SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)1
CROSSZ SOFTWARE CORPORATION
- --------------------------------------------------------------------------------
(Name of issuer)
COMMON STOCK
- --------------------------------------------------------------------------------
(Title of class of securities)
227698 10 7
- --------------------------------------------------------------------------------
(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME & ROSENZWEIG LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
November 25, 1997
- --------------------------------------------------------------------------------
(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 box
/ /.
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.
(Continued on following pages)
(Page 1 of 30 Pages)
- --------
(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 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. 227698 10 7 13D Page 2 of 30 Pages
- ------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 461,559(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------------
8 SHARED VOTING POWER
32,035(2) shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
461,559(1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
32,035(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
493,594(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 5,879 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Wheatley Partners, L.P.
(2) Includes 371 shares of Common Stock issuable upon exercise of currently
exercisable warrants held by Wheatley Foreign Partners, L.P. to which
Wheatley Partners, L.P. disclaims beneficial ownership.
<PAGE>
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CUSIP No. 227698 10 7 13D Page 3 of 30 Pages
- ------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Barry Rubenstein
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 56,250(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
637,906(2) shares
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
56,250(1) shares
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
637,906(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
694,156(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of Common Stock issuable upon exercise of currently
exercisable options held by Mr. Rubenstein.
(2) Includes (i) 3,125 shares of Common Stock issuable upon exercise of
currently exercisable warrants owned by Woodland Partners, (ii) 3,125
shares of Common Stock issuable upon exercise of currently exercisable
warrants owned by Woodland Venture Fund, (iii) 3,125 shares of Common
Stock issuable upon exercise of currently exercisable warrants owned by
Seneca Ventures, (iv)
<PAGE>
- ------------------------------- -------------------------------------
CUSIP No. 227698 10 7 13D Page 4 of 30 Pages
- ------------------------------- -------------------------------------
5,879 shares of Common Stock issuable upon exercise of currently
exercisable warrants owned by Wheatley Partners, L.P. and (v) 371
shares of Common Stock issuable upon exercise of currently exercisable
warrants owned by Wheatley Foreign Partners, L.P. Mr. Rubenstein
disclaims beneficial ownership of the securities owned by Woodland
Partners, Woodland Venture Fund, Seneca Ventures, Wheatley Partners,
L.P. and Wheatley Foreign Partners, L.P. except to the extent of his
equity interest therein.
<PAGE>
- ------------------------------- -------------------------------------
CUSIP No. 227698 10 7 13D Page 5 of 30 Pages
- ------------------------------- -------------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Irwin Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 56,250(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
-------------------------------------------------------------
8 SHARED VOTING POWER
493,594(2) shares
-------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
56,250(1) shares
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
493,594(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
549,844(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of Common Stock issuable upon exercise of currently
exercisable options held by Mr. Lieber.
(2) Includes 5,879 shares of Common Stock issuable upon exercise of
currently exercisable warrants owned by Wheatley Partners, L.P. and 371
shares of Common Stock issuable upon exercise of currently exercisable
warrants owned by Wheatley Foreign Partners, L.P. to which Mr. Lieber
disclaims beneficial ownership, except to the extent of his equity
interest therein.
<PAGE>
- ----------------------------- ------------------------------------
CUSIP No. 227698 10 7 13D Page 6 of 30 Pages
- ----------------------------- ------------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Barry Fingerhut
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------------
8 SHARED VOTING POWER
493,594(1) shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
493,594(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
493,594(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 5,879 shares of Common Stock issuable upon exercise of
currently exercisable warrants owned by Wheatley Partners, L.P. and 371
shares of Common Stock issuable upon exercise of currently exercisable
Warrants held by Wheatley Foreign Partners, L.P., to which Mr.
Fingerhut disclaims beneficial ownership except to the extent of his
equity interest therein.
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 7 of 30 Pages
- --------------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Partners LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------------
8 SHARED VOTING POWER
493,594(1) shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
493,594(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
493,594(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 5,879 shares of Common Stock issuable upon exercise of
currently exercisable warrants owned by Wheatley Partners, L.P. and 371
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley Foreign Partners, L.P., to which Wheatley
Partners LLC disclaims beneficial ownership, except to the extent of
its equity interest therein.
