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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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 13D-2(B)
(AMENDMENT NO. 1)(1)
TOWNE SERVICES, INC.
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(Name of Issuer)
Common Stock, no par value per share
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(Title of Class of Securities)
892148107
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(CUSIP Number)
December 31, 1999
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(Date of Event Which Requires Filing of this Statement)
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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 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).
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CUSIP NO. 892148107 13G PAGE 2 OF 6 PAGES
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<TABLE>
<S> <C> <C>
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1. NAMES OF REPORTING PERSONS Frank W. Brown
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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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 U.S. Citizen
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5. SOLE VOTING POWER 99,325
NUMBER OF
SHARES ---------------------------------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER 199,310
OWNED BY
EACH ---------------------------------------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER 99,325
PERSON WITH
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8. SHARED DISPOSITIVE POWER 199,310
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
298,635
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
The amount in Row 9 includes 25,047 shares held by Capital Appreciation Partners, L.P., as to which
Mr. Brown disclaims beneficial ownership. [ ]
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11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
1.1%
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12. TYPE OF REPORTING PERSON*
IN
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</TABLE>
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ITEM 1(A). NAME OF ISSUER:
Towne Services, Inc.
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
3950 Johns Creek Court, Suite 100
Suwanee, Georgia 30024
ITEM 2(A). NAME OF PERSON FILING:
Frank W. Brown
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
One Buckhead Plaza
3060 Peachtree Road, NW, Suite 1585
Atlanta, Georgia 30305
ITEM 2(C). CITIZENSHIP:
United States of America
ITEM 2(D). TITLE OF CLASS OF SECURITIES:
Common Stock
ITEM 2(E). CUSIP NUMBER:
892148107
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR
13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
ITEM 4. OWNERSHIP.
(a) Amount Beneficially Owned:
298,635
(b) Percent of Class:
1.1%
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(c) Number of Shares as to which such person has:
(i) sole power to vote or to direct the vote
99,325
(ii) shared power to vote or to direct the vote
199,310
(iii) sole power to dispose or to direct the
disposition of
99,325
(iv) shared power to dispose or to direct the
disposition of
199,310
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following [X].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON.
Dividends from, or proceeds from the sale of, 25,047 shares
owned by Capital Appreciation Partners, L.P. (the
"Partnership"), would be distributed to such Partnership. Mr.
Brown is the managing member of Capital Appreciation
Management Company, L.L.C., which is the managing general
partner of the Partnership. In addition, dividends from, or
proceeds from the sale of, 150,000 shares would be distributed
to Brown, Burke Capital Partners, Inc., of which Mr. Brown is
a principal and 50% shareholder.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
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ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATIONS.
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 11, 2000
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(Date)
/s/ Frank W. Brown
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Frank W. Brown
Director
Towne Services, Inc.
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