<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
IBIS TECHNOLOGY CORPORATION
--------------------------------------------------------
(Name of Issuer)
Common Stock $0.008 PAR VALUE
--------------------------------------------------------
(Title of Class of Securities)
450909106
-----------------
(CUSIP Number)
Copy to: Stephen A. Cohen, Esq.
Wheatley Partners, L.P. Morrison Cohen Singer &
80 Cuttermill Road, Suite 311 Weinstein, LLP
Great Neck, New York, 11021 750 Lexington Avenue
Telephone (516) 773-1024 New York, New York 10022
Telephone (212) 735-8600
--------------------------------------------------------
(Name, Address and Telephone Number of Persons Authorized
to Receive Notices and Communications)
December 3, 1996
--------------------------------------------------------
(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 space___.
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.
*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))
- 1 of 20 -
<PAGE>
CUSIP
No. 450909106 13D
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Partners, L.P.
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /x/
(b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds* WC
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
- -------------------------------------------------------------------------------
(7) Sole Voting Power
338,649 shares 6.6%
--------------------------------------------------
Number of (8) Shared Voting Power
Shares 21,351 shares 0.4%
Beneficially --------------------------------------------------
Owned By (9) Sole Dispositive Power
Each 338,649 shares 6.6%
Reporting --------------------------------------------------
Person (10) Shared Dispositive Power
With 21,351 shares 0.4%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 shares
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person* PN
- -------------------------------------------------------------------------------
- 2 of 20 -
<PAGE>
CUSIP
No. 450909106 13D
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Rubenstein
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /x/
(b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds* WC
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization United States
- -------------------------------------------------------------------------------
(7) Sole Voting Power
0 shares 0%
--------------------------------------------------
Number of (8) Shared Voting Power
Shares 360,000 shares 7%
Beneficially --------------------------------------------------
Owned By (9) Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------
Person (10) Shared Dispositive Power
With 360,000 shares 7%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 shares
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
- -------------------------------------------------------------------------------
- 3 of 20 -
<PAGE>
CUSIP
No. 450909106 13D
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Irwin Lieber
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /x/
(b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds* WC
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization United States
- -------------------------------------------------------------------------------
(7) Sole Voting Power
0 shares 0%
--------------------------------------------------
Number of (8) Shared Voting Power
Shares 360,000 shares 7%
Beneficially --------------------------------------------------
Owned By (9) Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------
Person (10) Shared Dispositive Power
With 360,000 shares 7%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 shares
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
- -------------------------------------------------------------------------------
- 4 of 20 -
<PAGE>
CUSIP
No. 450909106 13D
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Fingerhut
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /x/
(b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds* WC
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization United States
- -------------------------------------------------------------------------------
(7) Sole Voting Power
0 shares 0%
--------------------------------------------------
Number of (8) Shared Voting Power
Shares 360,000 shares 7%
Beneficially --------------------------------------------------
Owned By (9) Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------
Person (10) Shared Dispositive Power
With 360,000 shares 7%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 shares
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
- -------------------------------------------------------------------------------
- 5 of 20 -
<PAGE>
CUSIP
No. 450909106 13D
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Partners LLC
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /x/
(b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds* WC
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
- -------------------------------------------------------------------------------
(7) Sole Voting Power
0 shares 0%
--------------------------------------------------
Number of (8) Shared Voting Power
Shares 360,000 shares 7%
Beneficially --------------------------------------------------
Owned By (9) Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------
Person (10) Shared Dispositive Power
With 360,000 shares 7%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 shares
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
OO
- -------------------------------------------------------------------------------
- 6 of 20 -
<PAGE>
CUSIP
No. 450909106 13D
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Seth Lieber
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /x/
(b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds* WC
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization United States
- -------------------------------------------------------------------------------
(7) Sole Voting Power
0 shares 0%
--------------------------------------------------
Number of (8) Shared Voting Power
Shares 360,000 shares 7%
Beneficially --------------------------------------------------
Owned By (9) Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------
Person (10) Shared Dispositive Power
With 360,000 shares 7%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 shares
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
- -------------------------------------------------------------------------------
- 7 of 20 -
<PAGE>
CUSIP
No. 450909106 13D
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Jonathan Lieber
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /x/
(b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds* WC
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization United States
- -------------------------------------------------------------------------------
(7) Sole Voting Power
0 shares 0%
--------------------------------------------------
Number of (8) Shared Voting Power
Shares 360,000 shares 7%
Beneficially --------------------------------------------------
Owned By (9) Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------
Person (10) Shared Dispositive Power
With 360,000 shares 7%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 shares
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
- -------------------------------------------------------------------------------
- 8 of 20 -
<PAGE>
CUSIP
No. 450909106 13D
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Matthew A. Smith
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /x/
(b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds* WC
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization United States
- -------------------------------------------------------------------------------
(7) Sole Voting Power
0 shares 0%
--------------------------------------------------
Number of (8) Shared Voting Power
Shares 360,000 shares 7%
Beneficially --------------------------------------------------
Owned By (9) Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------
Person (10) Shared Dispositive Power
With 360,000 shares 7%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 shares
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
- -------------------------------------------------------------------------------
- 9 of 20 -
<PAGE>
CUSIP
No. 450909106 13D
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Management Ltd.
