Regional Roundup – E ast

Parco Merged Media Corp. of Portland, Maine, is raising $15 million through a private placement of Series A convertible preferred stock. There is a minimum investment of $100,000 required on the placement. At the time of its SEC filing, the company had already raised $200,000 from two accredited investors. The provider of health-care telecommunications services intends to use the proceeds from the offering for working capital and the acquisition of other businesses.

Circadiant Systems Inc. of Allentown, Penn., is raising just over $13.79 million through the issuance and sale of Series C convertible preferred stock. At the time of its SEC filing, the company had already raised just over $10 million from seven accredited investors. The designer and manufacturer of fiber optic network appliances, intends to use the proceeds from the offering for working capital.

I/Tech Services Inc. of Frederick, Md., is raising $11.5 million through a private placement of Series A preferred warrants to purchase Series A preferred and Class B stock. Windriver Capital LLC of Salt Lake City is acting as the agent on the placement on the deal for sales commissions of $504,000. At the time of its SEC filing, the company had already raised just over $9 million from two accredited investors. The college/community-based educational services network, offering a variety of innovative information technology education and training and content support services, intends to use the proceeds from the offering for the repayment of indebtedness and working capital.

Fastnet Corp. of Bethlehem, Penn., is raising just over $5 million through a private placement of Series A convertible preferred stock. At the time of its SEC filing, the company had already raised $3.19 million from two accredited investors. The provider of Internet access and hosting services intends to use the proceeds from the offering for working capital.

SynVest R.E.I.T. Inc. of Washington, D.C., is raising $4 million through a private placement of common stock. At the time of its SEC filing, the company had already raised just over $57,000 from four accredited and non-accredited investors. The real estate and development company intends to use the proceeds from the offering for working capital, purchase of real estate and construction or leasing of plant buildings and facilities.

Helios Energy Technologies Inc. of LeRoy, N.Y., is raising just about $3.75 million through an issuance and sale of common stock including common stock warrants. There was a minimum investment of $7,500 required on the placement. The developer of patented, proprietary heat-driven systems for the electrical power generation industry, intends to use the proceeds from the offering for working capital and the final stage development, prototype and pre-production testing, advertising and promotion patent expenses.

InterScope Technologies Inc. of Pittsburgh, Penn., is raising $3.25 million through a private placement of Series A preferred stock. Princeton Equity Securities Inc. of Princeton is acting as the agent on the placement for sales commissions of $142,765. At the time of its SEC filing, the company had already raised just about $3 million from 21 accredited investors. The medical pathology products and consulting firm intends to use the proceeds from the offering for the repayment of indebtedness and working capital.

ALM Turbine Inc. of Washington, D.C., is raising $2.5 million through a private placement of Series A convertible preferred stock. There is a minimum investment of $25,000 required. Republic Equities of America Ltd. of New York is acting as the agent on the placement for sales commissions of $250,000. At the time of its SEC filing, the company had already raised $432,500 from 10 accredited investors. The company intends to use the proceeds from the offering for test programs, working capital and purchase, rental or leasing and installation of machinery and equipment.

LocatePlus Holding Corp. of Beverly, Mass., is raising $1.5 million through a private placement of common stock and warrants. The B2B provider of proprietary information solutions to commercial, private sector and law enforcement entities intends to use a majority of the proceeds from the offering for working capital.

Gentis Inc. of Berwyn, Penn., is raising just about $1 million through a placement of common stock. There is a minimum investment of $5,000 required on the placement. At the time of its SEC filing, the company had already raised $500,000 from 16 accredited investors. The researcher and developer of therapeutic products for the repair and regeneration of human tissue intends to use the proceeds from the offering for working capital.

Able Laboratories Inc. of Needham, Mass., raised $6.12 million from 43 accredited investors through a private placement of Series Q convertible preferred stock. Ramesh Akella of New York is acting as the agent on the placement for undisclosed sales commission. The developer and manufacturer of generic pharmaceutical drugs, intends to use a majority of the proceeds from the offering for working capital.

DigitalNet Inc. of Bethesda, Md., raised $1.6 million from one accredited investor through a placement of common stock. There was a minimum investment of $1,000 required on the placement. The consulting firm intends to use the proceeds from the offering for working capital.