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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. )*
Kurzweil Applied Intelligence, Inc.
-----------------------------------------------------------
(Name of Issuer)
Common Stock
-----------------------------------------------------------
(Title of Class of Securities)
501321103
-----------------------------------------------------------
(CUSIP NUMBER)
Calvin Hori, Hori Capital Management, Inc.,
One Washington Mall, Boston, MA 02108
(617) 367-3800
-----------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
December 13, 1996
-----------------------------------------------------------
(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 and 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).
<PAGE>
SCHEDULE 13D
|-----------------------| |--------------------------|
|CUSIP No. 501321103 | | Page 2 of 10 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | Platinum Partners, L.P. |
|---------|------------------------------------------------------------------|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]|
| | (b) [ ]|
|---------|------------------------------------------------------------------|
| 3 | SEC USE ONLY |
| | |
|---------|------------------------------------------------------------------|
| 4 | SOURCE OF FUNDS* |
| | |
| | WC |
|---------|------------------------------------------------------------------|
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED |
| | PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
|---------|------------------------------------------------------------------|
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | Massachusetts |
|----------------|-----|-----------------------------------------------------|
| | 7 | SOLE VOTING POWER |
| | | 618,500 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 0 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 618,500 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 0 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 618,500 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 6.8% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON* |
| | |
| | PN |
|----------------------------------------------------------------------------|
2
<PAGE>
SCHEDULE 13D
|-----------------------| |--------------------------|
|CUSIP No. 501321103 | | Page 3 of 10 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | Hori Capital Management, Inc. |
|---------|------------------------------------------------------------------|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]|
| | (b) [ ]|
|---------|------------------------------------------------------------------|
| 3 | SEC USE ONLY |
| | |
|---------|------------------------------------------------------------------|
| 4 | SOURCE OF FUNDS* |
| | |
| | WC |
|---------|------------------------------------------------------------------|
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED |
| | PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
|---------|------------------------------------------------------------------|
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | Massachusetts |
|----------------|-----|-----------------------------------------------------|
| | 7 | SOLE VOTING POWER |
| | | 618,500 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 0 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 618,500 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 0 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 618,500 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 6.8% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON* |
| | |
| | CO |
|----------------------------------------------------------------------------|
3
<PAGE>
SCHEDULE 13D
|-----------------------| |--------------------------|
|CUSIP No. 501321103 | | Page 4 of 10 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| 1 | NAME OF REPORTING PERSON |
| | S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | Calvin G. Hori, Sole Shareholder |
|---------|------------------------------------------------------------------|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]|
| | (b) [ ]|
|---------|------------------------------------------------------------------|
| 3 | SEC USE ONLY |
| | |
|---------|------------------------------------------------------------------|
| 4 | SOURCE OF FUNDS* |
| | |
| | WC |
|---------|------------------------------------------------------------------|
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED |
| | PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
|---------|------------------------------------------------------------------|
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | United States Citizen |
|----------------|-----|-----------------------------------------------------|
| | 7 | SOLE VOTING POWER |
| | | 618,500 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 0 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 618,500 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 0 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 618,500 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 6.8% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON* |
| | |
| | IN |
|----------------------------------------------------------------------------|
4
<PAGE>
Item 1. Security and Issuer
This Report on schedule 13D relates to shares of common stock, no par value
(the "Common Stock"), of Kurzweil Applied Intelligence Inc. (the "Company"),
whose principal executive offices are located at 411 Waverley Oaks Road,
Waltham, MA 02154.
Item 2. Identity and Background
This Report is filed by Platinum Partners, L.P., a Massachusetts limited
partnership (the "Partnership"), having its principal place of business and
executive offices at c/o Hori Capital Management, Inc., One Washington Mall, 7th
Floor, Boston, MA 02108; and Hori Capital Management, Inc., a Massachusetts
corporation and the sole General Partner of the Partnership (the "General
Partner") having its principal place of business and executive offices at One
Washington Mall, 7th Floor, Boston, MA 02108; and Mr. Calvin G. Hori, the sole
shareholder, director and President of the General Partner ("Mr. Hori"), having
his business address at c/o Hori Capital Management, Inc., One Washington Mall,
7th Floor, Boston, MA 02108 (collectively, the "Reporting Persons"). The
principal business of each Reporting Person is to make, manage, supervise, and
dispose of investments in a variety of businesses.
