UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
-----------------------------------------
(Amendment No. 7) *
Advance Display Technologies, Inc. ("ADTI")
-------------------------------------------
(Name of Issuer)
Common Stock, $.001 par value per share
---------------------------------------
(Title of Class of Securities)
007422306 5
-----------
(CUSIP Number)
David J. Babiarz, Esq., Overton, Babiarz & Associates, P.C.
7720 East Belleview Avenue, Ste. 200, Englewood, CO 80111; (303) 779-5900
-------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
11/01/99
--------
(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 _____.
<PAGE>
CUSIP No. 007422306
---------
1 Name of Reporting Person
Mark L. Schneider
2 Check the Appropriate Box if a Member of a Group a [ ] b [ ]
N/A
3 SEC USE ONLY
4 Source of Funds *
PF
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 of America
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7 Sole Voting Power: 7,662,568
8 Shared Voting Power: 0
9 Sole Dispositive Power: 7,662,568
10 Shared Dispositive Power: 0
11 Aggregate Amount Beneficially Owned by Each Reporting Person: 7,662,568
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares * _
13 Percent of Class Represented by Amount in Row (11): 26.49%
14 Type of Reporting Person *
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
2
<PAGE>
ITEM 1: SECURITY AND ISSUER
This Schedule relates to the acquisition of beneficial ownership of Common
Stock, $.001 par value per share of Advance Display Technologies, Inc.
(hereinafter the "Company"), whose principal place of business is located
at 7334 So. Alton Way, Bldg. 14, Suite F, Englewood, Colorado 80112.
ITEM 2: IDENTITY AND BACKGROUND
No information required.
ITEM 3: SOURCE OF FUNDS OR OTHER CONSIDERATION
The Reporting Person acquired a convertible promissory note in the amount
of $80,000 (the "Note") from the Company through a private placement
transaction on November 1, 1999. The Note is immediately convertible into
shares of the Company's Common Stock at the rate of $.05 per share, at the
election of the holder. The funds used to acquire the Notes were the
personal funds of the Reporting Person.
ITEM 4: PURPOSE OF TRANSACTION
The ownership which is the subject of this Schedule was acquired by Mr.
Schneider for the purpose of investment. Mr. Schneider has no plan to
effect any transaction which would have the effect of, or result in, any of
the following:
a. The acquisition by any person of additional securities of the Company,
or the disposition of securities of the Company; provided, however
that the Reporting Person may review his investment in the Company
from time to time and make adjustments in his holdings as he deems
appropriate;
b. An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Company or any of its
subsidiaries;
c. A sale or transfer of a material amount of assets of the Company or of
any of its subsidiaries;
d. Any change in the present board of directors or management of the
Company, 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 Company;
f. Any other material change in the Company's business or corporate
structure, including but not limited to, if the Company is a
registered closed-end investment company, any plans or proposals to
make any changes in its investment policy for which a vote is required
by Section 13 of the Investment Company Act of 1940;
g. Changes in the Company's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control
of the Company by any person;
3
<PAGE>
h. Causing a class of securities of the Company 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 Company become eligible for
termination of registration pursuant to Section 12(g)(4) of the
Securities 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 the date of the filing of this Schedule, Mr. Schneider is deemed
to beneficially own 7,662,568 shares of Common Stock of the Company.
Such amount includes 2,509,173 shares of Common Stock owned directly
by the reporting person, and 5,153,395 shares of Common Stock
underlying the Note described in Item 3 above and other outstanding
Notes which are immediately convertible. Mr. Schneider's beneficial
ownership represents 26.49% of the issued outstanding Common Stock of
the Company.
b. Mr. Schneider has the sole power to vote and dispose of 7,662,568
shares of a Common Stock beneficially owned by him.
c. On November 1, 1999 the Reporting Person acquired the Note which is
immediately convertible into shares of the Company's Common Stock at
the rate of $.05 per share at the election of the holder.
d. Not applicable.
e. Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
The reporting person is the adult son of Gene W. Schneider and a limited partner
in G. Schneider Holdings Co. Gene W. Schneider is the beneficial owner of more
than 10% of the Company's Common Stock, Chairman of the Board of Directors and
general partner of Schneider Holdings Co., also the beneficial owner of more
than 10% of the Company's Common Stock. Pursuant to such relationships, the
Reporting Person may consult with Gene W. Schneider with regard to voting,
acquisition, or disposition of the Company's Common Stock. However, the
Reporting Person disclaims the existence of any agreement or understandings with
such entities with regard to the Common Stock of the Company.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
There is no material required to be filed as exhibits to this Schedule.
4
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in the Statement to Schedule 13D/A is true,
correct and complete.
/s/ Mark L. Schneider Date: 12/09/1999
- ------------------------------ ----------
Mark L. Schneider
5
