THE WIRE — FRIDAY 4/5

CHARLOTTE, NC — Peak 10 Inc. – a leading regional Data Center Services provider – closed a $9.2 million Series C round of funding this week, led by existing investors Seaport Capital of New York and Frontier Capital of Charlotte. Proceeds from the offering will fund the operations of Peak 10’s existing Data Centers through break-even and will finance the build-out of additional Data Centers.

SAN CARLOS, CA — POINT Biomedical Corp. announced today that it has raised $23.3 million by a private equity financing. The company will use the proceeds to fund its Phase 3 clinical trials of CardioSphere (PB127), a product for assessment of myocardial perfusion in patients with coronary artery disease, and to continue to expand its pipeline of imaging and drug delivery products. Lead investor, INVESCO Private Capital, joined additional new investors Anvers L.P., Fininvest, General Electric Capital Corporation, Oakwood Medical Investors, S.R. One, Limited and previous investors CHL Medical Partners, De Novo Ventures, Frazier & Co., Institutional Venture Partners, Mosaix Ventures, Palo Alto Investors, and The Sprout Group.

KANSAS CITY, — Sceptor Industries, Inc. today announced that it has received $1.5 million in initial equity funding from a combination of private venture capital and private investors, led by Shalom Equity Fund in New York. Sceptor is a full-service company that develops and commercializes state-of-the-art technologies for the detection of biological and chemical threats.

PALO ALTO, CA — Scotland’s Minister for Enterprise, Transport and Lifelong Learning Wendy Alexander yesterday visited Palo Alto to promote further investment in Scottish start-up companies by Silicon Valley venture capital firms. The visit is part of a proactive economic development strategy by Scotland to further establish the country as an innovative and creative hub of technology and research, with a world-class reputation.

SALT LAKE CITY — Peterson Ventures, Inc., a leading Salt Lake City-based private, equity firm has changed its name to Peterson Capital, Inc. to more accurately reflect the firm’s focus on buy-outs and recapitalizations of mature, profitable companies.

Formed in 1995, Peterson Capital has a record of dramatic growth and success in acquiring and providing growth capital for privately held companies throughout the United States. “We’re renaming the company to more accurately communicate our business,” said Jordan Clements, Managing Partner of Peterson Capital. Peterson Capital’s portfolio is comprised of approximately thirty companies with more than $100 million of growth capital under management.

MILPITAS, CA — GRIC Communications, Inc. (Nasdaq:GRIC) today announced that its shareholders have approved the previously announced $15 million investment in the Company by investors affiliated with H&Q Asia Pacific and Vertex Management. Funding is expected to occur within the next two weeks.

PARIS — Partech International, a leading venture capital firm with offices in Paris and San Francisco, has hired Ami Amir as Venture Partner to strengthen the firm’s growing communications investment activities in Israel. – Amir founded RADVISION (Nasdaq: RVSN) in 1993 and served as CEO. RADVISION pioneered the standards and applications for Voice and Multimedia over IP (VoIP), and remains the market leader in real-time VoIP solutions.

NEWS FROM THURSDAY 4/4
BOULDER, CO & BOSTON — Privately-held XOR Inc. and Seurat Company today announced that they have received $25 million in funding commitments from Chicago-based private equity firm Frontenac Company to merge and specialize in Marketing Resource Management (MRM). The new firm will combine the core services of each company, retain the Seurat Company name, and be headquartered in Boulder, Colorado. The new Seurat Company will provide a unique business transformation outsourcing (BTO) offering that leverages Internet technology to achieve dramatic performance improvements in customer-facing and related processes that rely on the Internet. The combination of the two firms gives the new Seurat Company an extensive portfolio of Internet-enabled solutions and outsourcing expertise in marketing process innovation, contact center effectiveness, managed applications, web development and integration services, and customer analytics. The company will be among the first in the marketplace to offer benefits-based pricing in this area. The completely integrated services will enhance enterprise performance in areas such as customer yield, market penetration, and return on marketing investment.

CHICAGO — NanoInk Inc., a Chicago-based nanotechnology company, announced today that it has closed a $3 million first- round of financing led by venture capital firms, Galway Partners, LLC and Lurie Investment Fund, LLC. Nanotechnology is the process of building or manipulating structures at dimensions of less than 100 nanometers or billionths of a meter. It would take more than 120,000 nanometers to span the diameter of a human hair.