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /x/
(b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds* WC
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization Cayman Islands, B.W.I.
- -------------------------------------------------------------------------------
(7) Sole Voting Power
0 shares 0%
--------------------------------------------------
Number of (8) Shared Voting Power
Shares 360,000 shares 7%
Beneficially --------------------------------------------------
Owned By (9) Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------
Person (10) Shared Dispositive Power
With 360,000 shares 7%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 shares
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
OO
- -------------------------------------------------------------------------------
- 10 of 20 -
<PAGE>
CUSIP
No. 450909106 13D
- -------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Foreign Partners, L.P.
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group* (a) /x/
(b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds* WC
- -------------------------------------------------------------------------------
(5) Check Box if Disclosure of Legal Proceedings is Required / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
- -------------------------------------------------------------------------------
(7) Sole Voting Power
21,351 shares 0.4%
--------------------------------------------------
Number of (8) Shared Voting Power
Shares 338,649 shares 6.6%
Beneficially --------------------------------------------------
Owned By (9) Sole Dispositive Power
Each 21,351 shares 0.4%
Reporting --------------------------------------------------
Person (10) Shared Dispositive Power
With 338,649 shares 6.6%
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 shares
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
7%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
PN
- -------------------------------------------------------------------------------
- 11 of 20 -
<PAGE>
This statement, dated December 3, 1996, constitutes Amendment No. 1 to the
Schedule 13D, dated October 28, 1996, regarding the reporting person's ownership
of common stock of IBIS Technology Corporation (the "Issuer").
The Schedule 13D is hereinafter referred to as the "Schedule." All
capitalized terms used herein and otherwise undefined shall have the meanings
ascribed in the Schedule.
This Amendment No. 1 to the Schedule is filed in accordance with Rule 13d-
2 of the Securities Exchange Act of 1934, as amended, by the reporting persons.
It shall refer only to information which has materially changed since the filing
of the Schedule.
ITEM 2. IDENTITY AND BACKGROUND
1. (a) WHEATLEY PARTNERS, L.P., a limited partnership organized under
the laws of the State of Delaware ("Wheatley").
Wheatley Partners LLC is the general partner of Wheatley. The limited
partners of Wheatley include certain other investors.
2. (a) BARRY RUBENSTEIN, a member and Chief Executive Officer of
Wheatley Partners LLC, the general partner of Wheatley and a general partner of
Wheatley Foreign Partners, L.P.
3. (a) IRWIN LIEBER, a member and President, Secretary and Treasurer of
Wheatley Partners LLC, the general partner of Wheatley and a general partner of
Wheatley Foreign Partners L.P., and President and a Director of Wheatley
Management Ltd., a general partner of Wheatley Foreign Partners, L.P.
4. (a) BARRY FINGERHUT, a member and Executive Vice President of
Wheatley Partners LLC, the general partner of Wheatley and a general partner of
Wheatley Foreign Partners, L.P.
5. (a) WHEATLEY PARTNERS LLC, a limited liability company organized
under the laws of the State of Delaware ("Wheatley LLC").
Wheatley LLC is the general partner of Wheatley, and also a general
partner of Wheatley Foreign Partners, L.P.
- 12 of 20 -
<PAGE>
6. (a) SETH LIEBER, a member and a Vice President of Wheatley LLC, the
general partner of Wheatley and a general partner of Wheatley Foreign Partners,
L.P.
7. (a) JONATHAN LIEBER, a member and a Vice President of Wheatley LLC,
the general partner of Wheatley and a general partner of Wheatley Foreign
Partners, L.P.
8. (a) MATTHEW A. SMITH, a member and a Vice President of Wheatley LLC,
the general partner of Wheatley and a general partner of Wheatley Foreign
Partners, L.P.
9. (a) WHEATLEY FOREIGN PARTNERS, L.P., a limited partnership organized
under the laws of Delaware ("Wheatley Foreign").
