<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(AMENDMENT NO. )*
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Environmental Remediation Holding Corporation
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(Name of Issuer)
Common Stock, par value $.0001 per share
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(Title of Class of Securities)
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(CUSIP Number)
Check the following box if a fee is being paid with this statement / /. (A fee
is not required only if the filing 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).
*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 the
disclosures provided in a prior cover page.
The information required in 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).
Page 1 of 4 pages
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CUSIP No. Schedule 13G Page 2 of 4 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ProFutures Special Equities Fund, L.P. 74-2786952
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF
1,894,736
SHARES -------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
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EACH 7 SOLE DISPOSITIVE POWER
REPORTING
1,894,736
PERSON ------------------------------------------------
8 SHARED DISPOSITIVE POWER
WITH
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,894,736
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.13%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 4 pages
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SCHEDULE 13G
Item 1(a) NAME OF ISSUER:
Environmental Remediation Holding Corporation
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Item 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
3-5 Audrey Avenue, Oyster Bay, NY 11711
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Item 2(a) NAME OF PERSON FILING:
ProFutures Special Equities Fund, L.P.
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Item 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
1310 Highway 620 South - Suite 200, Austin, Texas 78734
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Item 2(c) CITIZENSHIP:
Delaware
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Item 2(d) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.0001 per share
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Item 2(e) CUSIP NUMBER:
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Item 3 TYPE OF REPORTING PERSON:
PN
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Item 4 OWNERSHIP:
(a) AMOUNT BENEFICIALLY OWNED: 1,894,736 shares
(b) PERCENT OF CLASS: 7.13%. This percentage is based on total
outstanding shares of 24,676,289 as of March 31, 1998, as
reported in the Company's Form 10-Q/A for the quarter ended March
31, 1998. This percentage is based on an assumed conversion price
of $0.7185 per share. On June 24, 1998, ProFutures Special
Equities Fund, L.P. purchased directly from the Company in a
private transaction $1,250,000 of Convertible Notes (the
"Notes"), convertible into shares of the Company's common stock,
and three year Warrants for the purchase of 155,000 shares of
such common stock, for an aggregate purchase price of
$1,250,012.50 (including any brokerage commissions). The Notes
may be converted into common stock at any time at a price equal
to the lower of a fixed price or a percentage of the average of
the closing bid prices of the commons stock for the five trading
days preceding the date of conversion. The Warrants have a fixed
exercise price.
(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
<TABLE>
<S> <C>
(i) Sole power to vote or to direct the vote: 1,894,736
---------
(ii) Shared power to vote or to direct the vote: 0
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(iii) Sole power to dispose or to direct the disposition of: 1,894,736
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(iv) Shared power to dispose or to direct the disposition of: 0
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</TABLE>
Page 3 of 4 pages
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Item 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
Not applicable
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Item 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON:
Not applicable
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Item 7 IDENTIFICATION AND CLASSIFICATION OF SUBSIDIARIES WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY:
Not applicable
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Item 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
Not applicable
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Item 9 NOTICE OF DISSOLUTION OF GROUP:
Not applicable
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Item 10 CERTIFICATION:
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.
PROFUTURES SPECIAL EQUITIES FUND, L.P.
DATED: July 3, 1998 By: ProFutures Fund Management, Inc.,
-------------------- a General Partner
By: /s/ Gary D. Halbert
------------------------------------
Gary D. Halbert
President