HAMILTON, BERMUDA — PXRE Group Ltd. (NYSE: PXT) today announced the successful completion of a $150 million equity investment by Capital Z Financial Services Fund II, L.P., Reservoir Capital Partners, L.P., and Richard Rainwater. The new capital, issued in the form of convertible preferred stock, will enable PXRE to increase its underwriting capacity and therefore maximize participation in the new market environment. Following completion of the transaction, PXRE’s total capital exceeds $500 million.

WALTHAM, MA — Alan Crane has joined Polaris Venture Partners as a Venture Partner. Crane will focus on developing and funding Polaris-backed life science start-ups and help to identify new investments for the Polaris portfolio. Also announced today was his role as Chairman and CEO of Polaris-backed Mimeon, a company focused on improving existing therapies and developing novel therapeutics and diagnostics for humans using breakthrough technologies patented out of MIT and other leading universities.

Crane brings over a decade of business and pharmaceutical expertise to his new role at Polaris. In his most recent role as senior vice president of corporate development at Millennium, Crane oversaw the global merger and acquisition, strategic alliance and licensing functions. During his tenure, he built one of the largest and most influential business development groups in pharmaceuticals. His group forged alliances providing over $2B in funding to Millennium, fueling the company’s rapid growth. Under his leadership, Millennium’s business development group was responsible for creating many of the largest alliances found in the biopharmaceutical industry, including relationships with Aventis, Abbott, Bayer and Monsanto as well as the acquisitions of Cor Therapeutics and Leukosite.

DUBLIN, IRELAND — Prediction Dynamics, the systematictrading and risk management software company, closed its Series A investmentround with a second phase injection of ?1.34 million from ACT VentureCapital and Enterprise Ireland. The investment brings the total venturecapital raised by the company to ?2 million over the two stages of the deal.

WASHINGTON — GM Investment & Co. Ltd., a wholly-owned subsidiary of Group Menatep, and The Carlyle Group have signed a Memorandum of Understanding regarding investment by Group Menatep of up to $50 million in various Carlyle funds in 2002. The funds being considered include corporate buyout, restructuring, and venture capital funds, as well as commercial real estate and energy private equity funds focused on investments in North America, Europe and Asia. Group Menatep may make additional investments with The Carlyle Group depending on the performance of the initial investment.

PARIS — On the 28th of March, a new group, EPOLIS, was launched following funding by CDC Equity Capital.CDC Equity Capital has recently purchased Européenne de Stationnement and Cabinet Villa from the Belgium group Fabricom/Tractebel (Suez subsidiaries). The two companies will merge their business operations to create a new corporate structure, to assist their future growth.

NEWS FROM WEDNESDAY 4/3
CAMBRIDGE, MA — Microbia Inc., a privately heldbiotechnology company developing novel anti-infective drugs, announced todaythat it has raised approximately $26 million in a Series C private equityfinancing, bringing the total amount raised since inception to $59 million.The round was led by Fidelity Biosciences Group, a division of FidelityInvestments. Also investing are Microbia’s existing institutional investors –Venrock Associates, Polaris Venture Partners, Essex Investment ManagementCompany, Aberdare Ventures, and BancBoston Ventures — along with numerousother private investors.
ST. HELENA, CA & SAN ANSELMO, CA — Silicon Valley Bank, a wholly-owned subsidiary of Silicon Valley Bancshares, and Turrentine Wine Brokerage, the leading broker specializing in premium wine grapes and wines in bulk, today announced that Silicon Valley Bancshares has taken a minority equity share in Turrentine Wine Brokerage. Turrentine Wine Brokerage will continue to be operated by Bill Turrentine, President, and Steve Fredricks, Vice President, both of whom are majority shareholders in the company. At the same time, Silicon Valley Bank provided Turrentine Wine Brokerage with a $1 million loan. Turrentine Wine Brokerage will use this capital to buy back all existing shares currently held by Joseph Ciatti and his partners, owners of another wine brokerage firm.

SAN DIEGO — TargeGen Inc., a newly formed company focusing on vascular biology, has announced that it has closed a $10 million Series A financing. This first round of financing was led by Forward Ventures with significant participation by Enterprise Partners and other investors. TargeGen plans to develop therapeutics for cancer, cardiovascular, ocular and inflammatory diseases using innovative technology that seeks to regulate elements of the body’s processes for new blood vessel formation.

