Regional Roundup 8-20-01

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East

Digital Online Network Inc. of Glenwood Landing, N.Y., is raising $2.5 million through a private placement of common stock. A minimum investment of $100,000 is required on the placement. At the time of its SEC filing, the company had already raised just about $700,000 from eight accredited investors. The developer, marketer and distributor of interactive rich-media for e-learning intends to use the proceeds from the offering for working capital.

Higher One Inc. of New Haven, Conn., is raising just over $1.7 million through a private placement of Series B convertible preferred stock. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised just about $500,000 from 12 accredited investors. The online financial services and e-commerce business intends to use the proceeds from the offering for working capital.

Beix Acquisition Corp. of West Conshohocken, Pa., is raising $1.5 million through a private placement of Series A preferred stock. A minimum investment was not required. At the time of its SEC filling, the company had already raised $915,000 from 10 accredited investors. The company intends to use the proceeds from the offering for working capital.

Hometown Auto Retailers Inc. of Watertown, Conn., is raising $1.4 million through a private placement of common stock and convertible securities. There is no minimum investment required. At the time of its SEC filling, the company had already raised $974,996 from 10 accredited investors. The retail seller of new and used automobiles intends to use a majority of the proceeds from the offering for working capital.

WebCT Inc. of Lynnfield, Mass., raised $13.58 million from one accredited investor through an offering of class A voting common stock. There was no minimum investment required. The developer, marketer, distributor and provider of licenses for computer software and computer related products intends to use the proceeds from the offering for working capital.

Books24x7.com Inc. of Norwood, Mass., raised $11.99 million from 11 accredited investors through the issuance and sale of Series E convertible preferred stock including warrants. There was a minimum investment of $8,334 required on the placement. The online bookstore intends to use the proceeds from the offering for working capital.

Morphotek Inc. of Philadelphia raised $9.9 million from 11 accredited investors through the issuance and sale of Series B redeemable convertible preferred stock including common stock warrants. There was no minimum investment required on the placement. The biotechnology firm intends to use the proceeds from the offering for the repayment of indebtedness.

Brown Capital Holdings Inc. of Philadelphia raised $9.89 million from 38 accredited investors through the issuance and sale of common stock including common stock warrants. There was a minimum investment of $500,000 required on the placement. In a second filing, the company raised approximately $3.75 million from 27 accredited and non-accredited investors through an offering of common stock and convertible securities. The holding company for a non-depository trust company intends to use the proceeds from both offerings for working capital.

4GL School Solutions Inc. of Monkton, Md., raised $5.1 million from seven accredited investors through the issuance and sale of Series A convertible preferred stock including common stock warrants. There was no minimum investment required. Armata Partners, LP of Baltimore acted as the agent on the placement for an undisclosed commission. The developer and provider of software and related services for the education market intends to use the proceeds from the offering for working capital.

Hilliard Farber & Co. Inc. of New York raised $4 million from two accredited investors through the issuance and sale of Series B redeemable convertible preferred stock including common stock warrants. There was a minimum investment of $5,000 required on the placement. The company, which is an interdealer broker in the purchase and sale of United States Treasury Bills, Notes, and Bonds including repurchase and reverse repurchase agreements, intends to use the proceeds from the offering for working capital.

Vertical Alliance Inc. of Norristown, Pa., raised approximately $2.6 million from four accredited investors through the issuance and sale of Series B convertible preferred stock including common stock warrants. There was no minimum investment required on the placement. The software development firm intends to use the proceeds from the offering for working capital and general corporate purposes.

Medicalis Corp. of Chestnut Hill, Mass., raised $2 million from one accredited investor through a private placement of Series A preferred stock. A minimum investment was not required. The provider of medical software and information services intends to use the proceeds from the offering for legal fees.

AtYourBusiness.com Inc. of Rockville, Md., raised just about $1.64 million from one accredited and three non-accredited investors through a private placement of Series A, B and C convertible preferred stock including warrants. A minimum investment was not required. The provider of human resources services for small companies intends to use the proceeds from the offering for acquisition of other businesses.