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 8 of 30 Pages
- --------------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Seth Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,084(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
493,594(2) shares
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,084(1) shares
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
493,594(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
495,678(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of Common Stock issuable upon exercise of currently
exercisable options.
(2) Includes 5,879 shares of Common Stock issuable upon exercise of
currently exercisable warrants owned by Wheatley Partners, L.P. and 371
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley Foreign Partners, L.P., to which Mr. Lieber
disclaims beneficial ownership except to the extent of his equity
interest therein.
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 9 of 30 Pages
- --------------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Jonathan Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,084(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
493,594(2) shares
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,084(1) shares
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
493,594(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
495,678(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of Common Stock issuable upon exercise of currently
exercisable options.
(2) Includes 5,879 shares of Common Stock issuable upon exercise of
currently exercisable warrants owned by Wheatley Partners, L.P. and 371
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley Foreign Partners, L.P., to which Mr. Lieber
disclaims beneficial ownership, except to the extent of his equity
interest therein.
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 10 of 30 Pages
- --------------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Matthew A. Smith
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 8,334(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
493,594(2) shares
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
8,334(1) shares
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
493,594(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
501,928(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of Common Stock issuable upon exercise of currently
exercisable options.
(2) Includes 5,879 shares of Common Stock issuable upon exercise of
currently exercisable warrants owned by Wheatley Partners, L.P. and 371
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley Foreign Partners, L.P., to which Mr. Smith
disclaims beneficial ownership, except to the extent of his equity
interest therein.
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 11 of 30 Pages
- --------------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Management Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Cayman Islands, B.W.I.
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
493,594(1) shares
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
493,594(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
493,594(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 5,879 shares of Common Stock issuable upon exercise of
currently exercisable warrants owned by Wheatley Partners, L.P. and 371
shares of Common Stock issuable upon exercise of currently exercisable
warrants held by Wheatley Foreign Partners, L.P., to which Wheatley
Management, Ltd. disclaims beneficial ownership, except to the extent
of its equity interest therein.
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 12 of 30 Pages
- --------------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Foreign Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 32,035(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------
8 SHARED VOTING POWER
461,559(2) shares
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
32,035(1) shares
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
461,559(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
493,594(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 371 shares of Common Stock issuable upon exercise of currently
exercisable warrants held by Wheatley Foreign Partners, L.P.
(2) Includes 5,879 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Wheatley Partners, L.P. to which
Wheatley Foreign Partners, L.P. disclaims beneficial ownership.
<PAGE>
- --------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 13 of 30 Pages
- --------------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Seneca Ventures
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 43,606(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
100,706 shares
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
43,606(1) shares
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
100,706 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
144,312(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 3,125 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Seneca Ventures.
(2) Includes 3,125 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by each of Woodland Partners and
the Woodland Venture Fund, to which Seneca Ventures disclaims
beneficial ownership.
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 14 of 30 Pages
- --------------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Woodland Venture Fund
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 57,100(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
87,212(2) shares
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
57,100(1) shares
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
87,212(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
144,312(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 3,125 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Woodland Venture Fund.
(2) Includes 3,125 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by each of Woodland Partners and
Seneca Ventures, to which Woodland Venture Fund disclaims beneficial
ownership.
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 15 of 30 Pages
- --------------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Woodland Partners
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 43,606(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
100,706(2) shares
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
43,606(1) shares
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
100,706(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
144,312(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 3,125 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Woodland Partners.
(2) Includes 3,125 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by each of the Woodland Venture
Fund and Seneca Ventures, to which Woodland Partners disclaims
beneficial ownership.
<PAGE>
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CUSIP No. 227698 10 7 13D Page 16 of 30 Pages
- --------------------------------- -------------------------------
The following constitutes the Schedule 13D filed by the undersigned
(the "Schedule 13D").
Item 1. SECURITY AND ISSUER.
