Inc. –

PLANTATION, Inc., a provider of on-line mortgage services, went public August 11, offering 7,062,500 shares at $8 apiece. The company’s stock priced exactly at its filing price.

Credit Suisse First Boston, Deutsche Banc Alex. Brown and U.S. Bancorp Piper Jaffray underwrote the initial public offering, which left 42 million shares outstanding.

There were no selling shareholders. Venture Investors included Canaan Partners, Intuit Inc., Dominion Ventures, Technology Crossover Ventures, Superior Bank FSB and FirstMN L.L.C.

The company’s CLOser technology, offers origination, processing, underwriting, closing and secondary marketing of mortgage loans to consumers and businesses. Mortgage brokers, mortgage banks, financial institutions, realtors, homebuilders and consumers can access the technology over the Internet or at various retail locations.

The expected $51.4 million generated in the IPO will be used to fund an advertising campaign, to conduct technology research and development, to redeem warrants to purchase stock held by Superior Bank and to repay debt. The remaining proceeds will be used for expanding funding sources for mortgage loans, for working capital and for projects that will enable the company to grow.

The company has not been profitable, losing $3.5 million in 1997 and $6.1 million in 1998.

George Naddaff, a founder, a 50% owner of FirstMN L.L.C., joined as vice chairman of the board of directors in September 1995. Michael Lee, founder and president and chief executive officer of Dominion Ventures Inc., joined the board in March 1996. C. Toms Newby, III, a general partner in Technology Crossover Ventures, has been nominated for election as a director. – Selected Financial

(in thousands, except per share data)

Year Ended December 31, Three Months Ended March 31,

1996 1997 1998 1998* 1999*

Total revenue 7,516 16,474 35,691 6,819 13,216

Net loss -4,018 -3,532 -6,078 -370 -3,199

Net loss per share -0.56 -0.55 -1.02 -0.09 -0.44