UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Amendment No. 5 with respect to Lawrence Densen
Under the Securities Exchange Act of 1934
WORKSAFE INDUSTRIES INC.
formerly EASTCO INDUSTRIAL SAFETY CORP.
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.12 PER SHARE
(Title of Class of Securities)
276162 40 1
(CUSIP Number)
MELTZER, LIPPE, GOLDSTEIN, WOLF & SCHLISSEL, P.C., 190 WILLIS AVENUE,
MINEOLA, NEW YORK 11501, ATT: HERBERT W. SOLOMON, ESQ.(516) 747-0300
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
FEBRUARY 10, 1999
(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), check the following box [ ].
Check the following box if a fee is being paid with the statement.[ ] (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
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
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).
<PAGE>
SCHEDULE 13D
Amendment No. 5
CUSIP No. 276162-40-1
1. Names of Reporting Persons
S.S. or I.R.S. Identification No. of Above Persons
LAWRENCE DENSEN
Social Security ####-##-####
2. Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [ ]
3. SEC Use Only
4. Source of Funds
Not Applicable
5. Check box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e) [ ]
6. Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned
by Each Reporting Person with:
------------------------------------
7. Sole Voting Power
127,996
8. Shared Voting Power
100,000
9. Sole Dispositive Power
127,996
10. Shared Dispositive Power
100,000
11. Aggregate Amount Beneficially Owned by Each Reporting Person
227,996
12. Check Box if Aggregate Amount in Row (11) Excludes Certain Shares[ ]
13. Percent of Class Represented by Amount in Row (11)
13.5%
14. Type of Reporting Person
IN
2
<PAGE>
Item 1. Security and Issuer.
Common stock $0.12 par value per share(the "Common Stock") issued by
Worksafe Industries Inc. (formerly Eastco Industrial Safety Corp.), with
principal executive offices located at 130 West 10th Street, Huntington Station,
New York (hereinafter referred to as the "Company").
Item 2. Identity and Background.
This statement is filed by Lawrence Densen, President of the Company.
The information required by this Item for Lawrence Densen is as follows:
(a) Name: Lawrence Densen
(b) Business Address: 130 West 10th Street
Huntington Station, NY 11746
(c) Principal Occupation: President, Chief Executive Officer and a
director of the Company
(d) Criminal Violations: None
(e) Securities Violations: None
(f) Citizenship: United States
Item 3. Source and Amount of Funds or Other Consideration.
Lawrence Densen ("Densen") acquired the right to purchase 8,000 shares
of common stock pursuant to a grant of Non-Qualified Option on December 15, 1998
such options having a term of 5 years and an exercise price of $2.38 per share.
Densen acquired the right to purchase 15,000 shares of common stock
pursuant to a grant of stock purchase rights on February 10, 1999, such right
exercisable until June 30, 2000, at an exercise price of $1.30 per share.
Item 4. Purpose of Transaction.
The Non-Qualified Option was granted as an incentive to Densen in
connection with his position of a director of the Company. And the stock
purchase rights was granted to Densen in connection with his efforts in enabling
the transfer distribution division from the Company to Arbill Industries Inc.
As of the date of this Schedule, Densen has no plans or proposals which
relate to or would result in the acquisition or disposition of the Company's
securities by any person; an extraordinary corporate transaction, such as a
merger, reorganization or liquidation, involving the Company; a sale or transfer
of a material amount of the assets of the Company; any change in the Company's
present board of directors or management, including any plans or proposals to
change the number or term of directors or to fill any existing
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vacancies on the board; any material change in the Company's present
capitalization or dividend policy; any other material change in the Company's
business or corporate structure; changes in the Company's charter, bylaws or
instruments corresponding thereto or other actions which may impede the
acquisition of control of the Company by any person; causing a class of the
Company's securities to cease to be listed in an inter-dealer quotation system
of a registered national securities association; a class of the Company's equity
securities becoming eligible for termination of registration pursuant to Section
12(g)(4) of the Securities Exchange Act of 1934, as amended; or any action
similar to those enumerated in response to this item.
Item 5. Interest in Securities of the Issuer.
(a) Lawrence Densen owns beneficially 227,996 shares of the Common
Stock of the Company, or approximately 13.5% of the issued and outstanding
shares of the Common Stock of the Company.
(b) (1) Lawrence Densen:
(i) Has the sole power to vote or to direct the vote
of 127,996 shares of the Company's Common Stock;
(ii) Has shared power to vote or to direct the vote
of 100,000 shares of the Company's Common Stock;
(iii)Has the sole power to dispose or to direct the
disposition of 127,996 shares of the Company's Common
Stock;
(iv) Has shared power with Alan E. Densen and Anthony
P. Towell, as trustees under a voting trust
agreement, to direct the vote or dispose or direct
the disposition of 100,000 shares.
(c) None.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings, or Relationships with
Respect to Securities of the Issuer.
Lawrence Densen, Anthony P. Towell, and Alan E. Densen are each
trustees under a voting trust agreement dated April 17, 1997 by and among Eastco
Glove Technologies, Inc., Eastco Industrial Safety Corp., Steven Robins, and
Phillip Robins (the "Voting Trust Agreement").(The following is a brief
description of the Voting Trust Agreement, which includes information related to
contingencies the occurrence of which would give another person voting power or
investment power over securities which are the subject of this filing. Terms
used but not defined in this Item 6 have the meanings set forth in the Voting
Trust Agreement, a copy of which is hereby incorporated by reference to a joint
filing by Densen, Towell, and Alan E. Densen of Form SC 13D/A, filed by EDGAR on
April 28, 1997.) Pursuant to the Voting Trust Agreement, the Trustees, by
majority vote, for a five year period commencing April 17, 1997, shall have the
exclusive right to vote upon the shares
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delivered to them or to give written consents in lieu of voting thereon, subject
to any limitation on the right to vote contained in the Certificate of
Incorporation or other certificate filed pursuant to law, in person or by proxy
at all meetings of the Company's shareholders, and in all proceedings wherein
the vote or written consent of shareholders may be required or authorized by
law. The 100,000 shares were issued pursuant to a stock exchange agreement,
pursuant to which the Company acquired all of the outstanding shares of
Protective Knitting, Inc. from Steven Robins and Phillip Robins, who each hold
trust certificates for 50,000 shares and have the right to sell the shares after
one year under Rule 144 at which time the shares would be released from the
trust. At the expiration of the term of the trust, the Trustees shall, upon
surrender of the trust certificates delivered pursuant to the Voting Trust
Agreement, deliver to the holders thereof shares of Common Stock of the Company
equivalent in amount to the shares represented by the trust certificates
surrendered. The death of a Trustee shall terminate his trusteeship. Any Trustee
may resign at any time and may be replaced by his successors.
Item 7. Material to be Filed as Exhibits.
None.
SIGNATURES
After reasonable inquiry, and to the best of my knowledge and belief,
the undersigned person certifies that the information set forth in this
statement is true, complete and correct.
Dated: March 3, 1999
/s/ Lawrence Densen
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Lawrence Densen
