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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO.___)*
Sync Research, Inc.
-------------------
(Name of Issuer)
Common Stock, $.01 par value
----------------------------
(Title of Class of Securities)
785065103
---------
(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 20 pages
CUSIP NO. 785065103 13G PAGE 2 OF 20 PAGES
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canaan Venture Limited Partnership
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership
- ------ -------------------------------------------------------------------------
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
297,796
NUMBER OF
----- --------------------------------------------------
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 660,385
----- --------------------------------------------------
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 297,796
----- --------------------------------------------------
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
660,385
- ----------------------- ----- --------------------------------------------------
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
958,181
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.7%
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 20 pages
CUSIP NO. 785065103 13G PAGE 3 OF 20 PAGES
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canaan Venture Offshore Limited Partnership, C.V.
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Netherlands Antilles Limited Partnership
- ------ -------------------------------------------------------------------------
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
660,385
NUMBER OF
----- --------------------------------------------------
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 297,796
----- --------------------------------------------------
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 660,385
----- --------------------------------------------------
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
297,796
- ----------------------- ----- --------------------------------------------------
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
958,181
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.7%
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 20 pages
CUSIP NO. 785065103 13G PAGE 4 OF 20 PAGES
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canaan Management Limited Partnership
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership
- ------ -------------------------------------------------------------------------
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
----- --------------------------------------------------
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 958,181
----- --------------------------------------------------
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
----- --------------------------------------------------
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
958,181
- ----------------------- ----- --------------------------------------------------
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
958,181
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.7%
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 20 pages
CUSIP NO. 785065103 13G PAGE 5 OF 19 PAGES
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canaan Offshore Management, N.V.
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Netherlands Antilles Corporation
- ------ -------------------------------------------------------------------------
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
less than five percent (5%)
NUMBER OF
----- --------------------------------------------------
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY less than five percent (5%)
----- --------------------------------------------------
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON less than five percent (5%)
----- --------------------------------------------------
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
less than five percent (5%)
- ----------------------- ----- --------------------------------------------------
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
less than five percent (5%)
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
less than five percent (5%)
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
CO
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 20 pages
CUSIP NO. 785065103 13G PAGE 6 OF 20 PAGES
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canaan Venture Partners L.P.
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership
- ------ -------------------------------------------------------------------------
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
----- --------------------------------------------------
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 958,181
----- --------------------------------------------------
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
----- --------------------------------------------------
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
958,181
- ----------------------- ----- --------------------------------------------------
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
958,181
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.7%
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 20 pages
CUSIP NO. 785065103 13G PAGE 7 OF 20 PAGES
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harry T. Rein
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------ -------------------------------------------------------------------------
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
3,152
NUMBER OF
----- --------------------------------------------------
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 958,181
----- --------------------------------------------------
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 3,152
----- --------------------------------------------------
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
958,181
- ----------------------- ----- --------------------------------------------------
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
961,333
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.8%
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 20 pages
CUSIP NO. 785065103 13G PAGE 8 OF 20 PAGES
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James J. Fitzpatrick
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------ -------------------------------------------------------------------------
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
----- --------------------------------------------------
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 958,181
----- --------------------------------------------------
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
----- --------------------------------------------------
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
958,181
- ----------------------- ----- --------------------------------------------------
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
958,181
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.7%
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 20 pages
CUSIP NO. 785065103 13G PAGE 9 OF 20 PAGES
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gregory Kopchinsky
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------ -------------------------------------------------------------------------
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
6,000
NUMBER OF
----- --------------------------------------------------
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 958,181
----- --------------------------------------------------
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 6,000
----- --------------------------------------------------
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
958,181
- ----------------------- ----- --------------------------------------------------
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
964,181
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.8%
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 20 pages
CUSIP NO. 785065103 13G PAGE 10 OF 20 PAGES
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert J. Migliorino
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------ -------------------------------------------------------------------------
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF
----- --------------------------------------------------
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 958,181
----- --------------------------------------------------
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
----- --------------------------------------------------
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
958,181
- ----------------------- ----- --------------------------------------------------
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
958,181
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.7%
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 20 pages
CUSIP NO. 785065103 13G PAGE 11 OF 20 PAGES
- ------ -------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Eric A. Young
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------
- ------ -------------------------------------------------------------------------
3 SEC USE ONLY
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------ -------------------------------------------------------------------------
- ----------------------- ----- --------------------------------------------------
5 SOLE VOTING POWER
2,000
NUMBER OF
----- --------------------------------------------------
----- --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 958,181
----- --------------------------------------------------
----- --------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 2,000
----- --------------------------------------------------
----- --------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
958,181
- ----------------------- ----- --------------------------------------------------
- ------ -------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
960,181
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.8%
- ------ -------------------------------------------------------------------------
- ------ -------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- ------ -------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 20 pages
ITEM 1(A). NAME OF ISSUER:
Sync Research, Inc.