This Statement relates to Common Stock, par value $.001 per
share ("Common Stock"), of CrossZ Software Corporation (the "Issuer"). On
November 20, 1997, the Issuer offered 2,500,000 shares of Common Stock in an
initial public offering (the "Offering"). The closing of such offering occurred
on November 25, 1997. Immediately prior to such closing, outstanding Series D
Preferred Stock ("Preferred Stock") and the three other classes of Preferred
Stock of the Issuer then outstanding were converted into 1,697,770 shares of
Common Stock. Such amount included Common Stock issuable to the undersigned. The
principal executive offices of the Issuer are located at 60 Charles Lindbergh
Boulevard, Uniondale, New York 11553.
In July 1997, the Company effected a 1-for-4 reverse stock
split of its Common Stock, Preferred Stock and the other three series of
preferred stock then outstanding, and, in October 1997, the Issuer effected a
1-for-2 reverse stock split of its Common Stock, Preferred Stock and the other
three series of preferred stock then outstanding. All information in this
Schedule 13D gives effect to the stock splits.
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 and a general partner of
Wheatley Foreign Partners, L.P. ("Wheatley Foreign"), a limited partnership
organized under the laws of the State of Delaware. Mr. Rubenstein is also a
general partner of each of Seneca Ventures ("Seneca") and Woodland Venture Fund
("Woodland Fund") which are limited partnerships organized under the laws of the
State of New York and a general partner of Woodland Partners which is a general
partnership organized under the laws of the State of New York.
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: 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 and a general partner of
Wheatley Foreign, and President and a Director of Wheatley Management Ltd., a
general partner of Wheatley Foreign.
(b) Address: 80 Cuttermill Road, Suite 311
Great Neck, New York 11021
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 17 of 30 Pages
- --------------------------------- -------------------------------
(c) Principal Business: Investment adviser.
(d) No.
(e) No.
(f) Citizenship: United States
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.
(b) Address: 80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Business: 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, and also a general
partner of Wheatley Foreign.
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.
(b) Address: 80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Business: Investments
(d) No.
(e) No.
(f) Citizenship: United States
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.
(b) Address: 80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Business: Investments
(d) No.
(e) No.
(f) Citizenship: United States
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 18 of 30 Pages
- --------------------------------- -------------------------------
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.
(b) Address: 80 Cuttermill Road, Suite 311
Great Neck, New York 11021
(c) Principal Business: Investments
(d) No.
(e) No.
(f) Citizenship: United States
9. (a) WHEATLEY FOREIGN PARTNERS, L.P., a limited partnership organized
under the laws of Delaware.
(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.
11. (a) SENECA VENTURES, a limited partnership organized under the laws
of the State of New York.
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments
(d) No.
(e) No.
Barry Rubenstein is a general partner of Seneca.
12. (a) WOODLAND VENTURE FUND, a limited partnership organized under
the laws of the State of New York.
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments
(d) No.
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 19 of 30 Pages
- --------------------------------- -------------------------------
(e) No.
Barry Rubenstein is a general partner of Woodland Fund.
13. (a) WOODLAND PARTNERS, a general partnership organized under the
laws of the State of New York.
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments
(d) No.
(e) No.
Barry Rubenstein is a general partner of Woodland Partners.
Each of the persons or entities described in this Item 2 are
hereinafter "Reporting Persons."
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 20 of 30 Pages
- --------------------------------- -------------------------------
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
On November 20, 1997 Wheatley and Wheatley Foreign acquired
138,344 and 11,656 shares of Common Stock, respectively, in open market
purchases. The aggregate purchase price was $864,650 and $72,850, respectively
and came from the working capital and other funds of Wheatley and Wheatley
Foreign, respectfully.
On November 25, 1997, Wheatley, Wheatley Foreign, Seneca,
Woodland Fund and Woodland Partners received shares of Common Stock as a result
of the conversion of all of the Issuer's outstanding Preferred Stock and all
accrued and unpaid dividends thereon into 317,336, 20,008, 40,481, 53,975 and
40,481 shares of Common Stock, respectively. The aggregate purchase price for
the shares of Preferred Stock acquired by Wheatley and Wheatley Foreign was
$2,500,000 and the shares of Preferred Stock were acquired from their working
capital and their other funds. The aggregate purchase price for the shares of
Preferred Stock acquired by Seneca, Woodland Fund and Woodland Partners was
$300,000, $400,000 and $300,000, respectively and the shares of Preferred Stock
were acquired from their working capital and other funds.
