Regional Roundup 7-22-02

East

Milkhaus Laboratory Inc. of Delanson, N.Y., is raising $10 million through a common stock financing. A minimum investment of $100,000 is required on the placement. Gemini Financial Corp. of New York is acting as the agent on the placement for $375,500 in commission. At the time of its SEC filing, the company had already raised $3.92 million from 12 accredited investors. The clinical-stage biopharmaceutical company intends to use the proceeds from the offering for research and development and working capital. For more information, call Dr. John McMichael, chief executive officer, at 518-872-1144.

DealerTrack Holdings Inc. of Melville, NY raised $7.5 million from three accredited investors through a convertible Series C-1 participating preferred stock placement. Robertson Stephens Inc. of San Francisco acted as the agent on the placement for $535,000 in sales commission. A minimum investment of $173,986 was required on the placement. The Internet-based finance enabler for automotive dealers and lenders intends to use the proceeds from the offering for working capital. For more information, call Mark OíNeil, president and chief executive, at 631-486-1600.

Ultralife Batteries Inc. of Newark, N.J., is raising $6.9 million through a private placement of common stock. Richard Hansen of West Conshohocken, Pa., is acting as an agent on the placement for $125,000 in sales commission. A minimum investment of $24,000 is required on the placement. At the time of its SEC filing, the company had already raised $3 million from five accredited investors. The manufacturer of lithium-based batteries intends to use the proceeds from the offering for research and development, sales and marketing, and working capital. For more information, call Robert Fishback, vice president of finance and chief financial officer, at 315-332-7100.

Ridgeway Systems & Software Inc. of West Long Branch, N.J., is raising $6 million through a series D convertible preferred financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $4.55 million from seven accredited investors. The developer of video, software and telecommunications equipment intends to use the proceeds from the offering for working capital. For more information, contact Eugene Wolf, president and chief executive.

Hearth Kitchen Co. of Wilton, Conn., is raising $3 million through the private placement of convertible securities. A minimum investment of $50,000 is required on the placement. The producer, marketer and distributor oven inserts intends to use the proceeds from the offering for working capital, public relations, sales and merchandising support advertising. For more information, call Lewis White, chief operating officer and treasurer, at 203-834-9700.

Neuralstem Inc. of Gaithersburg, Md., is raising $2.5 million through a common stock financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $2.19 million from 27 accredited investors. The biotechnology company intends to use the proceeds from the offering for working capital. For more information, call Richard Garr, at 301-337-1804.

Metacarta Inc. of Cambridge, Mass., is raising $1.25 million through an offering of Series C preferred stock. A minimum investment of $2,500 is required on the placement. At the time of its SEC filing, the company had already raised $807,152 from 18 accredited investors. The company, which sells e-commerce products intends to use the proceeds from the offering for working capital. For more information, call John Frank, president, at 617-661-6382.

GlycoFi Inc. of Hanover, N.H., raised $7 million from 20 accredited investors through a common stock financing. A minimum investment was not required on the placement. The biotechnology research company intends to use the proceeds from the offering for the repayment of debt and working capital. For more information, call Charles Hutchinson, president, at 603-646-9000.

SmartBargains Inc. of Boston raised $5 million from 14 accredited investors through an issuance of Series B convertible preferred stock. A minimum investment was not required on the placement. The company, engaged in retail Internet sales, intends to use the proceeds from the offering for working capital and the repayment of debt. For more information, call Donato DeNovellis, executive vice president and chief financial officer, at 617-542-6363.

Kubisoft Inc. of Concord, Mass., raised $2 million from seven accredited investors, through the sale of Series A-1 participating preferred stock. A minimum investment of $25,000 was required on the placement. The software company intends to use the proceeds from the offering for working capital, marketing and public relations. For more information, contact Julio Estrada, president,

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South

Layer N Networks Inc. of Austin, Texas is raising $5 million through a private placement of Series A convertible preferred stock. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $4.93 million from 14 accredited investors. The designer of semiconductors for network security solutions intends to use proceeds from the offering for working capital. For more information, call Michael Salas, president, at 512-250-2129.

CapTran Reinsurance Ltd. of Pinehurst, N.C., is raising $2 million through an offering of Class A non-voting shares of common stock. A minimum investment of $50,000 is required. The company intends to use proceeds from the offering for working capital. For more information, call Wayne Walker, chief executive officer, at 910-295-9828.

Independent Bankers Financial Corp. of Irving, Texas is raising $1 million through the offering of common stock. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $151,840 from two accredited investors. The company, which provides banking products and services intends to use proceeds from the offering for working capital. For more information, call James McLemore, executive vice president and chief financial officer, at 972-650-6000.

Church Force Inc. of Tampa, Fla., is raising $1 million through a common stock offering. A minimum investment of $10,000 is required on the placement. The company intends to use proceeds from the offering for marketing and software license, and working capital. For more information, call Jose Gomez, president, at 813-243-4641.

Scanlab Inc. of Clearwater, Fla., is raising $1 million through the sale of common stock. A minimum investment of $12,500 is required on the placement. The importer and marketer of nutritional supplements intends to use proceeds from the offering for working capital. For more information, call Andres Heidmann, president, at 727-446-4180.

JMI Energy Inc. of Houston raised $15.73 million from one accredited investor through a convertible securities offering. A minimum investment was not required on the placement. The explorer and developer of gas and oil properties intends to use the proceeds from the offering for repayment of debt. For more information, call R. Carter Overton, president and chief executive officer, at 713-895-8899.