ITEM 1 (B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
40 Parker
Irvine, CA 92718
ITEM 2 (A). NAME OF PERSON FILING:
This statement is filed by Canaan Venture Limited Partnership, a
Delaware limited partnership, ("Canaan Venture"), Canaan Venture
Offshore Limited Partnership C.V., a Netherlands Antilles limited
partnership ("Canaan Venture Offshore"), Canaan Management Limited
Partnership, a Delaware limited partnership, ("Canaan Management"),
Canaan Management Offshore, N.V., a Netherlands Antilles corporation,
Canaan Venture Partners L.P., a Delaware limited partnership,
("Canaan Partners") and Harry T. Rein, James J. Fitzpatrick, Gregory
Kopchinsky, Robert J. Migliorino and Eric A. Young (collectively, the
"Partners"). Canaan Management (which serves as the sole general
partner of Canaan Venture and one of the two general partners of
Canaan Venture Offshore), Canaan Management Offshore, N.V. (which
serves as the other general partner of Canaan Venture Offshore),
Canaan Partners (which serves as the general partner of Canaan
Management) and the Partners (who serve as general partners of Canaan
Partners), are collectively referred to as the "Reporting Persons" in
this Schedule 13G.
ITEM 2 (B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
Except in the case of Canaan Venture Offshore and Eric A. Young, the
principal business address of the Reporting Persons is 105 Rowayton
Avenue, Rowayton, CT 06853. The principal address of Canaan Venture
Offshore and Canaan Management Offshore, N.V. is c/o ABN
Trustcompany, Pietermaai 15, Curacao, the Netherlands Antilles. The
principal business address of Eric A. Young is 2884 Sand Hill Road,
Suite 115, Menlo Park, CA 94025.
ITEM 2 (C). CITIZENSHIP:
Each of Canaan Venture, Canaan Management and Canaan Partners is a
limited partnership organized under the laws of Delaware. Canaan
Venture Offshore is a limited partnership and Canaan Management
Offshore, N.V. is a corporation organized under the laws of the
Netherlands Antilles. Each of the Partners are citizens of the United
States.
Page 12 of 20 pages
ITEM 2 (D). TITLE OF CLASS OF SECURITIES:
This Schedule 13G report relates to the Common Stock, par value $.01
("Common Stock") of Sync Research, Inc. ("the Company").
ITEM 2 (E). CUSIP NUMBER:
CUSIP number 785065103.
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR
13D-2(B), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or Dealer registered under Section 15
of the Securities Exchange Act of 1934 (the
"Act").
(b) [ ] Bank as defined in Section 3 (a) (6) of the
Act.
(c) [ ] Insurance Company as defined in Section 3(a)
(19) of the Act.
(d) [ ] Investment Company registered under Section
8 of the Investment Company Act of 1940.
(e) [ ] Investment Adviser registered under Section
203 of the Investment Advisers Act of 1940.
(f) [ ] Employee Benefit Plan, Pension Fund which is
subject to the provisions of the Employee
Retirement Income Security Act of 1974 or
Endowment Fund; see Rule 13d-1 (b) (1) (ii)
(F) of the Act.
(g) [ ] Parent Holding Company, in accordance with
Rule 13d-1 (b) (ii) (G) of the Act.
(h) [ ] Group, in accordance with Rule 13d-1 (b) (1)
(ii) (H) of the Act.
Not applicable.
ITEM 4. OWNERSHIP:
(a) Amount Beneficially Owned:
By virtue of their common control, Canaan Venture and Canaan Venture
Offshore each may be deemed to be the beneficial owners of 958,181
shares of Common Stock. Canaan Management, by virtue of its status as
general partner of Canaan Venture and Canaan Venture Offshore, may be
deemed to be the beneficial owner of 958,181 shares. By virtue of its
status as general partner of Canaan Management, Canaan Partners may
be deemed to be the beneficial owner of 958,181 shares. By virtue of
their status as general partners of Canaan Partners, the Partners
(except for Messrs. Rein, Kopchinsky and Young) may each be deemed to
be the beneficial owner of 958,181 shares. Harry T.
Page 13 of 20 pages
Rein may be deemed to be the beneficial owner of 961,333 shares.
Gregory Kopchinsky may be deemed to be the beneficial owner of
964,181 shares. Eric A. Young may be deemed to be the beneficial
owner of 960,181 shares.
Canaan Venture is the record owner of 297,796 shares of Common Stock
and Canaan Venture Offshore is the record owner of 660,385 shares of
Common Stock. All other Reporting Persons hold their respective
beneficially owned shares due to their relationships to the above
Partnerships as outilined in Item 2. In addition, Harry T. Rein is
the record owner of 3,152 shares of Common Stock, Gregory Kopchinsky
is the record owner of 6,000 shares of Common Stock, and Eric A.
Young is the record owner of 2,000 shares of Common Stock.