OTG Software Inc. of Rockville, Md., raised just about $1.47 million from four accredited and 12 non-accredited investors through a private placement of common stock. A minimum investment was not required. The provider of online data storage management intends to use the proceeds from the offering for working capital.

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South

Fuel Quest Inc. of Houston is raising approximately $13.3 million through the issuance and sale of Series C preferred stock, convertible securities and common stock warrants. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised just over $13 million from five accredited investors. The provider of technology infrastructure and business service to the petroleum marketing industry intends to use the proceeds from the offering for working capital and the repayment of indebtedness.

Financeware Inc. of Richmond, Va., is raising just over $11.52 million through a private placement of Series C convertible preferred stock. A minimum investment is not required on the placement. At the time of its SEC filing, the company had already raised just over $8.52 million from four accredited investors. The provider of Internet investment advisory services intends to use the proceeds from the offering for working capital and the repayment of indebtedness.

RateGenius Inc. of Austin, Texas is raising $3.15 million through a Series C preferred stock financing. No minimum investment is required. At the time of its SEC filing, the company had already raised $2.7 million from 24 accredited investors. The online auction site for bank loans intends to use the proceeds from the offering for working capital.

PointDx Inc. of Winston-Salem, N.C., is raising $3 million through an issuance of Series B convertible preferred stock. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised $2 million from 46 accredited investors. The medical software company that develops and commercializes digital image analysis, computer-assisted diagnosis and diagnostic radiology for the health-care industry intends to use the proceeds from the offering for working capital.

Community TechKnowledge Inc. of Austin, Texas, is raising just over $2 million through a private placement of Series A preferred stock. At the time of its SEC filing, the company had already raised $1.11million from five accredited investors. The applications service provider intends to use the proceeds from the offering for working capital.

Florida Banks Inc. of Jacksonville, Fla., raised just about $6.96 million from 62 accredited investors through a private placement of Series B convertible preferred stock. There was no minimum investment required. The bank holding company intends to use the proceeds from the offering for working capital.

Percom Networks Inc. of Morrisville, N.C., raised just about $4 million from six accredited investors through an issuance and sale of Series B preferred stock and convertible securities. There is no minimum investment required. The provider of computer peripheral devices for the home intends to use the proceeds from the offering for working capital.

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Midwest

Accelent Systems Inc. of Akron, Ohio is raising just about $11.01 million through a private placement of Series B preferred stock. A minimum investment of $2.29 million is required. At the time of its SEC filing, the company had already raised just over $9.45 million from nine accredited investors. The inventor, designer, seller and provider of licenses for software and other high tech applications intends to use the proceeds from the offering for working capital, the purchase or leasing of equipment, the construction or leasing of facilities and the repayment of indebtedness.

Noteworthy Medical Systems Inc. of Mayfield Hts., Ohio is raising $10 million through a private placement of Series A preferred stock. There is a minimum investment required on the placement. At the time of its SEC filing, the company had already raised just over $7.04 million from 26 accredited investors. The provider of software development for computer-based patient record system intends to use the proceeds from the offering for working capital.

CorSolutions Medical Inc. of Buffalo Grove, Ill., raised approximately $6.82 million from 41 accredited and non-accredited investors through a private placement of common stock. The leading provider of chronic disease management services in the U.S. intends to use the proceeds from the offering for the acquisition of other businesses.

Control Diabetes Inc. of St. Louis is raising approximately $1.24 million from 13 accredited investors through a private placement of preferred stock. The company, which facilitates the exchange of diabetes-related information, intends to use the proceeds for working capital.