In addition to the foregoing conversion warrants to purchase
Preferred Stock held by Wheatley, Wheatley Foreign, Seneca, Woodland Fund and
Woodland Partners were converted into warrants to purchase Common Stock.
Item 4. PURPOSE OF TRANSACTION.
The Reporting Persons purchased the shares of Common Stock for
investment purposes. No Reporting Person has any present plans or proposals
which would relate to or result in any of the matters set forth in subparagraphs
(a) - (j) of Item 4 of Schedule 13D.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The following table sets forth the aggregate number and
percentage (based on 5,117,008 shares of Common Stock outstanding as of November
25, 1997) of Common Stock beneficially owned by each Reporting Person named in
Item 2 of Schedule 13D.
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 21 of 30 Pages
- --------------------------------- -------------------------------
Percentage of
Shares of Common Shares of Common
Stock Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
Wheatley Partners, L.P.(1) 493,594 9.6%
Barry Rubenstein(2) 694,156 13.4%
Irwin Lieber(3) 549,844 10.6%
Barry Fingerhut(4) 493,594 9.6%
Wheatley Partners LLC(4) 493,594 9.6%
Seth Lieber(4) 495,678 9.7%
Jonathan Lieber(4) 495,678 9.7%
Matthew A. Smith(4) 501,928 9.8%
Wheatley Management Ltd.(4) 493,594 9.6%
Wheatley Foreign Partners, L.P.(5) 493,594 9.6%
Seneca Ventures (6) 144,312 2.8%
Woodland Venture Fund (7) 144,312 2.8%
Woodland Partners (8) 144,312 2.8%
- ---------------------
(1) Includes (i) 455,680 shares of Common Stock owned by Wheatley and 5,879
shares of Common Stock issuable upon exercise of warrants currently
exercisable held by Wheatley and (ii) 31,664 shares of Common Stock
owned by Wheatley Foreign and 371 shares of Common Stock issuable upon
exercise of warrants currently exercisable held by Wheatley Foreign to
which Wheatley disclaims beneficial ownership.
(2) Includes (i) 56,250 shares of Common Stock issuable upon exercise of
currently exercisable options held by Mr. Rubenstein, (ii) 40,481
shares of Common Stock and 3,125 shares of Common Stock issuable upon
exercise of currently exercisable warrants owned by Woodland Partners
of which Mr. Rubenstein is a general partner, (iii) 53,975 shares of
Common Stock and 3,125 shares of Common Stock issuable upon exercise of
currently exercisable warrants owned by Woodland Fund of which Mr.
Rubenstein is a general partner, (iv) 40,481 shares of Common Stock and
3,125 shares of Common Stock issuable upon exercise of currently
exercisable warrants owned by Seneca of which Mr. Rubenstein is a
general partner, (v) 455,680 shares of Common Stock and 5,879 shares of
Common Stock issuable upon exercise of currently exercisable warrants
owned by Wheatley Partners, L.P. and (vi) 31,664 shares of Common Stock
and 371 shares of Common Stock issuable upon exercise of currently
exercisable warrants owned by Wheatley Foreign. Mr. Rubenstein
disclaims beneficial ownership of the securities owned by Woodland
Partners, Woodland Fund, Seneca, Wheatley Partners, L.P. and Wheatley
Foreign Partners, L.P. except to the extent of his equity interest
therein.
(3) Includes (i) 56,250 shares of Common Stock issuable upon exercise of
currently exercisable options held by Mr. Lieber and (ii) 455,680
shares of Common Stock and 5,879 shares of Common Stock issuable upon
exercise of currently exercisable warrants owned by Wheatley Partners,
L.P. and 31,664 shares of Common Stock 371 shares of Common Stock
issuable upon exercise of currently exercisable warrants owned by
Wheatley Foreign. Mr. Lieber disclaims beneficial ownership of the
securities owned by Wheatley Partners,
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 22 of 30 Pages
- --------------------------------- -------------------------------
L.P. and Wheatley Foreign Partners, L.P., except to the extent of his
equity interest therein.
