installation of machinery and equipment, and targeted sales and marketing. For more information, call Jeremy Sohn, chief financial officer, at 646-638-3336.

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South

MigraTEC Inc. of Farmers Branch, Texas is raising $5 through a private placement of common stock. At the time of its SEC filing, the company had already raised $2.85 million from 39 accredited investors. The designer, developer and marketer of proprietary engines that automate and upgrade software applications intends to use proceeds from the offering for working capital. For more information, call Ulrich Brechbuhl, president and chief financial officer, at 972-969-0300.

PayerPath Inc. of Richmond, Va., is raising $3.5 through a Series A convertible preferred stock financing. Croft & Bender LLC of Atlanta is acting as the agent on the placement. At the time of its SEC filing, the company had already raised $2.37 million from 17 accredited investors. The health insurance claims processor, which works over the Internet, intends to use proceeds from the offering for working capital. For more information, call David Bosher, chief financial officer, at 804-560-2400.

ScentAir Technologies Inc. of Orlando, Fla., is raising $3.13 through a Series B preferred stock and common stock financing. At the time of its SEC filing, the company had already raised $600,000 from eight accredited investors. The developer and manufacturer of unique scents and scent dispensers intends to use proceeds from the offering for working capital. For more information, call Forrest Fleming, president, at 407-522-5266.

ColoWATCH Inc. of Houston is raising $2.1 through the purchase and sale of Series A preferred stock. At the time of its SEC filing, the company had already raised $1.23 million from 13 accredited investors. The provider of Internet management services intends to use proceeds from the offering for working capital. For more information, call Jerry Lin, president, at 713-300-6300.

Happy Holiday Tours Inc. of Hallandale, Fla., is raising $2 million through the purchase and sale of Series A preferred stock. A minimum investment of $5,000 is required on the placement. The company will be a tour operator, selling discount travel programs, which would simultaneously give vacationers the ability to pay for vacations over time. It intends to use proceeds from the offering for the purchase, rental or leasing and installation of machinery and equipment, marketing and advertising and working capital. For more information, call Klaus Heuring, president, at 954-456-3000.

Excalibur Holdings Inc. of Houston is raising $1.99 through a Series B preferred stock financing. Keane Securities Co. Inc. of New York is acting as the agent on the placement for a findersi fee of $150,000. At the time of its SEC filing, the company had already raised $900,000 from five accredited investors. The steel fabrication company intends to use proceeds from the offering for the acquisition of other businesses and working capital. For more information call, Matthew Flemming, executive vice president and secretary, at 281-646-7009.

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Midwest

CIB Marine Bancshares Inc. of Pewaukee, Wis., is raising $5 million through an offering of common shares. At the time of its SEC filing, the company had already raised $7.94 million from 57 accredited investors. The bank intends to use proceeds from the offering for the repayment of debt and working capital. For more information, call Steven Klitzing, senior vice president, at 262-695-6014.

First Alliance Corp. of Lexington, Ky., is raising $1.75 million through a private placement of common stock. At the time of its SEC filing, the company had already raised $6,000 from one accredited investor. The holding company for life insurance companies intends to use proceeds from the offering for working capital. For more information, call Michael Fink, president, at 859-299-7656.

Crystallize Inc. of Ann Arbor, Mich., raised $7.2 million from 22 accredited investors through a private placement of common stock. The software development and consulting company intends to use proceeds from the offering for working capital. For more information call, Robert Markese, president and chief executive officer, at 734-668-8100.

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West

Corrent Corp. of Tempe, Ariz., is raising $16.09 million through a Series C preferred stock financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $16.01 million from 22 accredited investors. The network security research and development company intends to use the proceeds from the offering for working capital. For more information, call Richard Takahashi, president, at 480-648-2300.

Metabolex Inc. of Hayward, Calif., is raising $15.58 million through a Series H preferred stock and warrants financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $7.86 million from 10 accredited investors. The biotechnology company intends to use the proceeds from the offering for working capital. For more information, call Barckat Kamb, assistant secretary, at 510-293-8800.

Superconductor Technologies Inc. of Santa Barbara, Calif., is raising $13 million through a Series H preferred stock and warrant financing. A minimum investment of $50,000 is required on the placement. At the time of its SEC filing, the company had already raised $11.2 million from 22 accredited investors. The designer and manufacturer of wireless telecommunications equipment intends to use the proceeds from the offering for working capital and capital expenditures. For more information, contact Martin McDermut, senior vice president.