In conjunction with its formation, TargeGen has secured certain patent rights from the German pharmaceutical company Merck KGaA. Merck’s contribution to TargeGen includes a portfolio of vascular biology-related intellectual property and compounds that may have utility for therapeutic applications.

MEXICO CITY — Casa Marzam S.A. de C.V., a leading wholesale distributor of pharmaceutical products in Mexico, announced today that it has been sold to a group of investors led by its existing management team and backed by JPMorgan Partners, the private equity and venture capital arm of J.P. Morgan Chase & Co. Casa Marzam is the third largest wholesale distributor of pharmaceutical products in Mexico, with 12% market share and annual sales of approximately US$700 million. The company, headquartered in Mexico City, distributes pharmaceutical products to independently owned pharmacies, pharmacy chains, supermarkets and mass merchandisers throughout the country.

REDWOOD CITY, CA — EGeen International Corp., a privately held emerging biotechnology company focused on population genetics, drug and diagnostic target discovery, and personalized medicine applications, announced today the completion of a $2.0 million private placement financing led by the SEAF CEE Growth Fund and The Baltics Small Equity Fund.

LAVAL, CANADA — BioSyntech Inc. (OTCBB:BSYI), a developer of tissue repair therapies and revolutionary drug delivery platforms, today announced the Company has received a formal commitment for a $2.5 million debt financing in Canadian dollars from BDC Venture Capital, a division of the Business Development Bank of Canada (BDC). Additionally, BioSyntech is currently in advanced stages of securing an additional revolving line of credit of $1.5 million in Canadian dollars with a major chartered bank in Canada. This revolving line of credit will be used if needed to help launch our products on the European market. As of January 2002, BioSyntech’s burn rate is $2.5 million in Canadian dollars per year.

CHANTILLY, VA — ePipeline Inc., the leading online source of Federal government contracting research, announced today that it had secured $1.5 million in funding in a Series C round from CrossBow Ventures and other current investors. In its three rounds of funding since the company’s inception in 1999, ePipeline has raised more than $14.5 million.

NEWS FROM TUESDAY 4/2
PROVIDENCE, RI — Cell Based Delivery Inc. today announced the completion of a $9 million private financing round, led by TVM Techno Venture Management and including ABN AMRO and The Vertical Group. Cell Based Delivery (CBD) is developing an implantable protein delivery system that provides long-term, therapeutic levels of proteins with a single administration. CBD?s proprietary ImPACT (Implantable Protein FACTory) platform is based on human muscle and can deliver proteins to treat a range of chronic diseases, including hemophilia, anemia, cardiovascular disease, and cancer.

RYE, NY — Greenbriar Equity Group LLC, a private equity firm focused on making investments in the global transportation industry, is pleased to announce that John Daileader has joined the firm as a Principal. John was previously a Principal at JPMorgan Partners where he worked in the Industrial Growth investment practice and was responsible for the firm’s investment activities in the automotive sector. Prior to joining JP Morgan Partners, John held strategic planning positions at Chemical Bank, Manufacturers Hanover and National Westminster Bank, USA. John earned a B.S. in Management from Rensselaer Polytechnic Institute and an MBA from the Stern School of Business at New York University.

SAN FRANCISCO — Sprout Group today announced that it led a $43 million Series A financing in Kalypsys, a biopharmaceutical company pioneering an industrialized approach to pathway-based drug discovery. Kalypsys’ highly automated and integrated suite of technologies features industrial-scale screening and proprietary lead optimization systems pioneered by scientists and engineers at the Genomics Institute of the Novartis Research Foundation.

Sprout invested $15.5 million in the Series A round, with the remainder coming from co-lead investor Tavistock Life Sciences, Inc., as well as CMEA Ventures, Lombard Odier & Cie, Novartis BioVenture Fund, Aravis Ventures, Alejandro Zaffaroni and the Singapore Economic Development Board, among others. The proceeds of this financing will be used for rapid expansion of the company’s drug discovery infrastructure and further advancement of multiple therapeutic programs. Vijay Lathi, Principal of the Sprout Group, will be joining the Kalypsys Board of Directors.