Valere Power Inc. of Richardson, Texas raised $13 million from nine accredited investors through the sale of Series B preferred stock. A minimum investment was not required on the placement. The developer and manufacturer of batteries and power supplies intends to use the proceeds from the offering for working capital. For more information, call Andrew Marsh, president, at 469-330-9100.

IP Communications Inc. of Dallas raised $5.3 million from 10 accredited investors, through the private placement of Series D preferred stock and warrants. A minimum investment was not required on the placement. The provider of telecommunication services intends to use the proceeds from the offering for working capital. For more information, call Steven Nowick, chief executive officer, at 972-248-8210.

Passport Health Communications Inc. of Franklin, Tenn., raised $4.29 million from nine accredited investors through a Series B convertible preferred stock offering. A minimum investment was not required on the placement. Raymond James & Associates Inc. acted as the agent on the placement for undisclosed related fees and commission. The provider of electronic transaction processing services that capture and transmit time-critical information to the healthcare industry intends to use the proceeds from the offering for the acquisition of other businesses, repayment of debt and working capital. For more information, call Robert Brown, chief financial officer and secretary, at 615-661-5657.

US-Rx Inc. of Dallas raised $5.7 million from two accredited investors through a private placement of preferred stock. A minimum investment of $2.5 million was required on the placement. The provider of telemetry services to end-users intends to use the proceeds from the offering for repayment of debt and working capital. For more information, call Colin Dobell, president, at 972-980-1132.

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Midwest

Participate Systems Inc. of Chicago is raising $9.75 million through a Series D preferred financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $2.1 million from seven accredited investors. The Internet consulting company intends to use proceeds from the offering for working capital. For more information, call Alan Warms, president and chief executive, at 312-279-9500.

Corona Optical Systems Inc. of North Lombard, Ill., is raising $8.5 million through a private placement of convertible 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 $2.05 million from three accredited investors. The developer of physical layer optical components and subsystems for carrier class transmission intends to use proceeds from the offering for working capital. For more information, call Scott Higgins, chief executive and president, at 630-705-1776.

Taxi 2000 Corp. of Fridley Minn., is raising $1 million through a private placement of common stock. A minimum investment of $5,000 is required on the placement. The transportation designer and developer of personal rapid transit system intends to use proceeds from the offering for the purchase, rental or leasing of machinery and equipment; construction or leasing of plant buildings and facilities; and working capital. For more information, call J. Edward Anderson, president, at 763-586-0878.

iTracs Corp. of Westchester, Ill., raised $2.25 million from eight accredited investors through a private placement of common and preferred stock. The network infrastructure management solution provider intends to use proceeds from the offering for working capital. For more information, call Robert Vanecko, vice president, at 708-486-0147.

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West

Lumenare Networks of Sunnyvale, Calif., is raising $13.57 million through a common stock offering. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $8.53 million from 10 accredited investors. The software maker intends to use the proceeds from the offering for the purchase, rental or leasing and installation of machinery, repayment of debt and working capital. For more information, call Phillip Cavallo, chief executive officer, at 408-524-6100.

Audia Technology Inc. of Cupertino, Calif., is raising $9 million through a preferred stock financing. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $3.1 million from 12 accredited investors. The hearing aid maker intends to use the proceeds from the offering for working capital. For more information, call Shang Lu, chief executive officer, at 408-830-9988.

Apriva Inc. of Scottsdale, Ariz., is raising $7 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 $4 million from 11 accredited investors. The wireless applications maker intends to use the proceeds from the offering for working capital. For more information, call Tyler Hanson, chief financial officer and secretary, at 480-421-1307.

Pointtilliste Inc. of Mountain View, Calif., is raising $5 million through the issuance of Series B preferred stock and common stock. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised $4 million from 11 accredited investors. The biotechnology company intends to use the proceeds from the offering for working capital. For more information, call Dana Ault-Riche, president, at 650-938-1995.

The Foundry Inc. of Redwood City, Calif., is raising $5 million through a Series A preferred stock financing. A minimum investment is not on the placement. At the time of its SEC filing, the company had already raised $4.6 million from 20 accredited investors. The company intends to use the proceeds from the offering for working capital. For more information, call Scott Elliot, secretary, at 650-298-9500.

Autonomic Networks Inc. of Atherton, Calif., is raising $1.05 million through the sale and issuance of common stock and convertible securities. At the time of its SEC filing, the company had already raised $590,000 from 20 accredited investors. The technology developer intends to use the proceeds from the offering for working capital. For more information, call Bruce Smith, president and chief executive officer, at 650-322-1070.

Tolerion Inc. of Stanford, Calif., raised $11.55 million from 12 accredited investors through a Series A preferred stock offering. A minimum investment was not required on the placement. The pharmaceutical research company intends to use the proceeds from the offering for working capital. For more information, call James Koshland, secretary, at 650-723-7295.

Genomatics Inc. of San Diego raised $4 million from one accredited investor through the issuance of Series A preferred stock. A minimum investment of $25,000 was required on the placement. The software company intends to use the proceeds from the offering for working capital. For more information, call Thomas Reed, chief financial officer and vice president, at 858-824-1771.

InterVideo Inc. of Fremont, Calif., raised $3.72 million from one accredited investor, through a Series D preferred stock offering. A minimum investment was not required on the placement. The provider of DVD software and multimedia software products intends to use the proceeds from the offering for the settlement of claims. For more information, call Randall Barnbrough, chief financial officer, at 510-651-0888.

Call Tower Inc. of San Francisco raised $1.89 million from 23 accredited investors, through a Series B preferred stock offering. A minimum investment was not required on the placement. The IP telephony company intends to use the proceeds from the offering for working capital. For more information, call John Trimmer, president, at 415-869-8940.

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