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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
AXSYS Technologies, Inc.
(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
054615 10 9
(CUSIP Number)
Mr. John W. Gildea
115 East Putnam Avenue, Greenwich, Connecticut 06830
(203) 629-0861
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 29, 1997
(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 |_|.
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 disclosure
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).
Page 1 of 5 Pages
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CUSIP No. 054615 10 9
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1 Name of Reporting Person(1)
S.S. or I.R.S. Identification No. of Above Person
John W. Gildea
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2 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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4 Source of Funds
AF; PF
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5 Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) |_|
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6 Citizenship or Place of Organization
U.S.A.
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7 Sole Voting Power
Number of
Shares 154,500
Beneficially
Owned By
Each 8 Shared Voting Power
Reporting
Person 0
With
9 Sole Dispositive Power
154,500
10 Shared Dispositive Power
0
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
154,500
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain
Shares |_|
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13 Percent of Class Represented By Amount in Row (11)
4.91%
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14 Type of Reporting Person
IN
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(1) Filing jointly pursuant to Rule 13d-1(f)(1) under the
Securities Exchange Act of 1934, as amended, with Network Fund
III, Ltd.
Page 2 of 5 Pages
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CUSIP No. 054615 10 9
- --------------------------------------------------------------------------------
1 Name of Reporting Person(2)
S.S. or I.R.S. Identification No. of Above Person
Network Fund III, Ltd.
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2 Check the Appropriate Box If a Member of a Group
a. |_|
b. |x|
- --------------------------------------------------------------------------------
3 SEC Use Only
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4 Source of Funds
WC
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5 Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) |_|
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6 Citizenship or Place of Organization
Cayman Islands
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7 Sole Voting Power
Number of
Shares 139,500
Beneficially
Owned By
Each 8 Shared Voting Power
Reporting
Person 0
With
9 Sole Dispositive Power
139,500
10 Shared Dispositive Power
0
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
139,500
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain
Shares |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
4.43%
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14 Type of Reporting Person
CO
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(2) Filing jointly pursuant to Rule 13d-1(f)(1) under the Securities Exchange
Act of 1934, as amended, with John W. Gildea.
Page 3 of 5 Pages
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This Amendment No. 1 to the Schedule 13D filed on May 1, 1997 (the
"Schedule 13D") on behalf of John W. Gildea and Network Fund III Ltd.
(collectively, the Reporting Persons") is being filed as a final amendment to
the Schedule 13D and relates to the Common Stock of Axsys Technologies, Inc.
(the "Issuer"), and is being filed pursuant to Rule 13d-2 under the Securities
Exchange Act of 1934, as amendeed (the "Exchange Act"). Capitalized terms used
but not otherwise defined herein shall have the meanings ascribed to such terms
in the Schedule 13D.
Item 5. Interest in Securities of the Issuer.
On September 29, 1997, the Issuer filed a registration statement with
the Securities and Exchange Commission in which the Issuer reports the number of
shares of Common Stock of the Issuer outstanding as of August 15, 1997 to be
3,148,381. As such, the Reporting Persons are no longer the beneficial owners of
more than five (5%) percent of the outstanding Common Stock of the Issuer.
Page 4 of 5 Pages
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SIGNATURE
After reasonable inquiry and to the best of their respective knowledge
and belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Dated: October 2, 1997
By:/s/John W. Gildea
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John W. Gildea
NETWORK FUND III, LTD.
By: GILDEA MANAGEMENT COMPANY,
Investment Advisor
By:/s/John W. Gildea
-----------------------
Name: John W. Gildea
Title: President
Page 5 of 5 Pages
