SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
BITSTREAM INC.
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(Name of Issuer)
Class A Common Stock, par value $.01 per share
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(Title of Class of Securities)
091736 10 8
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(CUSIP Number)
Paul A. Gajer, Esq.
Rubin Baum Levin Constant & Friedman
30 Rockefeller Plaza, 29th Floor
New York, New York 10112
(212) 698-7700
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
November 5, 1999
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(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 ss.ss. 240.13d-1(e), 240.13d- 1(f) or 240.13d-1(g), check
the following box. |_|
NOTE: Schedules filed in paper format shall include a signed original and five
copies of this schedule, including all exhibits. See Rule 13d-7(b) 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 ("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).
(Continued on following page(s))
Page 1 of 11
<PAGE>
CUSIP No. 091736 10 8 13D Page 2 of 11 Pages
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1 NAME OF REPORTING PERSONS
Gesfid S.A.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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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 SOURCE OF FUNDS*
None
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION Switzerland
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7 SOLE VOTING POWER
1,333,661 shares 18.0%
Number of ----------------------------------------------------------
Shares 8 SHARED VOTING POWER
Beneficially
Owned By ----------------------------------------------------------
Each 9 SOLE DISPOSITIVE POWER
Reporting 1,333,661 shares 18.0%
Person
With ----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,333,661 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.0%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 091736 10 8 13D Page 3 of 11 Pages
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1 NAME OF REPORTING PERSONS
Antonio Saladino
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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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 SOURCE OF FUNDS*
None
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION Switzerland
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7 SOLE VOTING POWER
1,333,661 shares 18.0%
Number of ----------------------------------------------------------
Shares 8 SHARED VOTING POWER
Beneficially
Owned By ----------------------------------------------------------
Each 9 SOLE DISPOSITIVE POWER
Reporting 1,333,661 shares 18.0%
Person
With ----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,333,661 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.0%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D relates to the Class A Common Stock,
value $.01 per share (the "Common Stock"), of Bitstream Inc., a Delaware
corporation ("Bitstream"). The principal executive offices of Bitstream are
located at 215 First Street, Cambridge, Massachusetts 02142.
ITEM 2. IDENTITY AND BACKGROUND
The information set forth below is given with respect to (i) Gesfid
S.A., a corporation organized under the laws of Switzerland ("Gesfid") and (ii)
Antonio Saladino, a citizen of Switzerland, and each director and executive
officer thereof, if applicable, on Annex 2. On Annex 2, column (a) indicates the
name of each person; column (b) indicates the address of the principal business
and the address of the principal office of each entity or the business address
of each natural person; column (c) indicates each such entity's principal
business or such natural person's present principal occupation or employment and
the name, principal business and address of any corporation or other
organization in which such employment is conducted as applicable; column (d)
indicates whether or not, during the last five years, such person, or any
executive officer, director or controlling person of such person, has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) and, if so, the dates, nature of conviction, name and location of
court, and penalty imposed, or other disposition of the case; column (e)
indicates whether or not, during the last five years, such person, or any
executive officer, director or controlling person of such person, was 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 or finding any
violation with respect to such laws, and, if so, identifies and describes such
proceedings and summarizes the terms of such judgment, decree or final order;
and column (f) indicates, in the case of any natural person, the citizenship of
such person.
This Schedule 13D is being filed by Gesfid and Mr. Saladino
(collectively, the "Reporting Persons"). Gesfid is the record holder and may be
deemed "beneficial owner," within the meaning of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), of the Common Stock covered hereby.
Gesfid is indirectly controlled by Mr. Saladino and Mr. Saladino has been
delegated the authority to vote or direct the vote or to dispose of or direct
the disposition of the Common Stock. Accordingly, Mr. Saladino may be deemed to
be the "beneficial owner," within meaning of the Exchange Act, of the Common
Stock held by Gesfid.
The Reporting Persons do not admit they constitute a "group" for
purposes of Section 13(d) under the Exchange Act.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
No funds were used by Gesfid to acquire the shares of Common Stock
covered hereby. Such shares of Common Stock were issued to Gesfid, as nominees
for the beneficial owners, as part of the liquidation and dissolution (the
"Liquidation") of Privest I, N.V. and Privest II, N.V. (collectively, the
"Privest Entities") on November 5, 1999.