(b) Address: Third Floor
One Capital Place
P.O. Box 1062
George Town, Grand Cayman
Cayman Islands, B.W.I.
(c) Principal Business: Investments.
(d) No.
(e) No.
The general partners of Wheatley Foreign are Wheatley LLC, and
Wheatley Management Ltd.
10. (a) WHEATLEY MANAGEMENT LTD., a company incorporated in the Cayman
Islands ("Wheatley Management").
(b) Address: Third Floor
One Capital Place
P.O. Box 1062
George Town, Grand Cayman
Cayman Islands, B.W.I.
(c) Principal Business: Investments.
(d) No.
(e) No.
Wheatley Management is a general partner of Wheatley Foreign.
- 13 of 20 -
<PAGE>
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
From September 20, 1996 through November 4, 1996, Wheatley made
open market purchases of Common Stock of the Issuer. On December 3, 1996, in
connection with the Co-investment Agreement, Wheatley delivered 21,351 shares
of Common Stock of the Issuer which it had previously purchased in the open
market over the period from September 20, 1996 through November 4, 1996, to
Wheatley Foreign. Wheatley Foreign reimbursed Wheatley for the purchase
price of the shares of Common Stock purchased on the open market on behalf of
Wheatley Foreign.
ITEM 4. PURPOSE OF THE TRANSACTION.
The reporting persons acquired their shares for purposes of
investment. The reporting persons do not have any plans or proposals which
relate to or would result in any of the actions set forth in subparagraphs (a)
through (j) of Item 4 of Schedule 13D.
ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER.
(a) The following list sets forth the aggregate number and percentage
(based on 5,169,352 shares of Common Stock outstanding as reported by the Issuer
in its 10-Q for the fiscal quarter ended September 30, 1996 of outstanding
shares of Common Stock owned beneficially by each person named in Item 2, as of
December 3, 1996:
Shares of Percentage of Shares of
Common Stock Common Stock
Name Beneficially Owned Beneficially Owned
---- ------------------ ------------------
Wheatley Partners, L.P.(1) 360,000 7%
Barry Rubenstein(2) 360,000 7%
Irwin Lieber(2) 360,000 7%
Barry Fingerhut(2) 360,000 7%
Wheatley Partners LLC(2) 360,000 7%
Seth Lieber(2) 360,000 7%
Jonathan Lieber(2) 360,000 7%
Matthew A. Smith(2) 360,000 7%
Wheatley Foreign Partners, L.P.(3) 360,000 7%
- ---------------
(1) Includes 338,649 Shares of Common Stock owned by Wheatley. Wheatley
disclaims beneficial ownership of 21,351 shares of Common Stock owned
by Wheatley Foreign.
(2) The reporting person disclaims beneficial ownership of these
securities except to the extent of its equity ownership therein.
(3) Includes 21,351 Shares of Common Stock owned by Wheatley Foreign.
Wheatley Foreign disclaims beneficial ownership of 338,649 Shares of
Common Stock owned by Wheatley.
- 14 of 20 -
<PAGE>
Wheatley Management Ltd.(2) 360,000 7%
(b) Wheatley has sole power to vote and dispose of 338,649 shares of
Common Stock, representing approximately 6.6% of the outstanding Common Stock
and may be deemed to have shared power to vote and dispose of 21,351 shares of
Common Stock representing approximately 0.4% of the outstanding Common Stock.
By virtue of being a member and an officer of Wheatley LLC, Barry
Rubenstein may be deemed to have shared power to vote and dispose of 360,000
shares of Common Stock, representing approximately 7% of the outstanding Common
Stock.
By virtue of being a member and an officer of Wheatley LLC, Irwin
Lieber may be deemed to have shared power to vote and dispose of 360,000 shares
of Common Stock, representing approximately 7% of the outstanding Common Stock.
By virtue of being a member and an officer of Wheatley LLC, Barry
Fingerhut may be deemed to have shared power to vote and dispose of 360,000
shares of Common Stock, representing approximately 7% of the outstanding Common
Stock.
By virtue of being the general partner of Wheatley, Wheatley LLC may
be deemed to have shared power to vote and dispose of 360,000 shares of Common
Stock, representing approximately 7% of the outstanding Common Stock. By virtue
of being a general partner of Wheatley Foreign, Wheatley LLC may be deemed to
have shared power to vote and dispose of 360,000 shares of Common Stock,
representing approximately 7% of the outstanding stock.
By virtue of being a member and an officer of Wheatley LLC, Seth
Lieber may be deemed to have shared power to vote and dispose of 360,000 shares
of Common Stock, representing approximately 7% of the outstanding Common Stock.