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West

ASIC Design Inc. of Littleton, Colo., is raising $15 million through a private placement of common stock including warrants to buy common stock. A minimum investment is not required. At the time of its SEC filing, the company had already raised just about $13.8 million from 209 accredited investors. The designer of electronic systems and custom integrated circuits used in a variety of applications, including computer, telecom and consumer products, intends to use the proceeds from the offering for working capital, the repayment of indebtedness, the purchase, rental or leasing and installation of machinery and equipment.

ReachCast Corp. of Danville, Calif., is raising approximately $7.71 million through a private placement of Series A preferred and common stock. There is no minimum investment required on the placement. At the time of its SEC filing, the company had already raised just over $6.77 million from 15 accredited investors. The computer software company intends to use the proceeds from the offering for working capital.

Wave Energy Corp. of Irvine, Calif., is raising $2.5 million through a private placement of series convertible securities. There is a minimum investment of $250,000 required on the placement. Lone Star Securities Inc. of Texas is acting as the agent on the placement for an undisclosed finders’ fee. At the time of its SEC filing, the company had already raised $35,000 from three accredited investors. The oil and gas company intends to use the proceeds from the offering for development of gas and oil properties.

Opsion Medical Inc. of San Diego is raising $3.21million through a private placement of common stock and Series A preferred stock. A minimum investment of $1.05 million is required on the placement. At the time of its SEC filing, the company had already raised just over $1.41 million from 10 accredited investors. The medical software designer intends to use the proceeds from the offering for working capital and the purchase, rental or leasing and installation of machinery and equipment.

Safety Associates Inc. of Tustin, Calif., is raising just over $1 million through a private placement of convertible securities and common stock with warrants. There is no minimum investment required on the deal. At the time of its SEC filling, the company had already raised just about $1million from two accredited investors. The developer, marketer and seller of products for testing food and cosmetics intends to use the proceeds from the offering for working capital.

Primanex Corporation of Fremont, Calif., raised $7.35 million from 35 accredited investors through a private placement of preferred stock and convertible securities. A minimum investment was not required on the placement. The provider of fiber optics components intends to use the proceeds from the offering for working capital.

MyHomeKey.com Inc. of San Francisco raised $6.75 million from four accredited investors through a private placement of preferred stock and convertible securities. A minimum investment was not required on the placement. The e-commerce business intends to use the proceeds from the offering for working capital.

FaceTime Communications Inc. of Foster City, Calif., raised $3 million from 22 accredited investors through a private placement of Series D preferred stock and convertible securities. A minimum investment was not required on the placement. The software research and development business intends to use the proceeds from the offering for working capital.

Fusion One Inc. of San Jose, Calif., raised approximately $4.6 million through the issuance and sale of common stock including common stock warrants. There was no minimum investment required on the placement of either offering. In a second filing, the company raised approximately $3.58 million through an offering of common stock and convertible securities. The software development company intends to use the proceeds from both offerings for the acquisition of other businesses and working capital.

WebGain Inc. of Santa Clara, Calif., raised $2.5 million from one accredited investor through a private placement of convertible securities and warrants to purchase common stock. A minimum investment was not required on the placement. The e-business automation software provider intends to use the proceeds from the offering for working capital.

Centerspan Communication Company Inc. of West Valley City, Utah, is raising just about $1.68 million from one accredited investor through a private placement of Series C preferred stock. A minimum investment was not required on the placement. The developer and marketer of Internet software applications for communications and collaborative sharing intends to use proceeds from the offering for working capital and the purchase, rental or leasing and installation of machinery and equipment.

AutoTradeCenter.com Inc. of Scottsdale, Ariz., is raising just over $1.3 million from one accredited investor through a private placement of preferred stock and convertible securities. A minimum investment was not required. The company, engaged in automotive sales, intends to use proceeds from the offering for working capital, legal fees, and other corporate purposes.

MyPrimeTime Inc. of San Francisco raised just about $2.86 million from 13 accredited investors through Series C convertible preferred stock and warrants to buy common stock. A minimum investment was not required on the placement. The Internet media company intends to use the proceeds from the offering for working capital.

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