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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c)
AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)
(Amendment No. 1)(1)
IAT Multimedia, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
13-3920210
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(CUSIP Number)
December 31, 1998
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1 (b)
[ ] Rule 13d-1 (c)
[X] Rule 13d-1 (d)
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(1) 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).
(Continued on following page(s))
Page 1 of 6 Pages
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CUSIP NO.: 449202100 13G PAGE 2 OF 6 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Vertical Financial Holdings Establishment
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Switzerland
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5 SOLE VOTING POWER
1,580,304
NUMBER OF
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SHARES 6 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ---------------------------------------------------------
7 SOLE DISPOSITIVE POWER
EACH 1,509,092
REPORTING
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PERSON 8 SHARED DISPOSITIVE POWER
71,212
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,580,304
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
[X]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.8%
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12 TYPE OF REPORTING PERSON*
CO
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SEC 174__ (6-__) * SEE INSTRUCTIONS BEFORE FILLING OUT!
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ITEM 1(a) NAME OF ISSUER: IAT Multimedia, Inc.
ITEM 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
IAT Multimedia, Inc.
Geschaftshaus Wasserschloss
Aarestrasse 17
CH-5300 Vogelsang-Turgi, Switzerland
ITEM 2(a) NAME OF PERSON FILING:
Vertical Financial Holdings Establishment ("Vertical").
Vertical is beneficially owned by Derungs
Treuhandgesellschaft AG. Jacob Agam serves as Chairman of
Vertical, and Bruno Derungs, who is the principal of
Derungs Treuhandgesellschaft AG, serves as its Managing
Director.
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR IF NONE, RESIDENCE:
Hombrechtikerstrasse 61, CH-8640 Rapperswil, Switzerland
ITEM 2(c) CITIZENSHIP:
Switzerland
ITEM 2(d) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.01 per share
ITEM 2(e) CUSIP NUMBER:
449202100
ITEM 3 NOT APPLICABLE
If This Statement is Filed Pursuant to Rule
13d-1(b), or 13d-2(b) or (c), Check Whether the
Person Filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the
Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [ ] Insurance company as defined in Section 3(a)(19)
of the Exchange Act.
(d) [ ] Investment company registered under Section 8 of
the Investment Company Act.
(e) [ ] An investment adviser in accordance with
Rule 13d-1(b)(1)(ii)(E);
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Page 4 of 6
(f) [ ] An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J);
If this statement is filed pursuant to Rule 13d-1(c), check this box. [ ]
ITEM 4. OWNERSHIP:
(a) Amount beneficially owned: 1,580,304
Includes (i) 690,152 shares of Common Stock issuable upon
exercise of warrants beneficially owned by Vertical and
exercisable within 60 days and (ii) 71,212 shares of Common
Stock which are held in escrow but which Vertical retains the
power to vote. Excludes an aggregate of 739,351 shares of
Common Stock and 890,151 shares of Common Stock issuable upon
exercise of warrants held by Behala Anstalt, Lupin
Investments Services Ltd. and Henilia Financial Ltd. (the
"Vertical Assignees"). Pursuant to agreements with third
party investors in each Vertical Assignee, Vertical owns
equity interests in each Vertical Assignee entitling it to
varying percentages of the profits resulting from the sale of
the shares of Common Stock held by each Vertical Assignee. In
addition, pursuant to agreements with the Vertical Assignees,
the trustee of each Vertical Assignee has voting and
dispositive power over the shares of Common Stock held by
each Vertical Assignee, although Vertical retains the right
to appoint or terminate the appointment of the trustee. Also
excludes 92,524 shares of Common Stock owned by Dr. Viktor
Vogt, a director of the Company, in which Vertical does not
have any voting or dispositive power. However, pursuant to an
agreement between Vertical and Dr. Vogt, Vertical has the
right to receive a portion of the proceeds of the sale of
these shares by Dr. Vogt.
(b) Percent of class: 14.8%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote: 1,580,304
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Page 5 of 6
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition
of: 1,509,092
(iv) Shared power to dispose or to direct the disposition
of: 71,212
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not Applicable
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF
ANOTHER PERSON
Pursuant to an agreement between Orida Capital
("Orida") and Vertical, Orida has the right to
receive a portion of the profits from the sale of
shares of Common Stock beneficially owned by
Vertical. Mr. Agam is the Chairman and a significant
owner of Orida.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF SUBSIDIARY
WHICH ACQUIRED THE SECURITIES
Not Applicable
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE
GROUP
Not Applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not Applicable
ITEM 10. CERTIFICATION
Not Applicable
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true,
complete and correct.
February 12, 1999
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(Date)
/s/ Jacob Agam
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(Signature)
Jacob Agam
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(Name/Title)