During the last five years, the Reporting Persons have not been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors),
and have not been a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction and are not, as a result of any such proceeding,
subject to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
Mr. Hori is a United States citizen.
Item 3. Source and Amount of Funds or Other Consideration
The source of funds for the transactions described in Item 5(c) were assets
of the Partnership.
Item 4. Purpose of Transaction
The Partnership acquired the Common Stock described in Item 5(c) for
investment purposes. None of the Reporting Persons have any plans or proposals
which relate to or would result in:
a. The acquisition by any person of additional securities of the issuer, or
the disposition of securities of the issuer;
b. An extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the issuer or any of its subsidiaries;
5
<PAGE>
c. A sale or transfer of a material amount of assets of the issuer or any of
its subsidiaries;
d. Any change in the present board of directors or management of the issuer,
including any plans or proposals to change the number or term of directors
or to fill any existing vacancies on the board;
e. Any material change in the present capitalization or dividend policy of the
issuer;
f. Any other material change in the issuer's business or corporate structure
including but not limited to, if the issuer is a registered closed-end
investment company, any plans or proposals to make any change in its
investment policy for which a vote is required by section 13 of the
Investment Company Act of 1940;
g. Changes in the issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of the
issuer by any person;
h. Causing a class of securities of the issuer to be delisted from a national
securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities
association;
i. A class of equity securities of the issuer becoming eligible for
termination of registration pursuant to Section 1(g)(4) of the Securities
Exchange Act of 1934; or
j. Any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
a. As of December 13, 1996, the Partnership may be deemed to beneficially own
618,500 shares of Common Stock of the Company. Based upon there being
9,059,448 shares of Common Stock outstanding, the shares of Common Stock
which the Partnership may be deemed to beneficially own represents
approximately 6.8% of the outstanding shares of Common Stock of the
Company. As of December 13, 1996, the General Partner may be deemed to
beneficially own 618,500 shares of Common Stock of the Company by virtue of
it being the General Partner of the Partnership. Based upon there being
9,059,448 shares of Common Stock outstanding, the shares of Common Stock
which the General Partner may be deemed to beneficially own represents
approximately 6.8% of the outstanding shares of Common Stock of the
Company. As of December 13, 1996, Mr. Hori may be deemed to beneficially
own 618,500 shares of Common Stock of the
6
<PAGE>
Company by virtue of his being the sole shareholder of the General Partner.
Based upon there being 9,059,448 shares of Common Stock outstanding the
shares of Common Stock which Mr. Hori may be deemed to beneficially own
represents approximately 6.8% of the outstanding shares of Common Stock of
the Company.
b. In accordance with the Agreement of Limited partnership, the General
partner has the sole power to vote and the sole power to dispose of the
shares of Common Stock of the Company held by the Partnership.
c. The Partnership has made the following purchases of shares of Common Stock:
-------------------------------------------------------------
Aggregate
Transaction Price Per Purchase
Date # of Shares Share Price
-------------------------------------------------------------
7/12/96 30,000 2.12583 63,775
-------------------------------------------------------------
7/15/96 25,000 2.31350 57,838
-------------------------------------------------------------
7/16/96 30,000 2.31333 69,400
-------------------------------------------------------------
7/17/96 10,000 2.69000 26,900
-------------------------------------------------------------
7/18/96 15,000 2.93917 44,088
-------------------------------------------------------------
7/19/96 60,000 3.02122 181,273
-------------------------------------------------------------
7/22/96 20,000 3.00125 60,025
-------------------------------------------------------------
7/23/96 5,000 3.00500 15,025
-------------------------------------------------------------
7/24/96 10,000 2.56500 25,650
-------------------------------------------------------------
7/25/96 10,000 2.87750 28,775
-------------------------------------------------------------
7/26/96 20,000 2.81375 56,275
-------------------------------------------------------------
7/29/96 35,000 2.75071 96,275
-------------------------------------------------------------
7/30/96 10,000 2.75250 27,525