SAN JOSE, CA — Quantum3D Inc., a leadingprovider of open architecture realtime visual computing solutions for thevisual simulation and training (VST) and embedded visual computing (EVC)markets, today announced that the company has closed a $20 million round ofventure funding. Berg & Berg Investments led this latest round, with investorsTechfarm Ventures, Charter Ventures, TechFund Capital and J.P. Morgan/ChaseCapital also participating.

LONDON — Nikko Principal Investments Ltd., theEuropean principal investment arm of Nikko Cordial Corp., todayannounces that it has set up a new investment company, NPI Ventures Limited,which has entered into an investment agreement with Imperial College ofScience, Technology and Medicine and Imperial College Innovations Limited.Imperial College Innovations is the wholly-owned technology transfer companyof Imperial College, assisting in the technology spin-out process and alsoadministering the £4 million University Challenge Fund on behalf of theCollege.

Under the investment agreement, NPIL intends to invest £20m of capital withan initial tranche of £10m. NPI Ventures will work with Imperial CollegeInnovations to build up a portfolio of investments in early stage researchand technology derived spin-out companies. NPI Ventures will investalongside the Imperial College University Challenge Seed Fund and will alsoinvest in external funding rounds of Imperial generated companies. NPIVentures will be managed by NPIL Principals, Simon Oakland and QuentinZentner, who will become directors of the new company reporting to BrianBerry.

CHICAGO — Visibillity Inc., the collaborative litigation management solution providerfor the insurance industry, today announced that it has closed its third roundof funding of $7.5 million, bringing Visibillity’s total funding to nearly $20million. The third round of funding continues with the financial backing from leadingventure capital investors, VBI Chicago, LLC and Quadrant Technologies, LLC.

BELLEVUE, WA — Digital Partners and Encompass Ventures, two of the Pacific Northwest’s most successful venture capitals firms, today announced that effectively immediately they are merging their operations. Combined, this investment team has the distinction of achieving more initial public offerings (IPO’s) than any other Pacific Northwest-based Information Technology venture capital firm. The two firms have $100 million under management, and over the past five years have completed 50 investments — five of the portfolio companies were acquired for positive returns and 16 accomplished IPO’s. Scot Land and Wayne Wager, managing partners with Encompass Ventures and Bill Tenneson, managing partner at Digital Partners will lead a newly created management company, which will raise and manage future venture funds.

NEW YORK — TH Lee Putnam Ventures, a leading venture capital fund with $1.1 billion in committed capital, today announced that it has named Harvey Golub, former Chairman and CEO of American Express, as Chairman. In that role, he will work closely with TH Lee Putnam Ventures’ managers and with Thomas H. Lee Partners and Putnam Investments, the fund’s sponsors, to offer strategic counsel to the fund, its executives and its partner companies. Mr. Golub will also become a Senior Advisor to Thomas H. Lee Partners.

BOCA RATON, FL — Bill Hager, Co-Founder of Silicon Beach Venture Capital LLC, won his bid for a seat on the Boca Raton City Council in the March 12 election. He will begin serving a two-year term on April 1, 2002. As a Councilman, Mr. Hager will participate in the oversight of the Boca Raton city management. This is an elected position involving on-going public service. Mr. Hager also announced the launch of Insurance Metrics Corp., a Boca Raton-based firm specializing in expert witness testimony for insurance-based litigation. Insurance Metrics serves law firms, insurance companies and others involved in insurance and workers compensation lawsuits.

BOCA RATON, FL — Silverstar Holdings Ltd. (Nasdaq:SSTR) announced that its affiliate Magnolia Broadband, Inc., a developer of integrated, multi-transceiver, low-power RF chips for mobile phones, has closed on a $6 million Series B round. The round was led by ECentury Capital Partners of McLean, Virginia and SCP Private Equity of Wayne, Pennsylvania. Selway Partners and CIP Capital also participated in the round. Proceeds of the round will be used to complete customer trials of Magnolia’s flagship chipset. In connection with the round, the Board of Directors has been increased to five members, with Jim Broder of ECentury and Win Churchill of SCP joining.