Page 4 of 11
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ITEM 4. PURPOSE OF TRANSACTION
On October 30, 1996 the Privest Entities acquired the Common Stock
reported hereby upon the automatic conversion of 1,266,666 shares of Preferred
Stock into an equal number of shares of Common Stock upon the effectiveness of a
registration statement on Form S-1 filed by Bitstream in connection with its
initial public offering of Common Stock (the "IPO"). Pursuant to Bitstream's
Certificate of Incorporation, all outstanding Preferred Stock, including shares
held of record by the Privest Entities, were automatically converted into an
equal number of shares of Common Stock on the effective date of the IPO.
Pursuant to the Liquidation, the Shares are now owned of record by
Gesfid, as nominee for the beneficial owners. In addition, Saladino has been
delegated the authority to direct the vote or to dispose or direct the
disposition of the Shares.
The Reporting Persons may purchase additional shares of Common Stock in
the open market or in privately negotiated transactions, and may sell shares of
Common Stock from time to time in open market or in privately negotiated
transactions. The Reporting Persons may also enter into short sales or other
hedging transactions with broker-dealers or other financial institutions.
Transactions in respect of the shares of Common Stock may be effected from time
to time based upon the capital requirements of any of the Reporting Persons and
the market price of the shares.
Except as set forth in this Item 4, none of the Reporting Persons have any
present plans or proposals that relate to or would result in: (i) the
acquisition by any person of additional securities of Bitstream, or the
disposition of securities of Bitstream; (ii) an extraordinary corporate
transaction, such as a merger, reorganization or liquidation, involving
Bitstream or any of its subsidiaries; (iii) a sale or transfer of a material
amount of assets of Bitstream or any of its subsidiaries; (iv) any change in the
present Board of Directors or management of Bitstream, including any plans or
proposals to change the number or term of Director or to fill any vacancies on
the Board; (v) any material change in the present capitalization or dividend
policy of Bitstream; (vi) any other change in Bitstream's business or corporate
structure; (vii) changes in Bitstream's Certificate of Incorporation, By-laws or
instruments corresponding thereto or other actions which may impede the
acquisition of control of Bitstream by any person; (viii) causing a class of
securities to be delisted from a national securities exchange or to cease to be
registered national securities association; (ix) a class of equity securities of
Bitstream becoming eligible for termination of registration pursuant to Section
12(g)(4) of the Exchange Act; or (x) any action similar to those enumerated
above.
Each of the Reporting Persons reserves the right to determine in the
future whether to change the purpose or purposes described above or whether to
adopt plans or proposals of the type specified above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
According to the most recent Form 10-Q Quarterly Report, filed by
Bitstream on November 11, 1999, Bitstream has 7,397,049 shares of Common Stock
issued and outstanding. Gesfid holds of record and may be deemed to
"beneficially own," within the meaning of Exchange Act, 1,333,661shares of
Common Stock, including 28,886 shares of Common Stock issuable upon the exercise
of warrants, representing "beneficial ownership," within the meaning of the
Exchange Act,
Page 5 of 11
<PAGE>
of approximately 18.0% of the total Common Stock outstanding.
As of the date hereof, all of the persons listed in response to Item 2
above, other than the Reporting Persons, "beneficially own," within the meaning
of the Exchange Act, zero shares of Common Stock.
Gesfid has sole power to vote, dispose of and direct the disposition of
all of the shares of Common Stock held by Gesfid. Mr. Saladino has, however,
been delegated the authority to vote or direct the vote or to dispose of or
direct the disposition of shares of Common Stock held by Gesfid. Accordingly,
Mr. Saladino may be deemed the "beneficial owner," within meaning of the
Exchange Act, of the Common Stock held by Gesfid (See Item 2)
No entity other than Gesfid is known to have the right to receive or
the power to direct the receipt of dividends from or the proceeds from the sale
of the shares of Common Stock covered by this Schedule 13D.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibits are filed as part of this statement on Schedule
13D:
Exhibit A: Joint Filing Agreement dated December 10, 1999 between
Gesfid S.A. and Antonio Saladino.
