SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
------------
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. __)*
PRINTONTHENET.COM, INC.
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(Name of Issuer)
Common Stock, par value $.001 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
74257M106
--------------------------------------------------------------------------------
(CUSIP Number)
Joseph P. Wynne
Commonwealth Associates L.P.
830 Third Avenue
New York, New York 10022
(212) 829-5839
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 8, 2000
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of This Statement)
(Continued on following pages)
(Page 1 of 16 Pages)
----------
* 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. 74257M106 SCHEDULE 13D Page 2 of 16 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Commonwealth Associates L.P. (13-3467952)
--------------------------------------------------------------------------------
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 ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 6,325,500
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,325,500
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,325,500
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 74257M106 SCHEDULE 13D Page 3 of 16 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Commonwealth Associates Management Corp. (13-3468747)
--------------------------------------------------------------------------------
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 ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 6,325,500
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,325,500
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,325,500
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 74257M106 SCHEDULE 13D Page 4 of 16 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ComVest Capital Partners LLC (13-4068973)
--------------------------------------------------------------------------------
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 ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,700,000
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,700,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,700,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 74257M106 SCHEDULE 13D Page 5 of 16 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael S. Falk
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
4,716,512
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 8,025,500
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 4,716,512
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,025,500
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,742,012
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
31.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 74257M106 SCHEDULE 13D Page 6 of 16 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Robert Priddy
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
12,500,000
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 8,025,500
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 12,500,000
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,025,500
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,525,500
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
42.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 74257M106 SCHEDULE 13D Page 7 of 16 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Keith Rosenbloom
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,168,271
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 8,025,500
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,168,271
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,025,500
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,193,771
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
25.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 74257M106 SCHEDULE 13D Page 8 of 16 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Basil Ascuitto
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
80,812
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 6,325,500
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 80,812
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,325,500
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,406,312
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 9 of 16 pages
Item 1. Security and Issuer.
This statement relates to the common stock, par value $.001 per share
("Common Stock") of PrintOnTheNet.com, Inc. (the "Issuer"). The address of the
Issuer's principal executive office is 4491 South State Road 7, Suite 200, Fort
Lauderdale, Florida 33314.
The shares of Common Stock that are the subject of this statement either
are issuable (i) upon conversion of the Issuer's Series B Convertible Preferred
Stock ("Preferred Stock") issued to investors in the Private Placement (defined
in Item 3 below), or (ii) upon exercise of currently exercisable five-year
warrants granted in consideration of services in connection with the Private
Placement which have an exercise price of $.10 per share (the "Agents
Warrants"). The foregoing exercise prices are subject to adjustment in certain
circumstances.
Item 2. Identity and Background.
This statement is filed jointly by Commonwealth Associates L.P.
("Commonwealth"), a limited partnership organized under the laws of the New
York, whose principal business is investment banking and advisory services,
Commonwealth Associates Management Corp. ("CAMC"), a corporation organized under
the laws of New York and the corporate general partner of Commonwealth, ComVest
Capital Partners LLC ("ComVest"), a limited liability company organized under
the laws of Delaware and whose principal business is investing in and
administering ownership of securities, Michael S. Falk, the Chairman and
controlling equity owner of CAMC, Robert Priddy, a director and shareholder of
CAMC, and Keith Rosenbloom and Basil Ascuitto, employees, directors and
shareholders of CAMC. Commonwealth, CAMC, ComVest, Mr. Falk, Mr. Priddy, Mr.
Rosenbloom and Mr. Ascuitto are the "Reporting Persons." Messrs. Falk, Priddy
and Rosenbloom are the managers and principal members of ComVest.
The sole officer of CAMC (the "CAMC Officer") is Joseph Wynne, Chief
Financial Officer.
All of the individual Reporting Persons and the CAMC Officer are United
States citizens. The business address for all of the Reporting Persons other
than Mr. Priddy is 830 Third Avenue, New York, New York 10022. Mr. Priddy is a
principal of RMC Capital, 1640 Powers Ferry, Suite 125, Marietta, Georgia 30067,
an investment firm.
