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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4 )*
AMERICAN PRECISION INDUSTRIES INC.
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(Name of Issuer)
COMMON STOCK, $.66 2/3 par value
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(Title of Class of Securities)
#029069-10-1
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(CUSIP Number)
Stanley Weiss, Esq. 80 Main Street, West Orange, NJ 07052 (973-736-1815)
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 2, 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 which 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).
This Document contains 6 Pages.
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CUSIP NO. 029069-10-1 FOR COMMON SCHEDULE 13D PAGE 2 OF 6 PAGES
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STOCK
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<TABLE>
<S> <C> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Inter Scan Holding Ltd.
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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* BK
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5 CHECK BOX 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 Switzerland
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NUMBER OF 7 SOLE VOTING POWER 1,236,337 shares (100%) of Series B Seven
Percent (7%) Cumulative Convertible Preferred Stock
SHARES convertible into 1,538,603 shares (17.4%) of Common Stock
as directed by Issuer's Board of Directors through July 8,
2000, and 260,000 shares (3.6%) of Common Stock
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER 1,236,337 shares (100%) of Series B
Seven Percent (7%) Cumulative Convertible Preferred
REPORTING Stock convertible into 1,538,603 shares (17.4%) of
Common Stock, subject to the Issuer's right of first refusal
through July 8, 2000, and 260,000 shares (3.6%) of Common Stock
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PERSON 10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,236,337 shares of Series B Preferred Stock and 260,000
shares of Common Stock
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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) 100% of the
outstanding Series B Preferred Stock and 20.3% of Common
Stock, assuming conversion of all Series B Preferred Stock
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14 TYPE OF REPORTING PERSON* CO
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</TABLE>
* SEE INSTRUCTIONS BEFORE FILLING OUT
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CUSIP NO. 029069-10-1 FOR COMMON SCHEDULE 13D PAGE 3 OF 6 PAGES
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STOCK
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<TABLE>
<S> <C> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Holger Hjelm as ultimate beneficial owner of all shares of Inter Scan
Holding Ltd.
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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* OO
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5 CHECK BOX 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 Sweden
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NUMBER OF 7 SOLE VOTING POWER 1,236,337 shares (100%) of Series B Seven
Percent (7%) Cumulative Convertible Preferred Stock
SHARES convertible into 1,538,603 shares (17.4%) of Common Stock
as directed by Issuer's Board of Directors through July 8,
2000, and 260,000 shares (3.6%) of Common Stock plus options to
acquire 2,966 shares of Common Stock
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER 1,236,337 shares (100%) of Series B
Seven Percent (7%) Cumulative Convertible Preferred
REPORTING Stock convertible into 1,538,603 shares (17.4%) of
Common Stock, subject to the Issuer's right of first refusal
through July 8, 2000, and 260,000 shares (3.6%) of Common
Stock plus options to acquire 2,966 shares of Common Stock
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PERSON 10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,236,337 shares of Series B Preferred Stock and 262,966
shares of Common Stock
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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) 100% of the
outstanding Series B Preferred Stock and 20.3% of Common
Stock, assuming conversion of all Series B Preferred Stock and
the exercise of all options
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14 TYPE OF REPORTING PERSON* IN
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</TABLE>
* SEE INSTRUCTIONS BEFORE FILLING OUT
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SCHEDULE 13D
INTRODUCTION
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The ownership of 20,000 shares of Series A Seven Percent (7%)
Cumulative Convertible Preferred Stock of American Precision Industries Inc. and
a $5,000,000 Exchangeable Promissory Note which were exchangeable into 1,236,337
shares of Series B Seven Percent (7%) Cumulative Convertible Preferred Stock was
reported by Inter Scan Holding Ltd. ("Inter Scan") and Holger Hjelm
(collectively, the "Reporting Persons") in a Schedule 13D filed with the
Securities and Exchange Commission ("SEC") on July 16, 1997, as amended by
Amendment No. 1 filed with the SEC on July 17, 1997, Amendment No. 2 filed with
the SEC on November 24, 1997, and Amendment No. 3 filed with the SEC on March
13, 1998.
