<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
IBIS TECHNOLOGY CORPORATION
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(Name of Issuer)
Common Stock, $0.008 PAR VALUE
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(Title of Class of Securities)
450909106
----------------------------
(CUSIP Number)
Copy to: Stephen A. Cohen, Esq.
Wheatley Partners, L.P. Morrison Cohen Singer & Weinstein, LLP
80 Cuttermill Road, Suite 311 750 Lexington Avenue
Great Neck, New York 11021 New York, New York 10022
Telephone (516) 773-1024 Telephone (212) 735-8600
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(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
October 28, 1996
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(Date of Event which Requires Filing 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 17 -
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CUSIP
No. 450909106 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Partners, L.P.
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2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required / /
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6 Citizenship or Place of Organization Delaware
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7 Sole Voting Power
360,000 shares 7%
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Number of 8 Shared Voting Power
Shares 0 shares 0%
Beneficially -------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 360,000 shares 7%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 0 shares 0%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 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)
7%
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14 Type of Reporting Person* PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 2 of 17 -
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CUSIP
No. 450909106 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Rubenstein
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2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required / /
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
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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%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 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)
7%
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14 Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 3 of 17 -
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CUSIP
No. 450909106 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Irwin Lieber
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2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required / /
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
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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%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 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)
7%
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14 Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 4 of 17 -
<PAGE>
CUSIP
No. 450909106 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Fingerhut
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2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required / /
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
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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%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 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)
7%
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14 Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 5 of 17 -
<PAGE>
CUSIP
No. 450909106 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wheatley Partners LLC
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2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required / /
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6 Citizenship or Place of Organization Delaware
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7 Sole Voting Power
0 shares 0%
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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%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 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)
7%
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14 Type of Reporting Person*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 6 of 17 -
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CUSIP
No. 450909106 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Seth Lieber
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2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required / /
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
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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%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 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)
7%
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14 Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 7 of 17 -
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CUSIP
No. 450909106 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Jonathan Leiber
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2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
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3 SEC Use Only
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4 Source of Funds*
WC
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5 Check Box if Disclosure of Legal Proceedings is Required / /
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
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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%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 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)
7%
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14 Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 8 of 17 -
<PAGE>
CUSIP
No. 450909106 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Matthew A. Smith
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2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
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3 SEC Use Only
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4 Source of Funds*
WC
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5 Check Box if Disclosure of Legal Proceedings is Required / /
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
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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%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
360,000 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)
7%
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14 Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 9 of 17 -
<PAGE>
This statement, dated October 28, 1996, relates to the reporting persons'
ownership of common stock of Ibis Technology Corporation (the "Issuer").
ITEM 1. SECURITY AND ISSUER
(a) Common Stock, $0.008 par value per share ("Common Stock"),
(CUSIP No. 450909106);
Ibis Technology Corporation
32 Cherry Hill Drive
Danvers, Massachusetts 01923
ITEM 2. IDENTITY AND BACKGROUND
1. (a) WHEATLEY PARTNERS, L.P., a limited partnership organized under
the laws of the State of Delaware ("Wheatley").
(b) Address: c/o Wheatley Partners LLC
80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Business: Investments
(d) No.
(e) No.
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.
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Occupation: General partner of partnerships and
limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
3. (a) IRWIN LIEBER, a member and President, Secretary and Treasurer of
Wheatley Partners LLC, the general partner of Wheatley.
- 10 of 17 -
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(b) Address: 80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Occupation: Investment adviser.
(c) No.
(d) No.
(e) Citizenship: United States.
4. (a) BARRY FINGERHUT, a member and Executive Vice President of
Wheatley Partners LLC, the general partner of Wheatley.
(b) Address: 80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Occupation: Investment adviser.
(d No.
(e) No.
(f) Citizenship: United States.
5 (a) WHEATLEY PARTNERS LLC, a limited liability company organized
under the laws of the State of Delaware ("Wheatley LLC").
(b) Address: 80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Business: Investments.
(d) No.
(e) No.
Wheatley LLC is the general partner of Wheatley.
6. (a) SETH LIEBER, a member and an officer of Wheatley LLC.
(b) Address: 80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Occupation: Investments.
(c) No.
(e) No.
(f) Citizenship: United States.
7. (a) JONATHAN LIEBER, a member and an officer of Wheatley LLC.
- 11 of 17 -
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(b) Address: 80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Occupation: Investments.
(d) No.
(e) No.
(f) Citizenship: United States
8. (a) MATTHEW A. SMITH, a member and an officer of Wheatley LLC.
(b) Address: 80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Occupation: Investments.
(d) No.
(e) No.
(f) Citizenship: United States
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. Wheatley obtained funds for the
purchase of the Common Stock from its working capital.
The amount of funds used in making the purchases of the Common Stock
in the over-the-counter market is set forth below:
NAME AMOUNT OF CONSIDERATION
Wheatley Partners, L.P. $3,011,125
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
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fiscal quarter ending June 30, 1996) of outstanding shares of Common Stock owned
beneficially by each person named in Item 2, as of November 4, 1996:
Shares of Percentage of Shares of
Common Stock Common Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
Wheatley Partners, L.P. 360,000 7%
Barry Rubenstein (1) 360,000 7%
Irwin Lieber (1) 360,000 7%
Barry Fingerhut (1) 360,000 7%
Wheatley Partners LLC (1) 360,000 7%
Seth Lieber (1) 360,000 7%
Jonathan Lieber (1) 360,000 7%
Matthew A. Smith (1) 360,000 7%
(b) Wheatley has sole 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
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 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.
- ------------------------------
(1) The reporting person disclaims beneficial ownership of these
securities except to the extent of its or his equity ownership therein.
- 13 of 17 -
<PAGE>
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.
(c) The following is a description of all transaction in shares
of Common Stock of the Issuer by the persons identified in Item 2 of this
Schedule 13D effected from September 2, 1996 through November 4, 1996 inclusive.
Name of Purchase or Number of Shares Purchase or
Shareholder Sale Date Purchased or (Sold) Sale Price
Wheatley Partners, L.P. 9/20/96 5,500 $8.44
9/23/96 6,100 $8.50
9/25/96 35,000 $8.56
10/1/96 8,000 $8.56
10/3/96 2,500 $8.56
10/16/96 200,900 $8.50
10/28/96 62,000 $8.19
10/28/96 32,000 $7.81
11/4/96 8,000 $7.25
Wheatley acquired the shares of Common Stock in the over-the-counter
market.
(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.
There are no contracts, arrangements, understandings, or relationships
with respect to the securities of the Issuer among any of the persons reporting
in this Schedule 13D.
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ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
EXHIBIT A - Agreement dated November 5, 1996 among the reporting
persons by which they have agreed to file this Schedule 13D and all necessary
amendments, as required by Rule 13d-1(f).
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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: November 5, 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
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
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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 5th
day of November, 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 17 -
