SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
Asia Electronics Holding Co., Inc.
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(Name of Issuer)
Common Stock, par value $. 01 per share
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(Title of class of securities)
04516K104
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CUSIP Number)
Mitchell S. Nussbaum, Esq.
Boyds Jacob Preston Parker Chapin LLP
Holding Company, LLC The Chrysler Building
One World Trade Center 405 Lexington Avenue
Suite 8513 New York, New York 10174
New York, New York 10048 212-704-6000
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(Persons Authorized to Receive Notices and Communications)
May 19, 2000
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(Date of Event which Requires Filing of 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 box [ ]
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CUSIP NO. 04516K104 13D PAGE 2 OF 15 PAGES
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NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1 Boyds Jacob Preston Holding Company, LLC
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
2 (b)
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3 SEC USE ONLY
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SOURCE OF FUNDS*
WC
4
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e)
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED 4,559,000
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BY EACH REPORTING
8 SHARED VOTING POWER
PERSON
-0-
WITH ------------------------------------------------------
9 SOLE DISPOSITIVE POWER
4,559,000
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10 SHARED DISPOSITIVE POWER
-0-
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
11 4,559,000
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 45.18%
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TYPE OF REPORTING PERSON*
IV
14
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 04516K104 13D PAGE 3 OF 15 PAGES
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SCHEDULE 13D
ITEM 1. SECURITY AND ISSUER
This statement relates to the Common Stock of Asia Electronics Holding
Co. Inc. ("AE"). AE's executive offices are located at One World Trade Center,
Suite 8513, New York, New York 10048.
ITEM 2. IDENTITY AND BACKGROUND
This statement is filed by Boyds Jacob Preston Holding Company, LLC
("Boyds" or the "Reporting Person"), a Delaware limited liability company. Boyds
is principally engaged in making investments. The address of the principal
business office of Boyds is One World Trade Center, Suite 8513, New York, New
York 10048.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) During the last five years, neither the Reporting
Person nor any executive officer or director of the
Reporting Person has been convicted in a criminal
proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, neither the Reporting
Person nor any executive officer or director of the
Reporting Person has been a party to a civil
proceeding of a judicial or administrative body of
competent jurisdiction as a result of which such
person or entity was or is subject to a judgment,
decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to,
Federal or State securities laws or findings of any
violation with respect to such laws.
(f) Not applicable.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Pursuant to a Stock Purchase Agreement entered into between the
Reporting Person and Shinghoi To, an individual, in May 2000, (the "Stock
Purchase Agreement") the Reporting Person purchased the 4,559,000 shares of
Common Stock of AE (the "Shares") for a purchase price of $200,000 payable in
two equal installments of $100,000, the first of which has been paid and the
second installment shall become due in May 2001. In the event that AE files its
past periodic reports with the Securities and Exchange Commission and is deemed
"current" in its reporting obligations under the Securities Exchange Act of
1934, as amended, the purchase price of the
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CUSIP NO. 04516K104 13D PAGE 4 OF 15 PAGES
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION (CONT.)
Shares will be adjusted to an aggregate of $800,000 payable in six equal annual
installments of $100,000. In the event AE becomes relisted in the Nasdaq
National Market in any given year, the amount of the annual installment payments
shall increase to $200,000 until the purchase price is paid in full. The source
of the purchase price is the working capital of the Reporting Person. No part of
the consideration has been or is expected to be borrowed.
ITEM 4. PURPOSE OF TRANSACTION
The purpose of the previous acquisitions by the Reporting
Person was to purchase the Shares for investment purposes.
