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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. )*
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INTEGRATED SECURITY SYSTEMS, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
45812J 10 1
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(CUSIP Number)
THOMAS SPACKMAN, 2602 MCKINNEY AVE. SUITE 220, DALLAS, TX 75204, 214-871-3000
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
June 30, 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(b)(3) or (4), 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).
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CUSIP No. 45812J 10 1 13D Page of Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
IST Partners, Ltd.
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
WC
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(5) Check 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
Texas
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(7) Sole Voting Power
1,200,000
Number of --------------------------------------------------
Shares (8) Shared Voting Power
Beneficially -0-
Owned by --------------------------------------------------
Each (9) Sole Dispositive Power
Person 1,200,000
With --------------------------------------------------
(10) Shared Dispositive Power
-0-
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,200,000
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* /X/
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
8.08%
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(14) Type of Reporting Person*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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SCHEDULE 13D
ITEM 1. SECURITY AND ISSUER
This statement relates to the without par value common stock of
Integrated Security Systems, Incorporated (hereinafter referred to
as the "Company"). The Company's principal executive offices are
located at 8200 Springwood Drive, Suite 230, Irving, TX 75063.
ITEM 2. IDENTITY AND BACKGROUND
(a), (b) & (c)
IST Partners Ltd.
2602 McKinney, Suite 220
Dallas, Texas 75204
IST Partners Ltd. (hereinafter referred to as "IST") is a Texas
Partnership whose principal business is investments and whose Managing
Partner is Founders Equity Group, Inc.
(d) IST has not been convicted in a criminal proceeding during the
last 5 years.
(e) IST has not been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction during the last 5
years.
(f) Not applicable.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
IST acquired the securities from its working capital accounts. No
borrowed funds were used in the transaction. The securities were
acquired directly from the Company in the private placement when IST
agreed to exchange certain marketing and revenue rights for the shares.
ITEM 4. PURPOSE OF TRANSACTION
IST's acquisition of these shares is solely for investment purposes.
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) On May 21, 1999, IST purchased 1,200,000 shares of the Company.
(b) On October 6, 1996, the Company issued IST a warrant to purchase
24,000 shares of Common Stock at a price of $2.40 per share expiring
on July 29, 2001. On April 10, 1997, the Company issued IST a
warrant to purchase 44,680 shares of Common Stock at $2.40 per share
expiring on July 29, 2001. On May 21, 1999, the Company issued IST a
warrant to purchase 450,000 shares of Common Stock at $2.00 per
share expiring on May 21, 2009.
(c) Number of shares as to which IST has:
<TABLE>
<CAPTION>
<S> <C>
(i) Sole power to vote on to direct the vote: 1,200,000
(ii) Shared power to vote on to direct the vote: -0-
(iii) Sole power to dispose or to direct the disposition: 1,200,000
(iv) Shared power to dispose or to direct disposition: -0-
</TABLE>
(d) IST has not effected any transaction in the securities of the
Company prior to the transaction disclosed herein, other than
any transactions previously disclosed.
(e) Not applicable.
(f) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES FOR THE ISSUER.
Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Not applicable.
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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.
August 25, 1999
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(Date
/s/ Thomas J. Spackman, Jr.
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(Signature)
Thomas J. Spackman, Jr.
Managing Partner
