SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
Under the Securities Exchange Act of 1934
(Amendment No.___)*
UNITY FIRST ACQUISITION CORP.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $0.0001 PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
912908100
------------------
(CUSIP Number)
Copy to:
Stephen A. Cohen, Esq.
Seneca Ventures Morrison Cohen Singer & Weinstein, LLP
68 Wheatley Road 750 Lexington Avenue
Brookville, New York 11545 New York, New York 10022
Telephone (516) 626-3070 Telephone (212) 735-8600
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
November 13, 1996
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following space ________.
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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
disclosures provided in a prior cover page.
The information required on 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).
(Continued on following page(s))
<PAGE>
CUSIP
No. 912908100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Partners
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
100,000 shares 5.3%
Number of -----------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 252,500 shares 13.5%
Owned By -----------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 100,000 shares 5.3%
Person -----------------------------------------------------------------
With 10 Shared Dispositive Power
252,500 shares 13.5%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
352,500 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
18.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 2 of 23 -
<PAGE>
CUSIP
No. 912908100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Rubenstein
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* PF, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 150,000 shares 8.0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 202,500 shares 10.8%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 150,000 shares 8.0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
202,500 shares 10.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
352,500 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
18.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 3 of 23 -
<PAGE>
CUSIP
No. 912908100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Marilyn Rubenstein
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* PF, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 352,500 shares 18.8%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0
With -----------------------------------------------------------------
10 Shared Dispositive Power
352,500 shares 18.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
352,500 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
18.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 4 of 23 -
<PAGE>
CUSIP
No. 912908100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Marilyn and Barry Rubenstein Family Foundation
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 50,000 shares 2.7%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 302,500 shares 16.1%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 50,000 shares 2.7%
With -----------------------------------------------------------------
10 Shared Dispositive Power
302,500 shares 16.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
352,500 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
18.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 5 of 23 -
<PAGE>
CUSIP
No. 912908100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Venture Fund
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
27,500 shares 1.5%
Number of -----------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 325,000 shares 17.3%
Owned By -----------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 27,500 shares 1.5%
Person -----------------------------------------------------------------
With 10 Shared Dispositive Power
325,000 shares 17.3%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
352,500 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
18.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 6 of 23 -
<PAGE>
CUSIP
No. 912908100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Seneca Ventures
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
25,000 shares 1.3%
Number of -----------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 327,500 shares 17.5%
Owned By -----------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 25,000 shares 1.3%
Person -----------------------------------------------------------------
With 10 Shared Dispositive Power
327,500 shares 17.5%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
352,500 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
18.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 7 of 23 -
<PAGE>
CUSIP
No. 912908100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Services Corp.
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 352,500 shares 18.8%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
352,500 shares 18.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
352,500 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
18.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 8 of 23 -
<PAGE>
CUSIP
No. 912908100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Brian Rubenstein
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 50,000 shares 2.7%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
50,000 shares 2.7%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
50,000 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
2.7%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 9 of 23 -
<PAGE>
This statement, dated November 13, 1996, relates to the reporting persons
ownership of certain securities of Unity First Acquisition Corp. (the "Issuer").
On November 13, 1996, the Issuer offered 1,250,000 Units to the public in an
initial public offering (the "IPO"), each Unit consisting of one (1) share of
common stock, $0.0001 par value per share (the "Common Stock"), one (1) class A
redeemable Common Stock purchase warrant and one (1) class B redeemable Common
Stock purchase warrant.
ITEM 1. Security and Issuer
(a) Common Stock, $0.0001 par value per share (CUSIP No. 912908100).
(b) Class A Redeemable Common Stock Purchase Warrant (the "Class A
Warrant"), exercisable as of the later of (i) the consummation of a business
combination by the Issuer, or (ii) November 12, 1997, entitling the holder
thereof to purchase one share of Common Stock at $5.50 per share, subject to
adjustment in certain circumstances (CUSIP No. 912908118).
(c) Class B Redeemable Common Stock Purchase Warrant (the "Class B
Warrant"), exercisable as of the later of (i) the consummation of a business
combination by the Issuer, or (ii) November 12, 1997, entitling the holder
thereof to purchase one share of Common Stock at $7.50 per share, subject to
adjustment in certain circumstances (CUSIP No. 912908126).
