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SCHEDULE 13D
(Rule 13d-101)
Information to be Included in Statements Filed Pursuant to Rule 13d-1(a) and
Amendments Thereto Filed Pursuant to Rule 13d-2(a)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
Axsys Technologies, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
054615 10 9
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(CUSIP Number)
Stephen W. Bershad
Axsys Technologies, Inc.
910 Sylvan Avenue, Suite 180
Englewood Cliffs, NJ 07632
(201) 871-1500
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
January 13, 1999
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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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box. [_]
Note. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7(b)
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).
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CUSIP No. 054615 10 9 13D Page 2 of 5 Pages
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<C> <S>
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Stephen W. Bershad
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(SEE INSTRUCTIONS) (b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF, OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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SOLE VOTING POWER
NUMBER OF 7
1,261,791 (See Item 5)
SHARES ----------------------------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
-0- (See Item 5)
OWNED BY ----------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
1,261,791 (See Item 5)
REPORTING ----------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON WITH 10
-0- (See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,261,791 (See Item 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_]
(SEE INSTRUCTIONS)
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
31.5 (See Item 5)
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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</TABLE>
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CUSIP No. 054615 10 9 13D Page 3 of 5 Pages
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<C> <S>
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SWB Holding Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(SEE INSTRUCTIONS) (b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF, OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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SOLE VOTING POWER
NUMBER OF 7
590,764 (See Item 5)
SHARES ----------------------------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
-0- (See Item 5)
OWNED BY ----------------------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
590,764 (See Item 5)
REPORTING ----------------------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON WITH 10
-0- (See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
590,764 (See Item 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [_]
(SEE INSTRUCTIONS)
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.8 (See Item 5)
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
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AMENDMENT NO. 4 TO SCHEDULE 13D
The Reporting Persons hereby amend and supplement their statement on
Schedule 13D filed on May 17, 1994, as amended (the "Original Statement"), with
respect to the Common Stock, par value $.01 per share ("Common Stock"), of Axsys
Technologies, Inc. (formerly known as Vernitron Corporation), a Delaware
corporation (the "Company"), as set forth in this Amendment No. 4. Unless
otherwise indicated herein, each capitalized term used but not defined herein
shall have the meaning assigned to such term in the Original Statement. The
Cusip Number of the Common Stock is 054615 10 9. Prior to the change in name of
the Company from Vernitron Corporation to Axsys Technologies, Inc. and a one-
for-five reverse stock split of the Common Stock, the Cusip Number was
924359300.
Except as set forth below, there are no changes to the information set
forth in the Original Statement.
Item 4. Purpose of Transaction.
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Item 4 of the Original Statement is hereby amended and supplemented by
substituting the following for the last paragraph of Item 4 of the Original
Statement:
On January 13, 1999, Mr. Bershad withdrew the Proposal after the Company
received an unsolicited proposal from an entity seeking to acquire all of the
outstanding shares of Common Stock for $20.00 per share in cash.
A copy of the press release issued by the Company on January 13, 1999,
relating to Mr. Bershad's withdrawal of the Proposal is attached hereto as
Exhibit 11.
The Reporting Persons own the Common Stock for investment purposes. The
Reporting Persons intend continuously to review their investment in the Company.
In reaching any decision with respect to such investment, the Reporting Persons
will take into consideration various factors, such as the Company's business and
prospects, other developments concerning the Company, other investment
opportunities available to the Reporting Persons and general economic and market
conditions. Depending upon the results of their review of such factors, the
Reporting Persons may decide to purchase (on such terms and at such times as
they consider desirable) additional equity securities of the Company, or dispose
of all or a portion of such securities (whether now or hereafter held).
Except the extent the foregoing may be deemed a plan or proposal, the
Reporting Persons do not have any plan or proposal which relates to, or could
result in, any of the matters referred to in paragraphs (a) through (j),
inclusive, of the instructions to Item 4 of Schedule 13D.
Item 7. Material To Be Filed as Exhibits.
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The following documents are included in this Statement as Exhibits hereto:
11. Press release issued by the Company, dated January 13, 1998.
Page 4 of 5
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SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief, each
of the undersigned certifies that the information set forth in this Statement is
true, complete and correct.
Dated: January 20, 1999
/s/ Stephen W. Bershad
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Stephen W. Bershad
SWB Holding Corporation
By: /s/ Stephen W. Bershad
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Stephen W. Bershad
President
Page 5 of 5
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Exhibit Index
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Exhibit Description Page No.
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11. Press release issued by the Company, dated January 13, 1999.
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EXHIBIT 11
For immediate release Contact: David L. Concannon
General Counsel
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Axsys Technologies, Inc.
201/871-7756
[email protected]
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www.axsys.com
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Axsys Technologies Receives $20.00 Per Share Acquisition Proposal;
Bershad Proposal Withdrawn
Englewood Cliffs, NJ, January 13, 1999 -- Axsys Technologies, Inc. (Nasdaq:
AXYS) today announced that Stephen W. Bershad, the Chairman and Chief Executive
Officer of the Company and the beneficial owner of approximately 30% of the
outstanding shares of Common Stock of the Company, has withdrawn his November
20th proposal for the acquisition of all of the outstanding shares of Common
Stock of the Company. Mr. Bershad withdrew his proposal after the Company
received an unsolicited proposal from an entity that seeks to acquire the
Company for $20.00 per share in cash.
In light of the withdrawal of Mr. Bershad's proposal, the Company's Board of
Directors, at a meeting held on January 13, 1999, dissolved the Special
Committee, consisting of Anthony J. Fiorelli, Jr. and Eliot M. Fried, that had
been formed for the purpose of evaluating the Bershad proposal.
The full Board of Directors has authorized the retention of independent
investment banking advisers to explore strategic alternatives for the Company.
These strategic alternatives may include a possible business combination,
recapitalization, acquisition by the Company or sale of the Company or certain
of its assets.
There can be no assurance that this process will result in any transaction
involving the Company.
Axsys Technologies, Inc. supplies micro-positioning and precision optical
products for a variety of markets, including defense, space, digital imaging and
electronics capital equipment. The company also produces interconnect devices
and distributes precision ball bearings for industrial, consumer and other
commercial applications. For more information, contact Axsys Technologies, Inc.,
910 Sylvan Avenue, Suite 180, Englewood Cliffs, NJ 07632. (201) 871-1500, FAX
(201) 871-7750; web: www.axsys.com
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