(4) The Reporting Person disclaims beneficial ownership of these securities
except to the extent of his or its equity ownership in Wheatley and/or
Wheatley Foreign.
(5) Includes (i) 31,664 shares of Common Stock owned by Wheatley Foreign
and 371 shares of Common Stock issuable upon exercise of warrants
currently exercisable held by Wheatley Foreign and (ii) 455,680 shares
of Common Stock owned by Wheatley and 5,879 shares of Common Stock
issuable upon exercise of warrants currently exercisable held by
Wheatley, to which Wheatley Foreign disclaims beneficial ownership.
(6) Includes (i) 40,481 shares of Common Stock owned by Seneca and 3,125
shares of Common Stock issuable upon exercise of warrants currently
exercisable held by Seneca and (ii) 53,975 and 40,481 shares of Common
Stock owned by the Woodland Fund and Woodland Partners, respectively,
and 3,125 shares of Common Stock issuable upon exercise of warrants
currently exercisable held by each of Woodland Fund and Woodland
Partners, to which Seneca disclaims beneficial ownership.
(7) Includes (i) 53,975 shares of Common Stock owned by Woodland Fund and
3,125 shares of Common Stock issuable upon exercise of warrants
currently exercisable held by Woodland Fund and (ii) 40,481 shares of
Common Stock owned by each of Seneca and Woodland Partners, and 3,125
shares of Common Stock issuable upon exercise of warrants currently
exercisable held by each of Seneca and Woodland Partner, respectively,
to which Woodland Fund disclaims beneficial ownership.
(8) Includes (i) 40,481 shares of Common Stock owned by Woodland Partners
and 3,125 shares of Common Stock issuable upon exercise of warrants
currently exercisable held by Woodland Partners and (ii) 40,481 and
53,975 shares of Common Stock owned by Seneca and Woodland Fund,
respectively, and 3,125 shares of Common Stock issuable upon exercise
of warrants currently exercisable held by each of Seneca and Woodland
Fund, respectively, to which Woodland Partners disclaims beneficial
ownership.
(b) Wheatley has sole power to vote and dispose of 461,559
shares of Common Stock, representing approximately 9.0% of the outstanding
shares of Common Stock and may be deemed to have shared power to vote and
dispose of 32,035 shares of Common Stock, representing less than 1% of the
outstanding shares of Common Stock.
By virtue of being the general partner of Wheatley and
Wheatley Foreign, Wheatley LLC may be deemed to have shared power to vote and
dispose of 493,594 shares of Common Stock, representing approximately 9.6% of
the outstanding shares of Common Stock.
Barry Rubenstein, Irwin Lieber, Seth Lieber, Jonathan Lieber
and Matthew A. Smith each have sole power to vote and dispose of 56,250, 56,250,
2,084, 2,084 and 8,334 shares of Common Stock upon the exercise of options. By
virtue of each being a member and an officer of Wheatley LLC, each of Barry
Rubenstein, Irwin Lieber, Barry Fingerhut, Seth Lieber, Jonathan Lieber and
Matthew A. Smith may be deemed to have shared power to vote and dispose of
493,594 shares of Common Stock, representing approximately 9.6% of the
outstanding shares of Common Stock. In addition, by virtue of being a general
partner of Seneca, Woodland Partners and Woodland Fund, Mr. Rubenstein
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 23 of 30 Pages
- --------------------------------- -------------------------------
has shared power to vote and dispose of 144,312 shares of Common Stock,
representing approximately 2.8% of the outstanding shares of Common Stock.
Wheatley Foreign has sole power to vote and dispose of 32,035
shares of Common Stock representing less than 1% of the outstanding shares of
Common Stock and may be deemed to have shared power to vote and dispose of
461,559 shares of Common Stock, representing approximately 9.0% of the
outstanding shares of Common Stock.
By virtue of being a general partner of Wheatley Foreign,
Wheatley Management may be deemed to have shared power to vote and dispose of
493,594 shares of Common Stock, representing approximately 9.6% of the
outstanding shares of Common Stock.