During the last five years, none of the Reporting Persons has been
convicted in a criminal proceeding (excluding traffic violations and similar
misdemeanors) or been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding, was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws of finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
<PAGE>
Page 10 of 16 pages
On June 8, 2000, the Issuer sold units, each consisting of 50,000 shares
of Preferred Stock, in a private placement (the "Private Placement"). Each share
of Preferred Stock will be automatically converted into 20 shares of Common
Stock at such time as the Issuer amends it certificate of incorporation to
permit the conversion of all shares of preferred stock sold in the Private
Placement. Commonwealth acted as placement agent to the Issuer in connection
with the Private Placement pursuant to an Agency Agreement dated as of June 8,
2000, with the Issuer (the "Agency Agreement"). The Preferred Stock was
purchased by ComVest and Messrs. Falk, Priddy and Rosenbloom as investors in the
Private Placement for an aggregate purchase price of $1,570,000. ComVest's funds
were provided by its working capital. The individuals funds were provided by
their respective personal funds.
The Agents Warrants were originally obtained by Commonwealth as
compensation for services rendered to the Issuer in connection with the Private
Placement. Certain of the Agents Warrants were distributed by Commonwealth to
certain of its employees, including Messrs. Falk, Rosenbloom and Ascuitto. The
Reporting Persons currently hold an aggregate of 10,791,095 Agent Warrants, of
which Commonwealth owns 6,325,500, Falk owns 3,716,512, Rosenbloom owns 668,271
and Ascuitto owns 80,812. Commonwealth disclaims beneficial ownership of the
Agent Warrants it distributed to other persons, including the Reporting Persons.
In no case were any funds borrowed by any of the Reporting Persons in
connection with the above transactions.
Item 4. Purpose of Transaction.
The Agents Warrants were acquired by the Reporting Persons as compensation
for services rendered to the Issuer solely for investment purposes and not for
the purpose of acquiring control of the Issuer. The Preferred Stock was acquired
to make a profitable investment.
Pursuant to the Agency Agreement, upon the closing of the Private
Placement, Commonwealth was granted the right to designate three of the seven
directors of the Issuer, in addition to Mr. Priddy who became a director of the
Issuer upon the closing of the Private Placement on June 8, 2000. Effective as
of June 15, 2000, the Commonwealth designees were appointed to the Board.
Other than as set forth above, the Reporting Persons have no present plans
or proposals which relate to, or could result in, any of the matters referred to
in paragraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons
may, at any time and from time to time, renew or reconsider their position and
formulate plans or proposals with respect thereto, but have no present intention
of doing so.
Item 5. Interest in Securities of the Issuer.
<PAGE>
Page 11 of 16 pages
(a)(1) Commonwealth may be deemed to be the beneficial owner of an
aggregate of 6,325,500 shares of Common Stock, representing approximately 18.7%
of the issued and outstanding shares of Common Stock of the Issuer, which are
issuable upon the exercise of the Agents Warrants.
(a)(2) CAMC, as the general partner of Commonwealth, may be deemed to
beneficially own the 6,325,500 shares of Common Stock, representing
approximately 18.7% of the issued and outstanding shares of Common Stock of the
Issuer, which may be issued upon exercise of the warrants owned by Commonwealth.
(a)(3) ComVest may be deemed to be the beneficial owner of an aggregate of
1,700,000 shares of Common Stock, representing approximately 5.8% of the issued
and outstanding shares of Common Stock of the Issuer, which are issuable upon
the conversion of the Preferred Stock.
(a)(4) Mr. Falk may be deemed to be the beneficial owner of an aggregate
of 12,742,012 shares of Common Stock, representing approximately 31.6% of the
issued and outstanding shares of Common Stock of the Issuer. In addition to the
6,325,500 and 1,700,000 shares beneficially owned respectively by Commonwealth
and ComVest, which Mr. Falk may be deemed to beneficially own, Falk may be
deemed to beneficially own an additional 4,716,512 shares of Common Stock
representing the right to acquire (i) 3,716,512 shares of Common Stock issuable
upon the exercise of the Agents Warrants (distributed to him by Commonwealth)
and (ii) 1,000,000 shares of Common Stock upon the conversion of the Preferred
Stock. In his capacity as (i) Chairman and controlling equity owner of CAMC and
(ii) manager and principal member of ComVest, Mr. Falk shares indirect voting
and dispositive power with respect to such entities' shares and may therefore be
deemed to be the beneficial owner of such securities.