-------------------------------------------------------------
7/31/96 10,000 2.62750 26,275
-------------------------------------------------------------
8/05/96 10,000 2.50250 25,025
-------------------------------------------------------------
8/08/96 5,000 2.63000 13,150
-------------------------------------------------------------
8/13/96 10,000 2.62750 26,275
-------------------------------------------------------------
8/15/96 5,000 2.69250 13,463
-------------------------------------------------------------
8/16/96 15,000 2.68917 40,338
-------------------------------------------------------------
7
<PAGE>
--------------------------------------------------------------
Aggregate
Transaction Price Per Purchase
Date # of Shares Share Price
--------------------------------------------------------------
8/19/96 13,000 2.62692 34,150
--------------------------------------------------------------
8/20/96 60,000 2.37542 142,525
--------------------------------------------------------------
8/22/96 10,000 2.56500 25,650
--------------------------------------------------------------
8/30/96 10,000 2.62750 26,275
--------------------------------------------------------------
9/05/96 10,000 2.56500 25,650
--------------------------------------------------------------
9/09/96 10,000 2.31500 23,150
--------------------------------------------------------------
9/23/96 75,000 2.12533 159,400
--------------------------------------------------------------
10/11/96 5,000 3.56750 17,838
--------------------------------------------------------------
10/14/96 12,500 3.68700 46,088
--------------------------------------------------------------
10/15/96 10,000 3.66750 36,675
--------------------------------------------------------------
10/31/96 10,000 3.75250 37,525
--------------------------------------------------------------
11/01/96 5,000 3.75500 18,775
--------------------------------------------------------------
11/01/96 6,000 3.82937 22,976
--------------------------------------------------------------
11/07/96 37,000 4.00057 148,021
--------------------------------------------------------------
11/14/96 5,000 3.88000 19,400
--------------------------------------------------------------
12/13/96 5,000 3.69250 18,463
--------------------------------------------------------------
All transactions were made in the open market on NASDAQ.
d. The Partnership is a limited partnership established in accordance
with the provisions of the Massachusetts Uniform Limited Partnership
Act. Each Member of the Partnership is entitled to receive certain
distributions from the Partnership's assets as specified in the
Partnership's governing documents. These distributions made from the
Partnership's assets may include funds received by the Partnership
from dividends declared with respect to the shares of Common Stock
held by the Partnership or from the sale of such shares of Common
Stock.
e. Not applicable.
The filing of this statement shall not be construed as an admission that
any of the Reporting Persons are, for the purposes of Sections 13(d) or 13(g) of
the Securities Exchange Act of 1934, the beneficial owners of any securities
covered by this statement.
8
<PAGE>
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
There are no contracts, arrangements, understandings or relationships
(legal or otherwise) between or among any of the Reporting Persons and any other
person with respect to any securities of the Company other than the governing
documentation of the Partnership.
Item 7. Material to be Filed as Exhibits
Exhibit 1 - Agreement regarding filing of joint Schedule 13D.
9
<PAGE>
Signature
After reasonable inquiry and to the best of the knowledge and belief of the
undersigned, each of the undersigned hereby certifies that the information set
forth in this statement is true, complete and correct.
EXECUTED as of the 15th day of July, 1997.
PLATINUM PARTNERS, L.P.
By: /s/ Calvin G. Hori
----------------------------
Calvin G. Hori, President of
Hori Capital Management, Inc.,
General Partner
HORI CAPITAL MANAGEMENT, INC.
By: /s/ Calvin G. Hori
----------------------------
Calvin G. Hori, President
By: /s/ Calvin G. Hori
----------------------------
Calvin G. Hori
10
Exhibit 1
---------
AGREEMENT
Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of 1934, as
amended, the undersigned hereby agree that only one statement containing the
information required by Schedule 13D need be filed with respect to the ownership
by each of the undersigned of the shares of Common Stock of Kurzweil Applied
Intelligence, Inc., Inc.
EXECUTED as of the 15th day of July, 1997.
PLATINUM PARTNERS, L.P.
By: /s/ Calvin G. Hori
----------------------------
Calvin G. Hori, President of
Hori Capital Management, Inc.,
General Partner
HORI CAPITAL MANAGEMENT, INC.
By: /s/ Calvin G. Hori
----------------------------
Calvin G. Hori, President
/s/ Calvin G. Hori
----------------------------
Calvin G. Hori
