Portland developer CPB2, two other Maine companies raise equity
Three Maine-based companies — a commercial real estate firm, a cloud-based education platform company and an aerospace firm — are in the process of raising funds, according to U.S. Securities and Exchange Commission Form D documents.
CPB2 LLC, a Portland-based commercial real estate firm, has raised $450,000 of a $1 million equity offering, with the first date of sale on June 9. Company managers Casey Prentice, James Brady and Kevin Costello are among those listed on the offering.
Among the projects CPB2 has worked on are The Press Hotel, Evo and 280 Fore Street. It is also the developer behind the revitalization of the Portland Co. complex at 58 Fore St.
The Portland City Council approved that property for rezoning on June 2. Later in June, Maine Preservation wrote a letter to the Historic Preservation Board supporting the project. However, the development still faces opposition from local residents. The Portland City Clerk said Tuesday that it has verified signatures that clear the way for a November referendum about the direction of development in the city.
Costello noted in an email, “The equity was raised from a group of private investors for ordinary operating expenses.” CPB2 still is seeking the remaining $550,000 in equity.
Academic Merit LLC, a cloud-based education company based in Falmouth, has raised $200,000 of a $300,000 equity offering, with the first date of sale on June 29. Among those listed on the offering is Steven Shapiro, the company’s CEO.
Shapiro described Academic Merit as a cloud-based platform that informs writing and critical thinking for K-12 teachers and students.
“It helps train the teachers around writing and reading. It can assess students so they can teach students in the classroom who are on different levels,” Shapiro told Mainebiz. Part of the product, comprised of modules, is the assessment tool which helps discover the reading and writing skills of students and better help them going forward.
Shapiro said the new funds will be used to improve the product’s functions and for a large project he expects to start soon with a new partner. Currently, the product is used in Massachusetts, Maine and New Jersey schools, and that will expand to Florida in September.
The new partnership, which he expects to sign soon, would move the product nationwide. In anticipation of the new business, Academic Merit has expanded its Maine staff from eight to 10 employees.
Academic Merit already has $1.5 million in angel funding that it raised over the last four years.
Sonic Blue Aerospace Inc., which recently located to the TechPlace incubator in Brunswick, has raised $1,243,255 of a $2,551,255 total equity offering with the first date of sale on July 10, 2010.
The amended Form D was filed by Richard Lugg, company president. He did not respond to an inquiry about how the money would be used by press time.
The Form D filing notes that about $450,000 of the gross proceeds are proposed to be used for payments to executive officers, directors or promoters.
The company makes engines for cutting-edge aircraft.
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