(b) Percent of Class: Canaan Venture: 5.7%; Canaan Venture Offshore:
5.7%; Canaan Management: 5.7%; Canaan Partners: 5.7%; and the
Partners (except Messrs. Kopchinsky, Rein and Young): 5.7%; Harry T.
Rein, Gregory Kopchinsky and Eric A. Young: 5.8% respectively.
The foregoing percentages are calculated based on the 16,674,766
shares of Common Stock reported to be outstanding in the Quarterly
Report on Form 10-Q of Sync Research, Inc. for the quarter ended
9/30/96.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: Canaan Venture: 297,796
shares; Canaan Venture Offshore: 660,385 shares; Harry T. Rein: 3,152
shares; Gregory Kopchinsky: 6,000 shares; and Eric A. Young: 2,000
shares.
(ii) Shared power to vote or to direct the vote: Canaan Venture:
660,385 shares; Canaan Venture Offshore: 297,796 shares; Canaan
Management: 958,181 shares; Canaan Partners: 958,181 shares; and the
Partners: 958,181 shares.
(iii) Sole power to dispose or to direct the disposition of: Canaan
Venture: 297,796 shares; Canaan Venture Offshore: 660,385 shares;
Harry T. Rein: 3,152 shares; Gregory Kopchinsky: 6,000 shares; and
Eric A. Young: 2,000 shares.
(iv) Shared power to dispose or to direct the disposition of: Canaan
Venture: 660,385 shares; Canaan Venture Offshore: 297,796 shares;
Canaan Management: 958,181 shares; Canaan Partners: 958,181 shares;
and the Partners: 958,181 shares.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Canaan Offshore Management, N.V., as of the date hereof, has ceased
to be the beneficial owner of more than five percent of the class of
securities.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not applicable.
Page 14 of 20 pages
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
Page 15 of 20 pages
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Each of the reporting persons expressly disclaims membership in a
"Group" as defined in Rule 13d-1 (b) (ii) (H).
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION.
Not applicable. This Schedule 13G is not filed pursuant to Rule
13d-1(b).
Page 16 of 20 pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, each of the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
February 10, 1997
Canaan Venture Limited Partnership
By: Canaan Management Limited Partnership
Its General Partner
By: Canaan Venture Partners L.P.
Its General Partner
By: /s/ Harry T. Rein
--------------------------
General Partner
Canaan Venture Offshore Limited Partnership, C. V.
By: Canaan Management Limited Partnership
Its General Partner
By: Canaan Venture Partners L.P.
Its General Partner
By: /s/ Harry T. Rein
--------------------------
General Partner
Canaan Management Limited Partnership
By: Canaan Venture Partners L.P.
Its General Partner
By: /s/ Harry T. Rein
--------------------------
General Partner
Canaan Offshore Management, N.V.
By: /s/ Harry T. Rein
--------------------------
President
Canaan Venture Partners L.P.
By: /s/ Harry T. Rein
--------------------------
General Partner
Page 17 of 20 pages
/s/ Harry T. Rein
---------------------------
Harry T. Rein
/s/ James J. Fitzpatrick
---------------------------
James J. Fitzpatrick
/s/ Gregory Kopchinsky
---------------------------
Gregory Kopchinsky
/s/ Robert J. Migliorino
---------------------------
Robert J. Migliorino
/s/ Eric A. Young
---------------------------
Eric A. Young
Page 18 of 20 pages
EXHIBIT 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) (1) under the Securities Exchange Act of 1934,
as amended, the undersigned agree that only one statement containing the
information required by Schedule 13G need be filed by each of the undersigned
with respect to the ownership by each of the undersigned of shares of stock of
Sync Research, Inc. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original.
February 10, 1997
Canaan Venture Limited Partnership
By: Canaan Management Limited Partnership
Its General Partner
By: Canaan Venture Partners L.P.
Its General Partner
By: /s/ Harry T. Rein
--------------------------
General Partner
Canaan Venture Offshore Limited Partnership, C. V.
By: Canaan Management Limited Partnership
Its General Partner
By: Canaan Venture Partners L.P.
Its General Partner
By: /s/ Harry T. Rein
--------------------------
General Partner
Canaan Management Limited Partnership
By: Canaan Venture Partners L.P.
Its General Partner
By: /s/ Harry T. Rein
--------------------------
General Partner
Canaan Offshore Management, N.V.
By: /s/ Harry T. Rein
--------------------------
President
Canaan Venture Partners L.P.
By: /s/ Harry T. Rein
--------------------------
General Partner
Page 19 of 20 pages
/s/ Harry T. Rein
---------------------------
Harry T. Rein
/s/ James J. Fitzpatrick
---------------------------
James J. Fitzpatrick
/s/ Gregory Kopchinsky
---------------------------
Gregory Kopchinsky
/s/ Robert J. Migliorino
---------------------------
Robert J. Migliorino
/s/ Eric A. Young
---------------------------
Eric A. Young
Page 20 of 20 pages