(a)(5) Mr. Priddy may be deemed to be the beneficial owner of an aggregate
of 20,525,500 shares of Common Stock, representing approximately 42.7% of the
issued and outstanding shares of Common Stock of the Issuer. In addition to the
6,325,500 and 1,700,000 shares beneficially owned respectively by Commonwealth
and ComVest, Mr. Priddy may be deemed to beneficially own an additional
12,500,000 shares of Common which may be issued upon the conversion of the
Preferred Stock. In his capacity as a (i) director and equity owner of CAMC, and
(ii) manager and principal member of ComVest, Mr. Priddy shares indirect voting
and dispositive power with respect to such entity's shares and may therefore be
deemed to be the beneficial owner of such securities.
(a)(6) Mr. Rosenbloom may be deemed to be the beneficial owner of an
aggregate of 9,193,771 shares of Common Stock, representing approximately 25.0%
of the issued and outstanding shares of Common Stock of the Issuer. In addition
to the 6,325,500 and 1,700,000 shares beneficially owned respectively by
Commonwealth and ComVest, Mr. Rosenbloom may be deemed to beneficially own an
additional 1,168,271 shares of Common Stock representing the right to acquire
(i) 668,271 shares of Common Stock issuable upon the exercise of the Agents
Warrants (distributed to him by Commonwealth) and (ii) 500,000 shares of Common
Stock upon the conversion of the Preferred Stock. In his capacity as a (i)
director and equity owner of CAMC, and (ii) manager and principal member of
ComVest, Mr. Rosenbloom shares indirect
<PAGE>
Page 12 of 16 pages
voting and dispositive power with respect to such entity's shares and may
therefore deemed to be the beneficial owner of such securities.
(a)(7) Mr. Ascuitto may be deemed to be the beneficial owner of an
aggregate of 6,406,312 shares of Common Stock, representing approximately 18.9%
of the issued and outstanding shares of Common Stock of the Issuer. In addition
to the 6,325,500 shares beneficially owned by Commonwealth, Mr. Ascuitto may be
deemed to beneficially own an additional 80,812 shares of Common Stock
representing the right to acquire shares of Common Stock issuable upon the
exercise of the Agents Warrants (distributed to him by Commonwealth). In his
capacity as a director and equity owner of CAMC, Mr. Ascuitto shares indirect
voting and dispositive power with respect to Commonwealth's shares and therefore
may be deemed to be the beneficial owner of such securities.
(b) Number of shares as to which each such person has:
(1) Sole power to vote or to direct the vote, and sole power to dispose or
direct the disposition of:
Name Number of Shares
---- ----------------
Michael S. Falk 4,716,512 shares
Robert Priddy 12,500,000 shares
Keith Rosenbloom 1,168,271 shares
Basil Ascuitto 80,812 shares
(2) Shared power to vote or to direct the vote, and shared power to dispose or
direct the disposition of:
(A) Commonwealth, CAMC, Mr. Falk, Mr. Priddy, Mr. Rosenbloom and Mr.
Ascuitto share such voting and disposition powers with respect to
Commonwealth's 6,325,500 shares.
(B) ComVest, Mr. Falk, Mr. Priddy and Mr. Rosenbloom share such voting and
disposition powers with respect to ComVest's 1,700,000 shares.
(c) As more fully described above, the Reporting Persons acquired the Preferred
Stock and the Agents Warrants on June 8, 2000. The Agents Warrants were
originally issued to Commonwealth as compensation for services rendered in
connection with the Private Placement. Certain of the Agents Warrants were
distributed by Commonwealth to certain of its employees, including Messrs. Falk,
Rosenbloom and Ascuitto. Commonwealth disclaims beneficial ownership of the
Agent Warrants it distributed to other persons, including the Reporting Persons.
The Preferred Stock was issued in the Private Placement at a price of
$2.00 per share, and each share of Preferred Stock will be automatically
converted into 20 shares of Common Stock at such time as the Issuer amends it
certificate of incorporation to permit the conversion of all shares of Preferred
Stock sold in the Private Placement.
