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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
(Amendment No. 1)(1)
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)
May 6, 1997
-----------------------------------------------------------
(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 _.
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.
- ---------------
(1) 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 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>
|-----------------------| |--------------------------|
|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 |
| | | 0 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 0 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 0 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 0 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 0 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 0% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON* |
| | |
| | PN |
|----------------------------------------------------------------------------|
2
<PAGE>
|-----------------------| |--------------------------|
|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 |
| | | 0 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 0 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 0 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 0 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 0 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 0% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON* |
| | |
| | CO |
|----------------------------------------------------------------------------|
3
<PAGE>
|-----------------------| |--------------------------|
|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 |
| | | 0 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 0 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 0 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 0 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 0 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 0% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON* |
| | |
| | IN |
|----------------------------------------------------------------------------|
<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 Waverly 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; 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 Partnership's acquisition of the shares of
Common Stock identified 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 May 6, 1997, each of Hori Capital Management, Calvin G. Hori
and the Partnership may be deemed to beneficially own 0 shares of
Common Stock of the Company, the Partnership having sold the last of
its shares of Common Stock on such date.
b. Not applicable.
c. The Partnership has made the following sales of shares of Common
Stock:
-------------------------------------------------------------
Transaction Price Per Aggregate
Date # of Shares Share Sale Price
-------------------------------------------------------------
4/15/97 30,000 4.178 125,332.39
-------------------------------------------------------------
6
<PAGE>
4/15/97 5,000 4.178 20,888.73
-------------------------------------------------------------
4/18/97 20,000 4.000 79,977.33
-------------------------------------------------------------
4/18/97 25,000 4.000 99,987.05
-------------------------------------------------------------
4/18/97 5,000 4.000 19,994.33
-------------------------------------------------------------
4/18/97 10,000 4.000 39,994.82
-------------------------------------------------------------
4/18/97 15,000 4.000 59,992.23
-------------------------------------------------------------
4/18/97 15,000 4.000 59,992.23
-------------------------------------------------------------
4/22/97 45,000 4.000 179,975.25
-------------------------------------------------------------
4/22/97 15,000 4.000 59,991.75
-------------------------------------------------------------
4/23/97 5,000 4.000 19,991.00
-------------------------------------------------------------
4/23/97 5,000 4.000 19,991.00
-------------------------------------------------------------
4/23/97 5,000 4.000 19,991.00
-------------------------------------------------------------
4/25/97 5,000 4.000 19,997.25
-------------------------------------------------------------
4/25/97 10,000 4.000 39,994.50
-------------------------------------------------------------
4/25/97 20,000 4.000 79,989.00
-------------------------------------------------------------
4/25/97 25,000 4.000 99,986.25
-------------------------------------------------------------
4/29/97 10,000 4.000 39,996.17
-------------------------------------------------------------
4/29/97 10,000 4.000 39,996.17
-------------------------------------------------------------
4/29/97 10,000 4.000 39,996.17
-------------------------------------------------------------
4/29/97 10,000 4.000 39,996.17
-------------------------------------------------------------
4/29/97 5,000 4.000 19,998.08
-------------------------------------------------------------
4/29/97 10,000 4.000 39,996.17
-------------------------------------------------------------
4/29/97 5,000 4.000 19,998.08
-------------------------------------------------------------
4/29/97 15,000 4.000 59,994.25
-------------------------------------------------------------
4/29/97 13,000 4.000 51,995.02
-------------------------------------------------------------
4/29/97 12,000 4.000 47,995.38
-------------------------------------------------------------
5/02/97 18,500 3.937 72,816.32
-------------------------------------------------------------
5/05/97 25,000 3.875 96,846.77
-------------------------------------------------------------
5/06/97 4,500 3.875 17,435.60
-------------------------------------------------------------
5/06/97 10,000 3.875 38,745.77
-------------------------------------------------------------
5/06/97 10,000 3.875 38,745.77
-------------------------------------------------------------
7
<PAGE>
5/06/97 10,000 3.875 38,745.77
-------------------------------------------------------------
5/06/97 10,000 3.875 38,745.77
-------------------------------------------------------------
4/17/97 34,500 4.000 137,988.77
-------------------------------------------------------------
5/06/97 40,500 3.875 156,920.34
-------------------------------------------------------------
4/17/97 5,000 4.000 19,998.34
-------------------------------------------------------------
4/17/97 12,500 4.000 49,995.93
-------------------------------------------------------------
4/17/97 10,000 4.000 39,996.74
-------------------------------------------------------------
4/17/97 10,000 4.000 39,996.74
-------------------------------------------------------------
4/17/97 5,000 4.000 19,998.37
-------------------------------------------------------------
4/17/97 6,000 4.000 23,998.05
-------------------------------------------------------------
2/25/97 7,000 3.312 23,021.72
-------------------------------------------------------------
4/17/97 37,000 4.000 147,987.95
-------------------------------------------------------------
4/17/97 5,000 4.000 19,998.37
-------------------------------------------------------------
2/25/97 25,000 3.312 82,284.73
-------------------------------------------------------------
4/17/97 5,000 4.000 19,998.37
-------------------------------------------------------------
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. May 6, 1997.
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.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
8
<PAGE>
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 21st 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
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
beneficial ownership by each of the undersigned of the shares of Common Stock of
Kurzweil Applied Intelligence, Inc.
EXECUTED as of the 21st 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
