UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 5)
Display Technologies, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
25469V102
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(CUSIP Number)
13G
CUSIP No. 25469V105
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1. NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO.
Renaissance Capital Growth & Income Fund III, Inc. 75-2533518
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
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5. SOLE VOTING POWER
948,596 shares
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6. SHARED VOTING POWER
None
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7. SOLE DISPOSITIVE POWER
948,596 shares
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8. SHARED DISPOSITIVE POWER
None
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
948,596 shares
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
Not applicable
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.18%
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12. TYPE OF REPORTING PERSON
IV
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ITEM 1.
(a), (b) Display Technologies, Inc. ("Company")
5029 Edgewater Drive
Orlando, FL 32810
ITEM 2.
(a) Name of Person Filing
Renaissance Capital Growth & Income Fund III, Inc. ("Filer")
(b) Address of principal Business Office or, if none, Residence
8080 N. Central Expressway, Suite 210, LB 59
Dallas, TX 75206-1857
(c) Citizenship
Texas
(d) Title of Class of Securities
Common Stock
(e) CUSIP Number
75966V105
ITEM 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check
whether the person filing is a:
(a) ______ Broker or Dealer registered under Section 15 of the Act
(b) ______ Bank as defined in section 3(a)(6) of the Act
(c) ______ Insurance Company as defined in section 3(a)(19) of the Act
(d) X Investment Company registered under section 8 of the Investment
______ Company Act
(e) ______ Investment Adviser registered under section 203 of the Investment
Advisers Act of 1940
(f) ______ Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974
or Endowment Fund; see section 240.13d-1(b)(1)(ii)(F)
(g) ______ Parent Holding Company, in accordance with section 240.13d-1(b)
(ii)(G)(Note: See Item 7)
(h) ______ Group, in accordance with section 240.13d-1(b)(1)(ii)(H)
ITEM 4. Ownership.
(a) Amount Beneficially Owned:
As of December 1, 1999, the Filer owned 903,753 shares of the Company's
common stock on a fully converted basis. A 5% stock dividend was
declared payable December 20, 1999 to holders of record of common stock
on December 3, 1999. This added 12,686 shares of common stock to the
253,728 shares owned by the Fund giving it ownership of a total of
266,414 shares of common stock. Additionally, the December 20, 1999
stock dividend had the effect of lowering the Fund's conversion and/or
exercise prices on all of its investment instruments. The conversion
price of the $500,000 Series A Preferred Stock was adjusted from $3.50
to $3.33 per share giving the Fund 150,150 shares upon conversion. The
conversion price of the $1,750,000 8.75% Convertible Debenture due
March 2, 2005, adjusted from $4.52 per share to $4.31 per share giving
the Filer 406,032 shares of common stock (convertible within sixty
days). The warrant price on the Stock Purchase Warrants dated March 2,
1998, adjusted to $3.92 per share giving the Filer 110,250 shares of
common stock upon conversion. The warrant price on the Stock Purchase
Warrants dated July 30, 1999 adjusted from $3.50 per share to $3.33 per
share giving the Filer 15,750 shares of common stock upon conversion.
Thus the Filer owns 948,596 shares of the Company's common stock. The
Investment Advisor is Renaissance Capital Group, Inc., which is also
Investment Manager for Renaissance US Growth and Income Trust PLC.
Renaissance US Growth and Income Trust PLC also owns securities of
Display Technologies, Inc.
(b) Percent of Class
11.18%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 948,596 shares
(ii) shared power to vote or to direct the vote: None
(iii) sole power to dispose or to direct the disposition of:
948,596 shares
(iv) shared power to dispose or to direct the disposition of: None
ITEM 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following:
ITEM 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
ITEM 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company.
Not applicable.
ITEM 8. Identification and Classification of Members of the Group.
Not applicable.
ITEM 9. Notice of Dissolution of Group.
Not applicable.
ITEM 10. Certification.
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.
SIGNATURE
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.
Date: January 31, 2000 /S/
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Signature
Russell Cleveland, President & CEO
Renaissance Capital Growth & Income Fund III, Inc.
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Name and Title