Page 6 of 11
<PAGE>
Annex 2
GESFID, S.A.
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<TABLE>
<CAPTION>
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(a) (b) (c) (d) (e) (f)
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<S> <C> <C> <C> <C> <C>
Gesfid S.A. See Footnote 1 Gesfid is principally engaged in the business of No No Not Applicable
providing investment advisory, fiduciary and
investment banking services.(1)
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Antonio Gesifd S.A.(1) Mr. Saladino is the Vice-Chairman and Vice No No Switzerland
Saladino President of Gesfid.(1)
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Francesco Banca del Gottardo(2) Mr. Bolgiani is the President and Chairman of No No Switzerland
Bolgiani Gesfid1 and a Member of Management of the bank,
Banca del Gottardo, Gesfid's parent.(2)
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Luifi Menazzi- Gesifd S.A.(1) Mr. Menazzi-Moretti is a director of Gesfid.(1) No No Switzerland
Moretti
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Tiziano Banca del Gottardo(2) Mr. Pellandini is a director of Gesfid(1) and a No No Switzerland
Pellandini Member of Management of the bank, Banca del
Gottardo, Gesfid's parent.(2)
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Fablo Testori Banca del Gottardo(2) Mr. Testori is a director of Gesfid(1) and a Member No No Switzerland
of Management of the bank, Banca del Gottardo,
Gesfid's parent.(2)
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Giovanni Gesifd S.A.(1) Mr. Saladino is the Chief Executive Officer of No No Switzerland
Saladino Gesfid.(1)
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Antonio Berti Gesifd S.A.(1) Mr. Berti is a Member of Management of Gesfid.(1) No No Switzerland
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</TABLE>
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(1) The address of Gesfid S.A. is via Adamnini 10a, Lugano, Switzerland
(2) The address of Banca del Gottardo is Viale S. Franscini 8, Lugano,
Switzerland
Page 7 of 11
<PAGE>
<TABLE>
<CAPTION>
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(a) (b) (c) (d) (e) (f)
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<S> <C> <C> <C> <C> <C>
Gianmarco Gesifd S.A.(1) Mr. Colombo is a Member of Management of No No Switzerland
Colombo Gesfid.(2)
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Graziano Deli Gesifd S.A.(1) Mr. Deli is a Member of Management of Gesfid.(1) No No Switzerland
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Giuseppina Gesifd S.A.(1) Ms. Lualdi is a Member of Management of Gesfid.(1) No No Switzerland
Lualdi
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Florenzo Gesifd S.A.(1) Mr. Florenzo is a Vice-President of Gesfid.(1) No No Switzerland
Andreoletti
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Filippo Vaccari Gesifd S.A.(1) Mr. Vaccari is a Vice-President of Gesfid.(1) No No Switzerland
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</TABLE>
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(1) The address of Gesfid S.A. is via Adamini 10a, Lugano, Switzerland
(2) The address of Banca del Gottardo is Viale S. Franscini 8, Lugano,
Switzerland
Page 8 of 11
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: December 10, 1999
GESFID, S.A.
By: /s/ Giovanni Saladino
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Name: Giovanni Saladino
Title: Director of the Executive Board
By: /s/ Antonio Berti
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Name: Antonio Berti
Title: Member of the Executive Board
Page 9 of 11
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: December 10, 1999
/s/ Antonio Saladino
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ANTONIO SALADINO
Page 10 of 11
<PAGE>
EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing on behalf of
each of them of a statement on Schedule 13D (including amendments thereto) with
respect to the Class A Common Stock, par value $0.01 per share of Bitstream Inc.
and that this Agreement be included as an Exhibit to such joint filing.
This Agreement may be executed in any number of counterparts all of
which taken together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this
10th day of December, 1999.
GESFID, S.A.
By: /s/ Giovanni Saladino
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Name: Giovanni Saladino
Title: Director of the Executive Board
By: /s/ Antonio Berti
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Name: Antonio Berti
Title: Member of the Executive Board
/s/ Antonio Saladino
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ANTONIO SALADINO
Page 11 of 11