VersEdge Technologies Inc. of Los Gatos, Calif., is raising $12 million through Series B preferred stock financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $7 million from six accredited investors. The developer of proprietary software that enables electronic file sharing over wide-area networks and information sharing infrastructure systems intends to use the proceeds from the offering for working capital. For more information, call Randy Ditzler, chief executive, at 408-395-3432.

Verrance Corp. of San Diego is raising $8.1 million through a convertible securities financing. A minimum investment of $3.5 million required on the placement. At the time of its SEC filing, the company had already raised $3.5 million from four accredited investors. The developer of digital technology components and provider of information services related to transmissions and reception intends to use the proceeds from the offering for working capital. For more information, call Mario Petrocco, chief financial officer, at 858-202-2800.

Tornado Development Inc. of El Segundo, Calif., is raising $7.5 million through a Series E preferred stock financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $3.5 million from seven accredited investors. The developer and marketer of high-performance, IP-based messaging and real-time communication solutions intends to use the proceeds from the offering for working capital and the repayment of debt. For more information, call Jeffrey Scheinrock, chief executive, at 310-760-5000.

PervasiveNet Inc. of Sacramento, Calif., is raising $5 million through a Series H preferred stock and warrant financing. A minimum investment of $10,000 is required on the placement. The supplier of computer related services to companies in the private sector intends to use the proceeds from the offering for the purchase, rental or leasing and installation of machinery and equipment, the construction of plant buildings and facilities, working capital and cash assets. For more information, call Jay Katzoff, president and chief executive, at 916-349-8473.

Restaurant Insurance Holdings Inc. of Greenwood Village, Colo., is raising $3.5 million through a common stock financing. A minimum investment of $50,000 is required on the placement. At the time of its SEC filing, the company had already raised $2.52 million from nine accredited investors. The owner and operator of an insurance underwriting company intends to use the proceeds from the offering for working capital. For more information, call Paul Giunto, president, at 720-206-1811.

World Tree Technologies Inc. of Phoenix is raising $3 million through a common 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 $10,000 from one accredited investor. The grower and marketer of trees intends to use the proceeds from the offering for the purchase, rental or leasing and installation of machinery and equipment, the construction or leasing of plant buildings and facilities, general marketing expenses and inventory. For more information, call Wendy Burton, president, at 602-224-6363.

Chiroelite.org of Las Vegas is raising $3 million through a preferred stock financing. A minimum investment of $10,000 is required on the placement. At the time of its SEC filing, the company had already raised $15,000 from one accredited investor. The chiropractic marketing and advertising consultant intends to use the proceeds from the offering for the purchase, rental or leasing and installation of machinery and equipment, the construction or leasing of plant buildings and facilities, working capital and cash assets. For more information, call B. Dvorak, vice president, at 888-236-6250.

Averant Inc. of Santa Clara, Calif., is raising $2.72 million through a Series B preferred stock common stock and warrant financing. At the time of its SEC filing, the company had already raised $2.11 million from nine accredited investors. The electronic design startup, which focuses on the verification of complex Ics and digital intellectual property, intends to use the proceeds from the offering for the repayment of debt and working capital. For more information, call Hal Alles, chief executive, at 408-844-8440.

BrightLink Network Inc. of Sunnyvale, Calif., is raising $2.65 million through a convertible securities financing. At the time of its SEC filing, the company had already raised $1.15 million from 18 accredited investors. The optical network switch company intends to use the proceeds from the offering for working capital. For more information, call Paul Schaller, chief executive officer, at 408-752-9200.

United Equity Holdings Inc of Tempe, Ariz., is raising $1 million through a preferred stock financing. A minimum investment of $10,000 is required on the placement. Tim Weule, Mark Kesler, and Phil Vigarino of Tempe, Ariz., are acting as agents on the placement. At the time of its SEC filing, the company had already raised $30,000 from two accredited investors. The investment company intends to use the proceeds from the offering for working capital and advertising. For more information call, Tim Weule, chairman, at 480-517-1538.

Avamar Technologies Inc. of Irvine, Calif., raised $12.25 million from 19 accredited investors through a Series C preferred stock financing. The provider of storage and transportation of data over the Internet intends to use the proceeds from the offering for the repayment of debt and working capital. For more information call, Greg Williams, secretary, at 949-743-5100.

Ross Pharmaceuticals Inc. of Cupertino, Calif., raised $3.5 million from two accredited investors through a Series C preferred stock financing. The pharmaceutical firm intends to use the proceeds from the offering for the repayment of debt and working capital. For more information, call Bruce Jenett, assistant secretary, at 408-777-9535.

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