The cover pages of the Reporting Persons are hereby amended to
report the purchase by Inter Scan of 260,000 shares of Common Stock on September
2, 1999 and to read as set forth in this Amendment No. 4. Items 1, 3, and 5 are
hereby amended as set forth in this Amendment No. 4. All other items remain
unchanged, and are incorporated herein by reference.
ITEM 1. SECURITY AND ISSUER.
--------------------
This Schedule 13D, as hereby amended, relates to the Common
Stock, $.66 2/3 par value, ("Common Stock") and to the Series B Seven Percent
(7%) Cumulative Convertible Preferred Stock ("Preferred Stock") of American
Precision Industries Inc. (the "Issuer"), 2777 Walden Avenue, Buffalo, New York
14225.
The Preferred Stock is convertible into Common Stock of the
Issuer.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
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[Item 3 is hereby amended to add the following:]
Inter Scan used (U.S.) $ 2,483,000 to purchase the shares of
Common Stock reported in Item 5(c) below. These funds were obtained under Inter
Scan's current bank line of credit with HSBC Bank USA.
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
---------------------------------
[Item 5 is hereby amended to add the following:]
(a) As of the date of this Amendment No. 4, Inter Scan
beneficially owns 260,000 shares of Common Stock
(3.6% of the presently outstanding shares of Common
Stock and 2.9% of the outstanding shares of Common
Stock assuming conversion of all shares of Preferred
Stock) and 1,236,337 shares of Preferred Stock, which
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represents 100% of the issued and outstanding shares
of Preferred Stock. The Preferred Stock is
convertible into 1,538,603 shares of Common Stock,
which represents 17.4% of Issuer's outstanding Common
Stock assuming conversion of all shares of Preferred
Stock.
In addition to his beneficial interest in the shares
of Common Stock and Preferred Stock owned by Inter
Scan, Holger Hjelm has beneficial interest in 2,966
shares of Common Stock which are issuable under stock
options granted to Directors of the Issuer which are
presently exercisable or exercisable within the next
60 days. Those options were granted in lieu of cash
for attendance at meetings of Directors and quarterly
cash Director retainer fees.
(b) The 1,236,337 shares of Preferred Stock and the
1,538,603 shares of Common Stock issuable upon
conversion of the Preferred Stock (collectively,
"Company Securities") which are owned by Inter Scan
are subject to a Shareholder Agreement between the
Issuer and Inter Scan dated July 8, 1997
("Shareholder Agreement") that imposes certain
restrictions upon Inter Scan's voting and sale of
Company Securities through July 8, 2000. Other than
the restrictions imposed by the Shareholder Agreement
on Company Securities owned by Inter Scan, Inter Scan
has sole power to vote or to direct the vote, and
sole power to dispose or to direct the disposition
with respect to the 260,000 shares of Common Stock
and the 1,236,337 shares of Preferred Stock that are
currently owned by Inter Scan, and the 1,538,603
shares of Common Stock issuable upon conversion of
the Preferred Stock.
Mr. Hjelm has sole power to vote and to dispose of
the 2,966 shares of Common Stock issuable to him
under stock options granted to Directors of the
Issuer.
(c) Inter Scan purchased 260,000 shares of Common Stock
on September 2, 1999 in open market transactions at a
price of $9.50 per share plus commissions of $.05 per
share.
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SIGNATURE
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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.
DATED: September 7, 1999
Inter Scan Holding Ltd. and
Holger Hjelm
By: /s/ James J. Tanous
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James J. Tanous, as attorney-in-fact*
* Pursuant to Powers of Attorney from
Inter Scan Holding Ltd. dated July 11,
1997 and from Holger Hjelm dated
July 13, 1997, copies of which were filed
with the SEC with Amendment No. 3
to this Schedule 13D on March 23, 1998,
and which are hereby incorporated by
reference.
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