HILLSBORO, OR — CenterSpan Communications Corp. (Nasdaq:CSCC) today announced that it has secured $2.1 million dollars in a private equity placement transaction bringing to $11.1 million the amount of new equity raised or committed to date this year. In the most recent transaction, the company sold approximately 350,000 shares of common stock at a price of $6 per share in a private transaction with a small group of current CenterSpan institutional investors as well as Gerald Pratt, a director of the company, and Frank Hausmann, Chairman and CEO. In conjunction with the sale of common stock, the company also issued three-year warrants to purchase an additional 350,000 shares of common stock at $10.67 per share.
TORONTO — Richtree Inc. (TSE-MOO.b) announced today that its Board of Directors has approved a private placement of equity shares with L.O.M. Capital Limited of Hamilton, Bermuda. Under the agreement, Richtree will issue up to 1,500,000 Class B Subordinate Voting shares from treasury at $0.60 each. Each share will be accompanied by one warrant, exercisable until December 14, 2002 for the purchase of one additional Class B share at $0.75. The transaction is scheduled to close by April 26, 2002. Conditional regulatory approval has been obtained.

The underwriting broker has also been granted a “greenshoe” option for up to 15% of the offering, meaning the potential for issue of up to a further 225,000 Class B shares and warrants under the same terms as the principal financing. Regulatory approval for this variance from the conditional approval already granted is pending.

VERNON HILLS, IL — Centiv Inc. (NASDAQ: CNTV) announced today that it has completed a round of private equity financing to support current operations and to fund the Company’s increased marketing and sales efforts for its Instant Impact(TM) web-based Point-of-Purchase products and services. The financing round of $2.16 million included both individual and hedge fund investors.

BETHESDA, MD — American Capital Strategies Ltd. (Nasdaq: ACAS) announced today that it has invested $36 million in the buyout of PaR Systems Inc. PaR is a leader in the design, assembly, installation and service of large-scale, high-precision robotic systems in a variety of industries, including aerospace, marine, high-hazard remediation, commercial nuclear power, research and general manufacturing. American Capital is acquiring PaR from Mass Mutual Insurance Company and Edson Partners, and is funding a revolving credit facility, senior term loan, senior and junior subordinated notes with warrants and common equity. PaR management is reinvesting much of their existing equity in the company.

NEWS FROM MONDAY 4/1
FAIRFIELD, NJ — Covanta Energy Corp. (NYSE: COV) today announced a financial restructuring plan resulting from its comprehensive review of strategic alternatives. As the first element of that plan, the Company has filed a voluntary petition for Chapter 11 reorganization with the U.S. Bankruptcy Court in the Southern District of New York. The Company?s core energy and water facilities will continue to operate in the normal course of business and will be unaffected by the filing. The company also entered into a non-binding Letter of Intent with the investment firm of Kohlberg Kravis Roberts & Co. (KKR) for a $225 million equity investment under which a KKR affiliate would acquire the Company upon emergence from Chapter 11.

SAN JOSE, CA — DigitalBees Inc., the leader in user-centric performance management, today announced it has closed a $6.6 million Series B funding round, led by Cardinal Venture Capital, also included returning investors SBV Venture Partners, Siparex Group and new investors Ignite Group and XR Ventures.The new capital will fund further development of the company’s groundbreaking client-based system management platform, sales expansion, and the creation of new alliance partnerships.

SAN JOSE, CA — ChainCast Networks, a pioneer of cost-effective streaming solutions for media groups, audio & video webcasters, Internet infrastructure companies, and corporate enterprises today announced that the company has secured $4 million in its Series C Round of Financing. This funding will be used to launch new services and software products for enterprise audio-video streaming. GIC Special Investments is among the return investors in this round. In the previous Series B round of financing, ChainCast raised a total of $15 million, with GIC Special Investments as the lead.

SAN FRANCISCO — Bravanta today announced that it has secured $11.4 million in its Series C round of funding. The Sprout Group led the round, and other investors included Innocal Venture Capital, St. Paul Venture Capital, Doll Capital Management and Menlo Ventures. Bravanta has raised $46.2 million in total funding to date, and this new round will enable the technology-focused incentive and recognition leader to expand its technology and service offerings to new U.S. Markets.