(d) Unit, consisting of one (1) share of Common Stock, one (1) Class A
Warrant and one (1) Class B Warrant (CUSIP No. 912908209).
Unity First Acquisition Corp.
245 Fifth Avenue, Suite 1500
New York, New York 10016
ITEM 2. Identity and Background
1. (a) Woodland Partners, a general partnership organized under the laws
of the State of New York ("Partners").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
- 10 of 23 -
<PAGE>
The general partners of Partners are Barry Rubenstein and Marilyn
Rubenstein (husband and wife).
2. (a) Barry Rubenstein, a general partner of Seneca Ventures,
Woodland Venture Fund, and Partners, the sole shareholder, an officer and
director of Woodland Services Corp., and one of the trustees of The Marilyn and
Barry Rubenstein Family Foundation.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Occupation: General Partner of partnerships and limited
partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
Barry Rubenstein is the husband of Marilyn Rubenstein and the father
of Brian Rubenstein.
3. (a) Marilyn Rubenstein, a general partner of Partners and one of
the trustees of The Marilyn and Barry Rubenstein Family Foundation.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal occupation: Housewife
(d) No.
(e) No.
(f) Citizenship: United States.
Marilyn Rubenstein is the wife of Barry Rubenstein and the mother of
Brian Rubenstein.
- 11 of 23 -
<PAGE>
4. (a) The Marilyn and Barry Rubenstein Family Foundation, an
organization which is exempt from federal income taxation pursuant to Section
501(a) of the Internal Revenue Code of 1986, as amended (the "Foundation").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Charitable Foundation
(d) No.
(e) No.
Barry Rubenstein, Marilyn Rubenstein, and Brian Rubenstein are the
trustees of the Foundation.
5. (a) Woodland Venture Fund, a limited partnership organized under
the laws of the State of New York (the "Fund").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
Woodland Services Corp. and Barry Rubenstein are the general partners
of the Fund. The limited partners of the Fund include certain other investors.
6. (a) Seneca Ventures, a limited partnership organized under the laws
of the State of New York (the "Fund").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
- 12 of 23 -
<PAGE>
(e) No.
Woodland Services Corp. and Barry Rubenstein are the general partners
of the Fund. The limited partners of the Fund include certain other investors.
7. (a) Woodland Services Corp., a corporation organized under the laws
of the State of New York ("Services").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
Mr. Rubenstein is the President and sole director of Services, and
Marilyn Rubenstein, his wife, is the Secretary and Treasurer of Services. Mr.
Rubenstein owns all of Service's outstanding shares of common stock, no par
value.
8. (a) Brian Rubenstein, one of the trustees of The Marilyn and Barry
Rubenstein Family Foundation.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Occupation: Corporate Finance Staff Analyst
(d) No.
(e) No.
(f) Citizenship: United States
Brian Rubenstein is the son of Barry Rubenstein and Marilyn
Rubenstein.
- 13 of 23 -
<PAGE>
ITEM 3. Source and Amounts of Funds or Other Consideration
The individual reporting persons obtained funds for the purchase of
the shares of Common Stock from their respective personal funds and/or other
funds, the partnerships obtained funds for the purchase of the shares of Common
Stock from their respective working capital and others funds, and the Foundation
obtained funds for the purchase of the shares of Common Stock from its other
funds.
The amount of funds used in making the purchases of the Units in
connection with the IPO and in the over-the-counter market are set forth below:
Name Amount of Consideration
---- -----------------------
Woodland Partners $600,000
Barry Rubenstein R/O IRA $900,000
The Marilyn and Barry
Rubenstein Family Foundation $300,000
Woodland Venture Fund $166,719
Seneca Ventures $151,563
ITEM 4. Purpose of Transaction.
The reporting persons acquired their shares for purposes of
investment.
The reporting persons do not have any plans or proposals which relate
to or would result in any of the actions set forth in subparagraphs (a) through
(j) of item 4 of Schedule 13D.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and percentage
(based on 1,875,000 shares of Common Stock outstanding as reported in the
Issuer's prospectus (the "Prospectus") dated November 12, 1996) of outstanding
shares of Common Stock owned beneficially by each reporting person named in Item
2, as of November 13, 1996:
- 14 of 23 -
<PAGE>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
- ---- ------------------- -------------------
Woodland Partners 352,500(2) 18.8%
Barry Rubenstein 352,500(3) 18.8%
Marilyn Rubenstein 352,500(4) 18.8%
The Marilyn and Barry Rubenstein
Family Foundation 352,500(5) 18.8%
Woodland Venture Fund 352,500(6) 18.8%
Seneca Ventures 352,500(7) 18.8%
Woodland Services Corp. 352,500(8) 18.8%
Brian Rubenstein 50,000(9) 2.7%
- ----------
(1) Does not include shares of Common Stock issuable upon the exercise of the
Class A Warrants or the Class B Warrants.
