<PAGE> 1
---------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
SCHEDULE 13D/A
(AMENDMENT NO.1)
Under the Securities Exchange Act of 1934
CANISCO RESOURCES, INC.
(Name of Issuer)
---------------------
COMMON STOCK, $.0025 PAR VALUE PER SHARE
(Title of Class of Securities)
---------------------
137587-10-1
(CUSIP Number)
---------------------
Mr. C. Byron Snyder
1502 Augusta Drive, Suite 425
Houston, Texas 77057
(713) 243-7300
(Name, Address and Telephone Number
of Person Authorized to Receive Notices
and Communications)
---------------------
August 9, 1999
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement
on Schedule 13G to report this 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: [ ].
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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Page 1 of 6 Pages
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Page 2 of 6 Pages
CUSIP NO.: 137587-10-1 SCHEDULE 13D
-----------
================================================================================
1 NAME OF REPORTING PERSON; S.S. OR IRS IDENTIFICATION NUMBER
SCC Investment I, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
0
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
<PAGE> 3
Page 3 of 6 Pages
CUSIP NO.: 137587-10-1 SCHEDULE 13D
-----------
================================================================================
1 NAME OF REPORTING PERSON; S.S. OR IRS IDENTIFICATION NUMBER
SCC Investment II, LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
0
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO (Limited Liability Company)
================================================================================
<PAGE> 4
Page 4 of 6 Pages
CUSIP NO.: 137587-10-1 SCHEDULE 13D
-----------
================================================================================
1 NAME OF REPORTING PERSON; S.S. OR IRS IDENTIFICATION NUMBER
Sterling City Capital, LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
0
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO (Limited Liability Company)
================================================================================
<PAGE> 5
Page 5 of 6 Pages
SCHEDULE 13D
Introductory Note: All information herein with respect to Canisco
Resources, Inc., a Delaware corporation ("CANRC"), is to the best knowledge and
belief of the Reporting Persons, as defined herein.
This Amendment No. 1 (the "Amendment") amends and supplements the
Schedule 13D (the "Schedule 13D") filed by SCC Investment I, L.P., a Texas
limited partnership ("SCC I"), SCC Investment II, LLC, a Texas limited liability
company ("SCC II") and Sterling City Capital, LLC, a Texas limited liability
company ("Sterling City," and together with SCC I and SCC II, the "Reporting
Persons"), with the Securities and Exchange Commission on April 26, 1999.
Capitalized terms used and not defined in this Amendment have the meanings set
forth in the Schedule 13D.
Item 4. Purpose of Transaction.
Item 4 of the Schedule 13D is hereby amended by adding the following
paragraph:
Pursuant to the letter (the "Termination Letter"), dated August 9,
1999, a copy of which is attached as an exhibit to this Amendment, SCC I and
Sterling City have terminated the Securities Purchase Agreement dated April 16,
1999, among CANRC, Sterling City and SCC I.
Item 5. Interest in Securities of CANRC
Item 5 of the Schedule 13D is hereby amended by adding the following
paragraph:
Pursuant to the Termination Letter, the Securities Purchase Agreement
has been terminated. As a result, none of the Reporting Persons has any
beneficial ownership of any shares of capital stock of CANRC.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of CANRC.
Item 6 of the Schedule 13D is hereby amended by adding the following
paragraph:
Pursuant to the Termination Letter, the Securities Purchase Agreement
was terminated.
Item 7. Material to be Filed as Exhibits.
Item 7 of the Schedule 13D is hereby amended by adding the following
exhibit:
5. Letter dated August 9, 1999 from SCC I and Sterling City to CANRC.
<PAGE> 6
Page 6 of 6 Pages
SIGNATURES
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, each of the undersigned hereby certifies that the information set
forth in this statement is true, complete and correct.
Dated: August 11, 1999. SCC INVESTMENT I, L.P.
By: SCC Investment II, LLC,
its General Partner
By: Sterling City Capital, LLC,
its sole member
By: /s/ C. Byron Snyder
------------------------------
Name: C. Byron Snyder
Title: President of Sterling City
Capital, LLC
Dated: August 11, 1999. SCC INVESTMENT II, LLC
By: Sterling City Capital, LLC,
its sole member
By: /s/ C. Byron Snyder
------------------------------
Name: C. Byron Snyder
Title: President of Sterling City
Capital, LLC
Dated: August 11, 1999. STERLING CITY CAPITAL, LLC
By: /s/ C. Byron Snyder
------------------------------
Name: C. Byron Snyder
Title: President
<PAGE> 7
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
5 Letter Dated August 9, 1999 from SCC I
and Sterling City to CANRC.
</TABLE>
<PAGE> 1
EXHIBIT 5
SCC INVESTMENT I, L.P.
1502 AUGUSTA, SUITE 425
HOUSTON, TEXAS 77057
August 9, 1999
Mr. Don Lyons
Chairman of the Board of Directors
and
Mr. Ralph Trallo
President and Chief Executive Officer
Canisco Resources, Inc. (Canisco)
300 Delaware Avenue, Suite 714
Wilmington, DE 19801
(302) 777-5050
Gentlemen:
Pursuant to our conversations, I am writing to officially inform you that the
recent material and negative developments related to (i) Canisco's fiscal 1999
results of operations and (ii) the delisting of Canisco's common stock from
quotation on the NASDAQ Small Cap Market, constitute a "Material Adverse Effect"
as defined in Section 7.13 (c) of the Securities Purchase Agreement dated April
16, 1999 between Canisco, SCC Investment I, L.P. (the "Partnership"), and
Sterling City Capital, LLC (the Purchase Agreement). Consequently, the
conditions outlined in Section 5.1 (a) and Section 5.1 (b) of the Purchase
Agreement have not been satisfied, and the Partnership and Sterling City
Capital, LLC are therefore officially terminating the Purchase Agreement
pursuant to its terms.
Sincerely,
/s/ C. Byron Snyder
C. Byron Snyder
President of Sterling City Capital, LLC, the
sole member of SCC Investment II, LLC, the
General Partner of SCC Investment I, L.P.
cc: Thomas P. McShane, Director
