Sample Private Placement Memorandum

C:\2002 REG D SEMINAR\MODEL POM.DOC

(i)

No person has been authorized to give any information or to make any representations in connection

with the offer made by this private placement memorandum, nor has any person been authorized to give any

information or make any representations other than those contained in this private placement memorandum,

and if given or made, such information or representations must not be relied upon. This private placement

memorandum does not constitute an offer to sell or solicitation of an offer to buy in any jurisdiction in which

such offer or solicitation would be unlawful or to any person to whom it is unlawful to make such offer or

solicitation. Neither the delivery of this private placement memorandum nor any sale made hereunder shall,

under any circumstances, create an implication that there as has been no change in the affairs of our

company since the date hereof.

This private placement memorandum is submitted on a confidential basis for use by a limited

number solely in consideration of the purchase of the Shares described herein in a private placement. The

acceptance of this private placement memorandum constitutes an agreement on the part of the recipient

hereof and the recipient's representatives to maintain the confidentiality of the information contained herein.

This private placement memorandum may not be reproduced in whole or in part. The use of this private

placement memorandum for any purpose other than an investment in the Shares described herein is not

authorized and is prohibited.

TABLE OF CONTENTS

Page

Summary............................................................................................................................................................... 1

Risk Factors.......................................................................................................................................................... 6

Use of Proceeds .................................................................................................................................................. 11

Capitalization...................................................................................................................................................... 12

Dilution............................................................................................................................................................... 12

Selected Financial Data ...................................................................................................................................... 14

Management's Discussion and Analysis of Financial Condition and Results of Operations.............................. 15

Business.............................................................................................................................................................. 16

Management ....................................................................................................................................................... 17

Certain Transactions........................................................................................................................................... 19

Principal Stockholders........................................................................................................................................ 19

Description of Securities .................................................................................................................................... 20

Terms of the Offering......................................................................................................................................... 24

Legal Matters...................................................................................................................................................... 25

Experts................................................................................................................................................................ 26

Additional Information....................................................................................................................................... 26

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