(2) Partners disclaims beneficial ownership of 150,000 shares of Common Stock
held in Barry Rubenstein's Rollover IRA account, 50,000 shares of Common
Stock owned by the Foundation, 27,500 shares of Common Stock owned by the
Fund, and 25,000 shares of Common Stock owned by Seneca.
(3) 90,000 shares of Common Stock beneficially owned by Barry Rubenstein
represents his equity interest in Partners. Mr. Rubenstein disclaims
beneficial ownership of 10,000 shares of Common Stock held by Partners
(which represents his wife's equity interest in Partners), 16,339 shares of
Common Stock owned by the Fund, and 19,461 shares of Common Stock owned by
Seneca.
(4) 10,000 shares of Common Stock represents Mrs. Rubenstein's equity interest
in Partners and 2,240 shares of Common Stock represents Mrs. Rubenstein's
equity interest as a limited partner of Seneca. Mrs. Rubenstein disclaims
beneficial ownership of 90,000 shares of Common Stock held by Partners
(which represents her husband's equity interest in Partners), 150,000
shares of Common Stock held in her husband, Barry Rubenstein's Rollover IRA
account, 27,500 shares of Common Stock owned by the Fund, and 22,760 shares
of Common Stock owned by Seneca.
(5) The Foundation disclaims beneficial ownership of 100,000 shares of Common
Stock owned by Partners, 150,000 shares of Common Stock held in Barry
Rubenstein's Rollover IRA account, 25,000 shares of Common Stock owned by
Seneca, and 27,500 shares of Common Stock owned by the Fund.
(6) The Fund disclaims beneficial ownership of 100,000 shares of Common Stock
owned by Partners, 150,000 shares of Common Stock held in Barry
Rubenstein's Rollover IRA account, 50,000 shares of Common Stock owned by
the Foundation, and 25,000 shares of Common Stock owned by Seneca.
(7) Seneca disclaims beneficial ownership of 100,000 shares of Common Stock
owned by Partners, 150,000 shares of Common Stock held in Barry
Rubenstein's Rollover IRA account, 50,000 shares of Common Stock owned by
the Foundation, and 27,500 shares of Common Stock owned by the Fund.
(8) 38 shares of Common Stock beneficially owned by Services represents its
equity interest in the Fund, and 39 shares of Common Stock represents its
equity interest in Seneca. Services disclaims beneficial ownership of
100,000 shares of Common Stock owned by Partners, 150,000 shares of Common
Stock held in Barry Rubenstein's Rollover IRA account, 50,000 shares of
Common Stock owned by the Foundation, 27,462 shares of Common Stock owned
by the Fund, and 24,961 shares of Common Stock owned by Seneca.
(9) Consists of 50,000 shares of Common Stock owned by the Foundation.
- 15 of 23 -
<PAGE>
(b) By virtue of being a general partner of Partners, the Fund and
Seneca, a trustee of the Foundation, Barry Rubenstein may be deemed to have
shared power to vote and to dispose of 202,500 shares of Common Stock
representing approximately 10.8% of the outstanding Common Stock. Barry
Rubenstein has sole power to vote and dispose of 150,000 shares of Common Stock
representing approximately 8.0% of the outstanding Common Stock.
Marilyn Rubenstein, by virtue of being a general partner of Partners,
a trustee of the Foundation, and the wife of Barry Rubenstein, may be deemed to
have shared power to vote and to dispose of 352,500 shares of Common Stock
representing approximately 18.8% of the outstanding Common Stock.
Partners has sole power to vote and dispose of 100,000 shares of
Common Stock, and may be deemed to have shared power to vote and to dispose of
252,500 shares of Common Stock.
The Fund has sole power to vote and dispose of 27,500 shares of Common
Stock, and may be deemed to have shared power to vote and to dispose of 325,000
shares of Common Stock.
