SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Securities and Exchange Commission
Washington, D.C. 20549
Integrated Security Systems, Inc.
(Name of Issuer)
Common 45812J101
(Title of Class of Securities) (CUSIP Number)
John A. Schmit
Renaissance Capital Group, Inc.
8080 N. Central Expressway, Suite 210, LB 59, Dallas, TX 75206
(214) 891-8294
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
October 2, 1998
(Date of Event which Requires Filing of this Statement)
1. Names of Reporting Person's S.S. or I.R.S. Identification No.
a. Renaissance Capital Growth & Income Fund III, Inc. 75-2533518
2. Check the Appropriate Box if a Member of a Group
(a) x
(b)
3. SEC Use Only
-----------------------------------------------------------
4. Source of Funds PF
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e) None
6. Citizenship or Place of Organization a. Texas
b. England and Wales
Number of Shares Beneficially Owned by Each Reporting Person With:
7. Sole voting Power (a) 4,814,436 (b) 4,439,435
8. Shared Voting Power 0
9. Sole Dispositive Power (a) 4,814,436 (b) 4,439,435
10. Shared Dispositive Power 0
11. Aggregate Amount Beneficially Owned by Each Reporting Person
A: 4,814,436
B: 4,439,435
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares None
13. Percent of Class Represented by Amount in Row (11)
(a)54.45% (b) 54.45%
14. Type of Reporting Person IV
SCHEDULE 13D
Filed Pursuant to Rule 13D-1
Item 1. Security and Issuer
This filing relates to the following transactions:
On October 1, 1998, Integrated Security Systems, Inc. ("ISSI") issued
to Renaissance Capital Growth & Income Fund III, Inc. ("Renaissance
III") a $150,000 Convertible Promissory Note convertible into
187,500 shares of Common Stock and a five-year stock purchase
warrant to purchase 187,500 shares of Common Stock at the purchase
price of $0.80 per share.
On October 2, 1998, Renaissance III and Renaissance US Growth &
Income Trust PLC ("Renaissance PLC") partially converted an aggregate
of $431,798 of ISSI's 9.00% Convertible Debentures dated December
31, 1996 into 786,517 shares of Common Stock at the conversion price
of $0.549 per share. ISSI issued to both Renaissance III and
Renaissance PLC five-year stock purchase warrants dated
October 2, 1998 to purchase 125,000 shares of Common Stock at $0.80
per share. Additionally, ISSI paid $75,000 each to Renaissance III
and Renaissance PLC as a collateral reduction fee. The balance of
each of the outstanding debentures, $2,084,101, was re-issued to
Renaissance III and Renaissance PLC, respectively, with the
conversion price adjusted to $0.549 per share, and;
On October 26, 1998, ISSI issued to Renaissance III and Renaissance
PLC two (2) $75,000 Convertible Promissory Notes convertible into
Common Stock at a conversion price of $0.549 per share.
Address: Integrated Security Systems, Inc.
8200 Springwood Drive
Suite 230
Irving, Texas 75063
Item 2. Identify and Background
a.b.c. Renaissance Capital Growth & Income Fund III, Inc.
Filer
8080 N. Central Expressway
Suite 210
Dallas, Texas 75206
Renaissance US Growth & Income Trust PLC
Filer
8080 N. Central Expressway
Suite 210
Dallas, Texas 75206
Renaissance Capital Group, Inc.
Investment Advisor to Filer
8080 N. Central Expressway
Suite 210
Dallas, Texas 75206
Renaissance Capital Growth & Income Fund III, Inc. a Texas
Corporation, was organized as a business development company
under the Investment Company Act of 1940, as amended, and is
traded on the NASDAQ National Market System.
Renaissance US Growth & Income Trust PLC, a public limited
company organized under the laws of England and Wales and
traded on the London Stock Exchange.
Renaissance Capital Group, Inc. a Texas corporation, is the
Investment Advisor to Renaissance Capital Growth & Income
PLC and is responsible for the administration of the Filers'
investment portfolios.
d. None
e. None
f. Texas, England and Wales
Item 3. Source and Amount of Funds or Other Consideration.
The Filers' sources of funds for these transactions are from
the Filers' investment capital. No borrowed funds for these
transactions were used by Renaissance III or Renaissance PLC.
Item 4. Purpose of Transactions.
The purpose of the reported transactions in investments in
accordance with the investment objectives of the Filers.
Item 5. Interest in Securities of the Issuer.
On October 1, 1998, ISSI issued to Renaissance III a Convertible
Promissory Note in the amount of $150,000 with a 9.00% interest
rate. The note matures on February 1, 1999. The note is
convertible into 187,500 shares of Common Stock at the conversion
price of $0.80.
On October 2, 1998, Renaissance III and Renaissance PLC partially
converted $431,798 of their respective 9.00% Convertible Debentures,
dated December 31, 1996, in the original principal amount of
$2,300,000 each, issued by ISSI into 786,517 shares of Common
Stock at the conversion price of $0.549 per share. Further,
the Company issued to both Renaissance III and Renaissance PLC
five-year stock purchase warrants to purchase 125,000 shares
of Common Stock at $0.80 per share. The principal balance of
each debenture, $2,084,101, was re-issued to Renaissance III
and Renaissance PLC, with an adjusted conversion price of $0.549
per share.
Item 6. Contracts, Arrangements, Understandings or
Relationships With Respect to Securities of
the Issuer.
The promissory notes are secured by substantially all of the
assets of ISSI and its subsidiaries and guaranteed by ISSI's
subsidiaries. Additionally, ISSI has granted registration
rights with respect to the underlying shares of Common Stock
pursuant to registration rights agreements.
Item 7. Persons Retained, Employed or to be Compensated.
Not applicable.
Item 8. Material to be Filed as Exhibits.
None
We certify to the best of our knowledge and belief, the information
set forth in this statement is true, complete and correct.
Date: November 13, 1998
RENAISSANCE CAPITAL GROWTH & INCOME
FUND III, INC.
BY: ______________________________
RENAISSANCE US GROWTH & INCOME TRUST
PLC
By: Renaissance Capital Group, Inc.
Investment Manager
BY: ______________________________
