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news NEWS RELEASE

Connecticut Joins New England States
In Regional Review of SCOR Filings

April 29, 1996

Connecticut Banking Commissioner John P. Burke announced today that the agency's Securities and Business Investments Division has joined with the other New England state securities regulators to expand the market for small businesses seeking to raise capital.

By agreement among the six New England states, small businesses issuing up to $5 million in securities by means of the Small Corporate Offering Registration ("SCOR") or Regulation A offering may now elect to have their applications for registration of securities reviewed on a regional basis. The regional review concept is intended to streamline the review process and to reduce the cost of raising capital.

Once an application to register securities has been filed with two or more states in the region, a lead state will be selected. A home state which houses the issuer's principal place of business will be given preference for selection as the lead state. The lead state will coordinate comments among the various states on the completeness of the application, make contact with the issuer and determine when securities may be sold in the region. Businesses need not be located in New England to seek regional review of offerings. Previously, a small business needed to file and communicate individually with each state in the region.

Commissioner Burke commented, "As part of our goal of making Connecticut business friendly, we're very pleased to ease the capital formation process for small businesses, while maintaining our strong commitment to protecting the state's investors."

A New England region issuer's manual providing information on completing SCOR or Regulation A filings is available free of charge from the Securities and Business Investments Division. Companies may contact the Division at (860) 240-8230 or toll-free at 1-800-831-7225 to request a copy.