Except as may be provided herein or in the Stock Purchase
Agreement, the Reporting Person does not have any other plans or proposals which
would result in: (i) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation of AE or any of its subsidiaries; (ii) a sale or
transfer of a material amount of assets of AE or any of its subsidiaries; (iii)
any change in the present board of directors or management of AE, including any
plans or proposals to change the number or term of directors or to fill any
existing vacancies on the board; (iv) any material change in the present
capitalization or dividend policy of AE; (v) any other material change in AE's
business or corporate structure, (vi) any changes in AE's charter, by-laws or
instruments corresponding thereto or other actions which may impede the
acquisition of control of AE by any person; (vii) causing a class of securities
of AE to be delisted from a national securities exchange or cease to be
authorized to be quoted in an inter-dealer quotation system of a registered
national securities association; (viii) causing a class of equity securities of
AE to become eligible for termination of registration pursuant to Section
12(g)(4) of the Securities Exchange Act of 1934; or (ix) any action similar to
any of those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Number of Percent of
Name Shares Class
---- ----------- ----------
Boyds Jacob Preston 4,559,000 45.18%
Holding Company, LLC
During the past 60 days the Reporting Person has not effected any other
transactions.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
Pursuant to the Stock Purchase Agreement, Mr. To has obtained the
option to re-purchase 200,000 of the shares for a period of three years
commencing the fifth anniversary of the date that AE files its past periodic
reports with the Securities and Exchange Commission ("SEC") and is deemed
"current" in its reporting obligations under the Securities Exchange Act of
1934, as amended, for a price equal to fifty (50%) percent of the average of the
closing bid price of AE
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CUSIP NO. 04516K104 13D PAGE 5 OF 15 PAGES
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ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER (CONT.)
common stock for the twenty (20) trading days preceding the date of exercise of
the option. To the knowledge of the Reporting Person on the date hereof, except
to the extent set forth herein or in the Exhibit herewith, the Reporting Person
does not have any other contracts, arrangements, understandings or relationship
(legal or otherwise) with any person with respect to securities issued by AE,
including, but not limited to, transfer or voting of any such securities,
finder's fees, joint ventures, loan or option arrangements, puts or calls,
guarantees or profits, divisions or profits or loss or the giving or withholding
of proxies.
A summary of the Stock Purchase Agreement, which is incorporated herein
by reference, is provided in Item 4 herein.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1 - Stock Purchase Agreement
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CUSIP NO. 04516K104 13D PAGE 6 OF 15 PAGES
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NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1 Sandy Boyd
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) |_|
(b) |X|
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3 SEC USE ONLY
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SOURCE OF FUNDS*
Not Applicable
4
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e)
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6 United States of America
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING -0-
PERSON ------------------------------------------------------
WITH 8 SHARED VOTING POWER
-0- (Mr. Boyd may be deemed to have the shared power
to vote 4,559,000 shares by reason of being a
shareholder of BJPHC Management, Inc., the sole
manager of Boyds Jacob Preston Holding Company, LLC)
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9 SOLE DISPOSITIVE POWER
-0-
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10 SHARED DISPOSITIVE POWER
-0- (Mr. Boyd may be deemed to have the shared power
to dispose of the 4,559,000 shares by reason of being
a shareholder of BJPHC Management, Inc., the sole
manager of Boyds Jacob Preston Holding Company, LLC)
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
-0- (Mr. Boyd may be deemed to beneficially own a total of 4,559,000
11 shares by reason of being a shareholder of BJPHC Management, Inc.,
the sole manager of Boyds Jacob Preston Holding Company, LLC)
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0% (Mr. Boyd may be deemed to beneficially own 45.18% of the shares by
13 reason of being a shareholder of BJPHC Management, Inc., the sole
manager of Boyds Jacob Preston Holding Company, LLC)
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TYPE OF REPORTING PERSON*
IN
14
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 04516K104 13D PAGE 7 OF 15 PAGES
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SCHEDULE 13D
ITEM 2. IDENTITY AND BACKGROUND
(a) Sandy Boyd.
(b) 1310 65th Street
Emeryville, CA 94608
(c) Chairman of the Board of Directors of BJPHC
Management Inc.
(d) During the last five years, the Reporting Person has
not been convicted in a criminal proceeding
(excluding traffic violations or similar
misdemeanors).
(e) During the last five years, the Reporting Person has
not been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction as a
result of which such person or entity was or is
subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or
mandating activities subject to, Federal or State
securities laws or findings of any violation with
respect to such laws.
(f) United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The aggregate amount of funds used in acquiring the 4,559,000
shares by Boyds Jacob Preston Holding Company, LLC referred to in Item 5, is
approximately $200,000. Boyds Jacob Preston Holding Company, LLC obtained the
funds through a capital contribution by its members.