SAUSALITO, CA — Golden Gate Software Inc., a leading provider of real-time, multi-platform database replication and integration solutions, today announced it has received a $23 million equity investment from Summit Partners (Click here for today’s Private Equity Week story on the deal).
BOSTON— IMlogic Inc., a leading provider ofenterprise applications for the rapidly growing Instant Messaging (IM)technology market, announced today that it has secured approximately $3.75million in Series A financing from General Catalyst Partners, Kodiak VenturePartners, and other investors. IMlogic will use its funds to developadditional IM-based products and to build sales channels.
MARLBOROUGH, MA — Pelago Networks, provider of the industry’s first converged service node for delivering enhanced voice and IP-enabled services across hybrid networks, today announced it has secured $32 million in new equity and debt financing from some of the industry’s most recognized venture investment firms. The round of financing brings Pelago Networks’ total funding to just under $50 million.

Advent International, a new investor in the company, led the Series B round that also included Pelago’s original investors: Charles River Ventures, Columbia Capital, Bessemer Venture Partners, and Brooktrout, Inc. The round also incorporated debt financing provided by Dominion Ventures and Silicon Valley Bank. Proceeds will be used to further develop the company’s operational infrastructure and support product rollout expected later this year. Andy Fillat of Advent International joins Pelago Networks’ Board of Directors bringing with him more than 20 years of experience in telecommunications.

CARLSBAD, CA — CancerVax Corp. announced today that it had completed a second financing round of more than $55 million through the private placement of preferred stock. New investors in the current financing include JPMorgan Fleming Asset Management, WestLB Asset Management, Schroder Ventures Life Sciences, CDIB BioScience Ventures, Windamere Venture Partners, GE Capital’s Capital Funding business, Endpoint Late Stage Fund and a group of other institutional and private investors.

The largest group in the round was Athenian Venture Partners and its associated investors, which was joined in the financing by a majority of the Company’s existing institutional and private investors, including Forward Ventures, Vector Fund Management, Amerindo Investment Advisors, China Development Industrial Bank, and GMG Capital Partners.

REDMOND, WA — RadioFrame Networks Inc., the first company to integrate wireless mobilevoice with wireless LANs (WLAN), today announced a $15 million USD Series C,led with an $8 million investment by Ericsson Venture Partners, LTD. Other investors include: Ignition, a venture capital firm focused on earlystage computing, network infrastructure and telecommunications startups in theWestern United States, Nextel Communications and Orange Ventures.

MT. PLEASANT, SC — GenPhar today announced it has received initial funding of more than $8million from approximately 60 individual investors. GenPhar aims to become the leader in the development of moleculardiagnostics, vaccines, and therapeutics for infectious diseases and cancers.The company also unveiled its vaccine platform and several new vaccines,including its novel HIV vaccine, today (see separate release). GenPhar wasco-founded in 1999 by scientists Dr. John Dong and Dr. Danher Wang and others.

SEATTLE — Vigilos Inc. today announced the receipt of $5.6 million in Series Afinancing, led by Northwest Venture Associates (NWVA), the largest venturecapital fund exclusively invested in Pacific Northwest-based companies. Thefunds will be used to expand sales and marketing efforts and continue toexpand capabilities of the company’s software. The Series A round bringsVigilos’ total funds raised to $11.2 million. Vigilos provides the onlysoftware capable of creating a single, enterprise-wide security system thatintegrates and manages disparate physical systems, such as access control,video, biometric data and intrusion alarms. NWVA General Partner Mark Mechamhas joined the Vigilos board of directors.

ST. LOUIS — Viasystems Group Inc. (NYSE: VG) today announced that Hicks, Muse, Tate & Furst Incorporated (“HMTF”) has increased its total investment in Viasystems. The additional investment is in the form of HMTF’s open-market purchases of $232 million of the Company’s 9 3/4% Senior Subordinated Notes and $51 million of the company’s bank debt. Prior to today’s announcement, HMTF’s investment in Viasystems had been disclosed as common equity and $100 million in 14% Senior Unsecured Notes. On a consolidated basis, HMTF now owns 52% of Viasystems’ common equity and 55% of its unsecured debt. Viasystems also announced today that it has retained Rothschild Inc. to assist the Company in evaluating several recapitalization alternatives in an effort to reduce debt and strengthen the Company’s balance sheet.

NEW YORK — Bluefly Inc. (NASDAQ SmallCap: BFLY), a leading Internet retailer of designer fashions at outlet store prices (www.bluefly.com), announced today that affiliates of Soros Private Equity Partners have agreed to provide Bluefly with up to Four Million Dollars of additional financing on a standby basis. Based in part on this agreement, Bluefly believes that it now has sufficient resources to fund its operations through the end of 2002.

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