By virtue of being a member and an officer of Wheatley LLC, Jonathan
Lieber may be deemed to have shared power to vote and dispose of 360,000 shares
of Common Stock, representing approximately 7% of the outstanding Common Stock.
By virtue of being a member and an officer of Wheatley LLC, Matthew A.
Smith may be deemed to have shared power to vote and dispose of 360,000 shares
of Common Stock, representing approximately 7% of the outstanding Common Stock.
Wheatley Foreign has sole power to vote and dispose of 21,351 shares
of Common Stock representing approximately 0.4% of the outstanding Common Stock
and may be deemed to have shared power to vote and dispose of 338,649 shares of
Common Stock, representing approximately 6.6% of the outstanding Common Stock.
- 15 of 20 -
<PAGE>
By virtue of being a general partner of Wheatley Foreign, Wheatley
Management may be deemed to have shared power to vote and dispose of 360,000
shares of Common Stock, representing approximately 7% of the outstanding stock.
(c) The following is a description of all transactions in shares of
Common Stock of the Issuer by the persons identified in Item 2 of this Schedule
13D effected from November 5, 1996 through December 3, 1996, inclusive.
On December 3, 1996, Wheatley delivered in the aggregate 21,351 shares
of Common Stock acquired in the over-the-counter market on behalf of Wheatley
Foreign to Wheatley Foreign at prices ranging from $7.25 to $8.56 per share,
plus interest on the outstanding balance of the purchase price. On December 3,
1996, Wheatley Foreign paid the purchase price for the shares acquired in the
open market by Wheatley on behalf of Wheatley Foreign, and subsequently paid the
interest.
(d) No other person has the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of such securities.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Wheatley and Wheatley Foreign have entered into a co-investment
agreement (the "Co-investment Agreement") dated as of June 25, 1996 pursuant to
which Wheatley and Wheatley Foreign have agreed to act as co-investors with
respect to the purchases of securities of certain companies.
- 16 of 20 -
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
each of the undersigned hereby certifies that the information set forth in this
statement is true, correct and complete.
Date: December 20, 1996
WHEATLEY PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: s/Barry Rubenstein
-----------------------------------------
Barry Rubenstein, Chief Executive Officer
WHEATLEY PARTNERS LLC
By: s/Barry Rubenstein
-----------------------------------------
Barry Rubenstein, Chief Executive Officer
s/Barry Rubenstein
-----------------------------------------
Barry Rubenstein, Individually
s/Irwin Lieber
-----------------------------------------
Irwin Lieber, Individually
s/Barry Fingerhut
-----------------------------------------
Barry Fingerhut, Individually
s/Seth Lieber
-----------------------------------------
Seth Lieber, Individually
s/Jonathan Lieber
-----------------------------------------
Jonathan Lieber, Individually
s/Matthew A. Smith
-----------------------------------------
Matthew A. Smith, Individually
- 17 of 20-
<PAGE>
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: s/Barry Rubenstein
-----------------------------------------
Barry Rubenstein, Chief Executive Officer
WHEATLEY MANAGEMENT LTD.
By: s/Irwin Lieber
-----------------------------------------
Irwin Lieber, President
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
- 18 of 20 -
<PAGE>
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act, as
amended, the undersigned hereby agree to the joint filing on behalf of each of
them on a statement on Schedule 13D (including amendments thereto) with respect
to the Common Stock, par value $.008 per share, of Ibis Technology Corporation
and that this Agreement be included as an Exhibit to such joint filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this 20th
day of December, 1996.
WHEATLEY PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: s/Barry Rubenstein
-----------------------------------------
Barry Rubenstein, Chief Executive Officer
WHEATLEY PARTNERS LLC
By: s/Barry Rubenstein
-----------------------------------------
Barry Rubenstein, Chief Executive Officer
s/Barry Rubenstein
-----------------------------------------
Barry Rubenstein, Individually
s/Irwin Lieber
-----------------------------------------
Irwin Lieber, Individually
s/Barry Fingerhut
-----------------------------------------
Barry Fingerhut, Individually
s/Seth Lieber
-----------------------------------------
Seth Lieber, Individually
s/Jonathan Lieber
-----------------------------------------
Jonathan Lieber, Individually
s/Matthew A. Smith
-----------------------------------------
Matthew A. Smith, Individually
- 19 of 20-
<PAGE>
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: s/Barry Rubenstein
-----------------------------------------
Barry Rubenstein, Chief Executive Officer
WHEATLEY MANAGEMENT LTD.
By: s/Irwin Lieber
-----------------------------------------
Irwin Lieber, President
- 20 of 20 -