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Person does not have any plans or proposals which would
result in: (i) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation of AE or any of its subsidiaries; (ii) a sale or
transfer of a material amount of assets of AE or any of its subsidiaries; (iii)
any change in the present board of directors or management of AE, including any
plans or proposals to change the number or term of directors or to fill any
existing vacancies on the board; (iv) any material change in the present
capitalization or dividend policy of AE; (v) any other material change in AE's
business or corporate structure, (vi) any changes in AE's charter, by-laws or
instruments corresponding thereto or other actions which may impede the
acquisition of control of AE by any person; (vii) causing a class of securities
of AE to be delisted from a national securities exchange or cease to be
authorized to be quoted in an inter-dealer quotation system of a registered
national securities association; (viii) causing a class of equity securities of
AE to become eligible for termination of registration pursuant to Section
12(g)(4) of the Securities Exchange Act of 1934; or (ix) any action similar to
any of those enumerated above.
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CUSIP NO. 04516K104 13D PAGE 8 OF 15 PAGES
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
The aggregate number and percentage of the shares which may be deemed
to be beneficially owned by the Reporting Person as set forth in Row 11 and 13
respectively, of page 6 of this statement.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
None.
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CUSIP NO. 04516K104 13D PAGE 9 OF 15 PAGES
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NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1 Lee Jacob
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
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3 SEC USE ONLY
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SOURCE OF FUNDS*
Not applicable.
4
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e)
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
6
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING -0-
PERSON
WITH ------------------------------------------------------
8 SHARED VOTING POWER
-0- (Mr. Jacobs may be deemed to have the shared
power to vote 4,559,000 shares by reason of being a
shareholder of BJPHC Management, Inc., the sole
manager of Boyds Jacob Preston Holding Company, LLC)
------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- (Mr. Jacobs may be deemed to have the shared
power to dispose of the 4,559,000 shares by reason of
being a shareholder of BJPHC Management, Inc., the
sole manager of Boyds Jacob Preston Holding Company,
LLC)
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
-0- (Mr. Jacobs may be deemed to beneficially own a total of 4,559,000
11 shares by reason of being a shareholder of BJPHC Management, Inc., the
sole manager of Boyds Jacob Preston Holding Company, LLC)
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0% (Mr. Jacobs may be deemed to beneficially own 45.18% of the shares
by reason of being a shareholder of BJPHC Management, Inc., the sole
manager of Boyds Jacob Preston Holding Company, LLC)
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TYPE OF REPORTING PERSON*
IN
14
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 04516K104 13D PAGE 10 OF 15 PAGES
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SCHEDULE 13D
ITEM 2 IDENTITY AND BACKGROUND
(a) Lee Jacob
(b) 1880 Lakeland Drive, #278
Jackson, MS 39216
(c) President of BJPHC Management Inc..
(d) During the last five years, the Reporting Person has
not been convicted in a criminal proceeding
(excluding traffic violations or similar
misdemeanors).
(e) During the last five years, the Reporting Person has
not been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction as a
result of which such person or entity was or is
subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or
mandating activities subject to, Federal or State
securities laws or findings of any violation with
respect to such laws.
(f) United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The aggregate amount of funds used in acquiring the 4,559,000
shares by Boyds Jacob Preston Holding Company, LLC referred to in Item 5, is
approximately $200,000. Boyds Jacob Preston Holding Company, LLC obtained the
funds through a capital contribution by its members.
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Person does not have any plans or proposals which would
result in: (i) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation of AE or any of its subsidiaries; (ii) a sale or
transfer of a material amount of assets of AE or any of its subsidiaries; (iii)
any change in the present board of directors or management of AE, including any
plans or proposals to change the number or term of directors or to fill any
existing vacancies on the board; (iv) any material change in the present
capitalization or dividend policy of AE; (v) any other material change in AE's
business or corporate structure, (vi) any changes in AE's charter, by-laws or
instruments corresponding thereto or other actions which may impede the
acquisition of control of AE by any person; (vii) causing a class of securities
of AE to be delisted from a national securities exchange or cease to be
authorized to be quoted in an inter-dealer quotation system of a registered
national securities association; (viii) causing a class of equity securities of
AE to become eligible for termination of registration pursuant to Section
12(g)(4) of the Securities Exchange Act of 1934; or (ix) any action similar to
any of those enumerated above.