<PAGE>
Page 13 of 16 pages
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Each investor who purchased Preferred Stock in the Private Placement,
including Messrs. Falk, Priddy and Rosenbloom, agreed not to sell, transfer or
otherwise dispose of the Preferred Stock or the Common Stock issuable upon
conversion of the Preferred Stock for one year following the initial closing of
the Private Placement, and thereafter not to sell, transfer or otherwise dispose
of more than 25% of such securities on a cumulative basis during each subsequent
90-day period thereafter (such 24-month period referred to as the "Lock-Up
Period"), in each case, without the prior written consent of Commonwealth.
Furthermore, such investors agreed that if the Issuer undertakes a public
offering during the first 12 months of the Lock-Up Period, they will not sell,
transfer or otherwise dispose of the securities for such period of time after
completion of such offering, not to exceed 12 months, as the managing
underwriter of the offering may request and Commonwealth may agree to.
In addition, Commonwealth, ComVest and Mr. Priddy entered into lock-up
agreements substantially equivalent to the agreement described in the paragraph
above, with respect to all securities of the Issuer then held or thereafter
acquired by each such person.
Item 7. Material to be Filed as Exhibits.
(i) Joint Statement on Schedule 13D, as required by Rule 13d-1(K) under
the Exchange Act.
<PAGE>
Page 14 of 16 pages
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.
Dated: June 28, 2000 Commonwealth Associates L.P.
By: Commonwealth Associates
Management Corp., its general partner
By: /s/ Joseph Wynne
------------------------------------
Name: Joseph Wynne
Title: Chief Financial Officer
Dated: June 28, 2000 Commonwealth Associates Management
Corp.
By: /s/ Joseph Wynne
------------------------------------
Name: Joseph Wynne
Title: Chief Financial Officer
Dated: June 28, 2000 ComVest Capital Partners, LLC
New York, New York
By: /s/ Keith Rosenbloom
------------------------------------
Keith Rosenbloom, Manager
Dated: June 28, 2000 /s/ Michael S. Falk
New York, New York ----------------------------------------
Michael S. Falk
Dated: June 28, 2000 /s/ Robert Priddy
Marietta, Georgia ----------------------------------------
Robert Priddy
Dated: June 28, 2000 /s/ Keith Rosenbloom
New York, New York ----------------------------------------
Keith Rosenbloom
Dated: June 28, 2000 /s/ Basil Ascuitto
New York, New York ----------------------------------------
Basil Ascuitto
<PAGE>
Page 15 of 16 pages
EXHIBIT INDEX
(i) Joint Filing of Schedule 13D
<PAGE>
Page 16 of 16 pages
JOINT FILING OF SCHEDULE 13D
The undersigned hereby agree to jointly prepare and file with regulatory
authorities a Schedule 13D and any future amendments thereto reporting each of
the undersigned's ownership of securities of PrintOnTheNet.com, Inc. and hereby
affirm that such Schedule 13D is being filed on behalf of each of the
undersigned.
Dated: June 28, 2000 Commonwealth Associates L.P.
By: Commonwealth Associates
Management Corp., its general partner
By: /s/ Joseph Wynne
------------------------------------
Name: Joseph Wynne
Title: Chief Financial Officer
Dated: June 28, 2000 Commonwealth Associates Management
Corp.
By: /s/ Joseph Wynne
------------------------------------
Name: Joseph Wynne
Title: Chief Financial Officer
Dated: June 28, 2000 ComVest Capital Partners, LLC
New York, New York
By: /s/ Keith Rosenbloom
------------------------------------
Keith Rosenbloom, Manager
Dated: June 28, 2000 /s/ Michael S. Falk
New York, New York ----------------------------------------
Michael S. Falk
Dated: June 28, 2000 /s/ Robert Priddy
Marietta, Georgia ----------------------------------------
Robert Priddy
Dated: June 28, 2000 /s/ Keith Rosenbloom
New York, New York ----------------------------------------
Keith Rosenbloom
Dated: June 28, 2000 /s/ Basil Ascuitto
New York, New York ----------------------------------------
Basil Ascuitto
