Nevertheless, of the three companies that presented in October, the angels have already signed a deal with one. Cash Stream -- a New Mexico-based start up that will market "stored value cards" -- will receive $250,000 pooled from more than 12 angels.

The cards allow consumers without bank accounts to receive paychecks and other funds electronically. Consumers can use them for debit transactions and ATM withdrawals, or share them with family internationally to avoid wire transfers.

Cash Stream is headed by Greg Bjorndahl, a former Citibank and Visa executive who joined California-based WMO Global Inc. last year as a consultant and advisory board member.

The company received $500,000 earlier this year from Mesa Capital Partners in Santa Fe.

"We were very impressed with the management team," says Mesa Managing Partner Les Matthews. "They have tremendous contacts in the financial services industry throughout the U.S. That's unusual for an early stage company in New Mexico."

Angels also are conducting due diligence on HT Micro Analytical Inc., the third company that presented in October. That firm manufactures micro devices using metals and alloys rather than silicon, which is used by the semiconductor industry. HT Micro's products include medical devices, biosensors and microelectronics such as relays or switches, says President and CEO Doug Elerath.

Formed in 2003, the company reported $800,000 in 2005 revenue. It's now negotiating with a strategic partner to produce and market its relays, Elerath says.

"We requested $500,000 from the New Mexico Angels for operating expenses," he says. "It will provide a bridge until we get large production contracts in place with strategic partners."

Meanwhile, another firm that received $80,000 from the New Mexico Angels last May is about to close on a new $3 million to $5 million round of financing from a strategic partner. Holochip Corp., which also received $900,000 from California-based ITU Ventures, manufactures liquid micro lenses for cell phones and digital cameras.

"It's been great working with the New Mexico Angels," says Holochip CEO Rob Batchko. "Apart from the money, they've introduced us to other venture capital firms and to a strategic investor who signed a term sheet. We expect a multi-million dollar investment in the company very soon."

krobinson-avila@bizjournals.com | 348-8302