Seneca has sole power to vote and dispose of 25,000 shares of Common
Stock, and may be deemed to have shared power to vote and to dispose of 327,500
shares of Common Stock.
The Foundation has sole power to vote and dispose of 50,000 shares of
Common Stock, and may be deemed to have shared power to vote and to dispose of
302,500 shares of Common Stock.
Services may be deemed to have shared power to vote and to dispose of
352,500 shares of Common Stock.
Brian Rubenstein, by virtue of being a trustee of the Foundation, may
be deemed to have shared power to vote and dispose of 50,000 shares of Common
Stock.
- 16 of 23 -
<PAGE>
(c) The following is a description of all transactions in Units of
the Issuer by the persons identified in Item 2 of this Schedule 13D effected
from September 13, 1996 through November 13, 1996, inclusive.
Number of Units (U) of
Purchase or Purchase or
Name of Shareholder Sale Date Purchased or (Sold) Sale Price
- ------------------- --------- ------------------- ----------
Woodland Partners 11/13/96 100,000 U $6.00
Barry Rubenstein-Rollover IRA 11/13/96 150,000 U $6.00
Woodland Venture Fund 11/13/96 27,500 U $6.0625
Seneca Ventures 11/13/96 25,000 U $6.0625
The Marilyn and
Barry Rubenstein
Family Foundation 11/13/96 50,000 U $6.00
Woodland Partners, Barry Rubenstein and the Foundation, acquired the
Units, in the IPO. Fund and Seneca acquired the Units in the over-the-counter
market.
(d) No other person has the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of such securities.
(e) Not applicable.
ITEM 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities
of the Issuer
(a) Partners is a general partnership established and governed by New
York law and a partnership agreement. Pursuant to such agreement, voting and
investment power over the shares of Common Stock held by Partners is vested in
its general partners - Barry Rubenstein and Marilyn Rubenstein.
(b) The Foundation is a charitable trust organized under the laws of
the State of New York. It is exempt from federal income taxation pursuant to
Section 501(a) of the Internal Revenue Code of 1986, as amended (the "Code"), as
an organization described in Section 501(c)(3) of the Code. Pursuant to a trust
agreement, voting and investment power over the shares of Common Stock held by
the Foundation is vested in its trustees - Barry Rubenstein, Marilyn Rubenstein,
and Brian Rubenstein.
- 17 of 23 -
<PAGE>
(c) The Fund is a limited partnership established and governed by New
York law and a partnership agreement. Pursuant to such agreement, voting and
investment power over the shares of Common Stock held by the Fund is vested in
its general partners - Barry Rubenstein and Services. The limited partners have
no voting or investment power over the shares of Common Stock held by the Fund.
(d) Seneca is a limited partnership established and governed by New
York law and a partnership agreement. Pursuant to such agreement, voting and
investment power over the shares of Common Stock held by Seneca is vested in its
general partners - Barry Rubenstein and Services. The limited partners have no
voting or investment power over the shares of Common Stock held by Seneca.
(e) Except for the circumstances discussed or referred to in paragraph
(a) and (d) above, there are no contracts, arrangements, understandings, or
relationships with respect to the securities of the Issuer among any of the
persons reporting in this Schedule 13D.
ITEM 7. Material to be Filed as Exhibits
Exhibit A - Agreement dated November 13, 1996 among the reporting
persons by which they have agreed to file this Schedule 13D and all necessary
amendments, as required by Rule 13d-1(f).
Exhibit B - Power of Attorney, dated November 13, 1996, appointing
Barry Rubenstein as attorney-in-fact for Brian Rubenstein.
- 18 of 23 -
<PAGE>
Signature
---------
After reasonable inquiry and to the best of their knowledge and
belief, each of the undersigned hereby certifies that the information set forth
in this Schedule is true, complete, and correct.