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CUSIP NO. 04516K104 13D PAGE 11 OF 15 PAGES
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
The aggregate number and percentage of the shares which may be deemed
to be beneficially owned by the Reporting Person as set forth in Row 11 and 13
respectively, of page 9 of this statement.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
None.
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CUSIP NO. 04516K104 13D PAGE 12 OF 15 PAGES
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NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1 Yongjun Fu
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) |_|
(b) |X|
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3 SEC USE ONLY
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SOURCE OF FUNDS*
Not applicable.
4
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e)
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6 Peoples Republic of China
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING -0-
PERSON ------------------------------------------------------
WITH
8 SHARED VOTING POWER
-0- (Mr. Fu may be deemed to have the shared power to
vote 4,559,000 shares by reason of being a
shareholder of BJPHC Management, Inc., the sole
manager of Boyds Jacob Preston Holding Company, LLC)
------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- (Mr. Fu may be deemed to have the shared power to
dispose of the 4,559,000 shares by reason of being a
shareholder of BJPHC Management, Inc., the sole
manager of Boyds Jacob Preston Holding Company, LLC)
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
11 -0- (Mr. Fu may be deemed to beneficially own a total of 4,559,000
shares by reason of being a shareholder of BJPHC Management, Inc., the
sole manager of Boyds Jacob Preston Holding Company, LLC)
- --------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
- --------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0% (Mr. Fu may be deemed to beneficially own 45.18% of the shares by
13 reason of being a shareholder of BJPHC Management, Inc., the sole
manager of Boyds Jacob Preston Holding Company, LLC)
- --------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
IN
14
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 04516K104 13D PAGE 13 OF 15 PAGES
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SCHEDULE 13D
ITEM 2. IDENTITY AND BACKGROUND
(a) Yongjun Fu.
(b) 200 Rector Place, #34C
New York, New York 10280
(c) Vice-President of BJPHC Management Inc.
(d) During the last five years, the Reporting Person has
not been convicted in a criminal proceeding
(excluding traffic violations or similar
misdemeanors).
(e) During the last five years, the Reporting Person has
not been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction as a
result of which such person or entity was or is
subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or
mandating activities subject to, Federal or State
securities laws or findings of any violation with
respect to such laws.
(f) People's Republic of China
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The aggregate amount of funds used in acquiring the 4,559,000
shares by Boyds Jacob Preston Holding Company, LLC referred to in Item 5, is
approximately $200,000. Boyds Jacob Preston Holding Company, LLC obtained the
funds through a capital contribution by its members.
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Person does not have any plans or proposals which would
result in: (i) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation of AE or any of its subsidiaries; (ii) a sale or
transfer of a material amount of assets of AE or any of its subsidiaries; (iii)
any change in the present board of directors or management of AE, including any
plans or proposals to change the number or term of directors or to fill any
existing vacancies on the board; (iv) any material change in the present
capitalization or dividend policy of AE; (v) any other material change in AE's
business or corporate structure, (vi) any changes in AE's charter, by-laws or
instruments corresponding thereto or other actions which may impede the
acquisition of control of AE by any person; (vii) causing a class of securities
of AE to be delisted from a national securities exchange or cease to be
authorized to be quoted in an inter-dealer quotation system of a registered
national securities association; (viii) causing a class of equity securities of
AE to become eligible for termination of registration pursuant to Section
12(g)(4) of the Securities Exchange Act of 1934; or (ix) any action similar to
any of those enumerated above.
<PAGE>
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CUSIP NO. 04516K104 13D PAGE 14 OF 15 PAGES
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
The aggregate number and percentage of the shares which may be deemed
to be beneficially owned by the Reporting Person as set forth in Row 11 and 13
respectively, of page 12 of this statement.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
None.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of our knowledge and belief,
the Reporting Person(s) certifies that the information set forth in this
statement is true, complete and correct.
Dated: May 25, 2000
BOYDS JACOB PRESTON
HOLDING COMPANY, LLC
By: BJPHC Management Inc.
(Manager of Reporting Person)
By: /s/ Lee M. Jacob
------------------------------
Name: Lee M. Jacob
Title: President
/s/ Sandy Boyd
------------------------------
Sandy Boyd
/s/ Lee Jacob
------------------------------
Lee Jacob
/s/ Yongjun Fu
------------------------------
Yongjun Fu