Date: November 22, 1996
/s/Barry Rubenstein
-----------------------------------------------------
Barry Rubenstein, individually, as General Partner on
behalf of Woodland Partners, Woodland Venture
Fund and Seneca Ventures, as President of Woodland
Services Corp., and as Trustee of The Marilyn and
Barry Rubenstein Family Foundation
/s/Marilyn Rubenstein
-----------------------------------------------------
Marilyn Rubenstein
*
-----------------------------------------------------
Brian Rubenstein
* /s/Barry Rubenstein
- ----------------------------------
Barry Rubenstein, Attorney-in-Fact
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
- 19 of 23 -
Exhibit A
AGREEMENT PURSUANT TO RULE 13d l(f)
OF THE SECURITIES AND EXCHANGE COMMISSION
AGREEMENT, to be effective as of November 13, 1996, among WOODLAND
PARTNERS, a New York general partnership, with its principal office at 68
Wheatley Road, Brookville, New York 11545, BARRY RUBENSTEIN, residing at 68
Wheatley Road, Brookville, New York 11545, MARILYN RUBENSTEIN, residing at 68
Wheatley Road, Brookville, New York 11545, THE MARILYN AND BARRY RUBENSTEIN
FAMILY FOUNDATION, with its principal office at 68 Wheatley Road, Brookville,
New York 11545, WOODLAND VENTURE FUND, with its principal office at 68 Wheatley
Road, Brookville, New York 11545, SENECA VENTURES, with its principal office at
68 Wheatley Road, Brookville, New York 11545, WOODLAND SERVICES CORP., with its
principal office at 68 Wheatley Road, Brookville, New York 11545, and BRIAN
RUBENSTEIN, residing at 68 Wheatley Road, Brookville, New York 11545.
WHEREAS, for convenience and expediency, each party hereto desires to
file the statements required by ss.13(d) of the Securities Exchange Act of 1934,
as amended, jointly with all other parties hereto; and
WHEREAS, Rule 13D-1(f) promulgated by the Securities and Exchange
Commission requires that this Agreement be set forth in writing and filed with
the Commission;
NOW THEREFORE, it is hereby agreed as follows:
- 20 of 23 -
<PAGE>
1. Each party hereto agrees that it will file all statements and
reports required under ss.13(d) of the Securities Exchange Act of 1934, as
amended, including without limitation, Schedule 13D, and all amendments of all
such statements and/or reports, jointly with all other parties hereto.
2. Any party hereto may hereafter terminate this Agreement, with
respect to itself only, by giving written notice thereof to all other parties
hereto, and to UNITY FIRST ACQUISITION CORP. and the Securities and Exchange
Commission. The withdrawal of any one or more parties shall not cause the
termination of this Agreement with respect to the parties not giving notice of
termination as aforesaid.
3. Unless sooner terminated as provided in paragraph 2 above, this
Agreement shall be for a period of one (1) year from the date hereof, and shall
be automatically renewable for successive one (1) year periods, unless
terminated by any party, as to such party, on sixty (60) days notice.
4. This Agreement may be executed in counterparts, each of which shall
be deemed an original and all of which shall constitute one and the same
instrument.
- 21 of 23 -
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the person whose signature appears
below constitutes and appoints BARRY RUBENSTEIN, his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign any
and all statements and reports required under Section 13(d) of the Securities
Exchange Act of 1934, as amended, including, without limitation, Schedule 13D,
and all amendments of all such statements and/or reports, and to file the same,
with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission and with such other parties as may be
required, granting unto said attorney-in-fact, and agent, and each of them, full
power and authority to do and perform each and every act and thing requisite and
necesary to be done in and about the premises, as fully to all intents and
purposes as he might or could do in person, hereby ratifying and confirming all
that said attorney-in-fact and agent or any of them, or their or his substitute
or substitutes, may lawfully do or cause to be done by virtue thereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 13th day of November,
1996.
s/Brian Rubenstein
-----------------------------
BRIAN RUBENSTEIN
- 22 of 23 -
<PAGE>
IN WITNESS WHEREOF, we have executed this Agreement with the intention
that it shall be binding upon us as of the day and year set forth above.
/s/ Barry Rubenstein
-----------------------------------------------------
Barry Rubenstein, individually, as General Partner on
behalf of Woodland Partners, Woodland Venture
Fund and Seneca Ventures, as President of Woodland
Services Corp., and as Trustee of The Marilyn and
Barry Rubenstein Family Foundation
/s/ Marilyn Rubenstein
-----------------------------------------------------
Marilyn Rubenstein
*
-----------------------------------------------------
Brian Rubenstein
* /s/ Barry Rubenstein
- -----------------------------------
Barry Rubenstein, Attorney-in-Fact
- 23 of 23 -