Seneca has sole power to vote and dispose of 43,606 shares of
Common Stock representing less than 1% of the outstanding shares of Common Stock
and may be deemed to have shared power to vote and dispose of 100,706 shares of
Common Stock, representing approximately 2.0% of the outstanding shares of
Common Stock.
Woodland Fund has sole power to vote and dispose of 57,100
shares of Common Stock representing approximately 1.1% of the outstanding shares
of Common Stock and may be deemed to have shared power to vote and dispose of
87,212 shares of Common Stock, representing approximately 1.7% of the
outstanding shares of Common Stock.
Woodland Partners has sole power to vote and dispose of 43,606
shares of Common Stock representing less than 1% of the outstanding shares of
Common Stock and may be deemed to have shared power to vote and dispose of
100,706 shares of Common Stock, representing approximately 2.0% of the
outstanding shares of Common Stock.
(c) The following table sets forth a description of all
transactions in shares of Common Stock of the Issuer by the Reporting Persons
identified in Item 2 of this Schedule 13D effected in the last sixty days.
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 24 of 30 Pages
- --------------------------------- -------------------------------
Number of
Purchase/ Shares
Acquisition Purchased/ Purchase
Name of Shareholder Date Acquired Price
------------------- ---- -------- -----
Wheatley Partners, 11/20/97 138,344 6.25
L.P.
11/25/97 317,336 Conversion
of
Preferred
Stock
Wheatley Foreign 11/20/97 11,656 6.25
Partners, L.P.
11/25/97 20,008 Conversion
of
Preferred
Stock
Seneca Ventures 11/25/97 40,481 Conversion
of
Preferred
Stock
Woodland Venture Fund 11/25/97 53,975 Conversion
of
Preferred
Stock
Woodland Partners 11/25/97 40,481 Conversion
of
Preferred
Stock
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the receipt of dividends from,
or proceeds from the sale of, such shares of Common Stock.
Wheatley and Wheatley Foreign acquired the shares of Common Stock
purchased on November 20, 1997 in open market transactions.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
(a) The Reporting Persons entered into lock-up agreements with
GKN Securities ("GKN") and Barington Capital Group ("Barington, and, together
with GKN, the "Underwriters"), effective as of
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 25 of 30 Pages
- --------------------------------- -------------------------------
November 19, 1997. Pursuant to these agreements, the Reporting Persons shall not
sell, assign or transfer their shares of Common Stock or the Common Stock
issuable upon exercise of options or warrants, as the case may be, without the
prior written consent of the Underwriters for a period of thirteen months
commencing as of November 19, 1997. The Reporting Persons have also agreed to
waive demand and piggyback registration rights that they hold for a period of
thirteen months commencing as of November 19, 1997.
(b) Except for the circumstances discussed or referred to in
paragraph (a) above, 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.
Item 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A. Joint Filing Agreement.
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 26 of 30 Pages
- --------------------------------- -------------------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: November 25, 1997 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
/S/ IRWIN LIEBER
--------------------------------------
Irwin Lieber
/S/ BARRY FINGERHUT
--------------------------------------
Barry Fingerhut
/S/ SETH LIEBER
--------------------------------------
Seth Lieber
/S/ JONATHAN LIEBER
--------------------------------------
Jonathan Lieber
/S/ MATTHEW A. SMITH
--------------------------------------
Matthew A. Smith
<PAGE>
- ---------------------------------- ------------------------------
CUSIP No. 227698 10 7 13D Page 27 of 30 Pages
- --------------------------------- ------------------------------
WHEATLEY MANAGEMENT LTD.
By: /S/ IRWIN LIEBER
---------------------------------
Irwin Lieber, President
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners LLC, General
Partner
By: /S/ BARRY RUBENSTEIN
--------------------------------
Barry Rubenstein, Chief Executive
Officer
SENECA VENTURES
By: /S/ BARRY RUBENSTEIN
--------------------------------
Barry Rubenstein, a General
Partner
WOODLAND PARTNERS
By: /S/ BARRY RUBENSTEIN
--------------------------------
Barry Rubenstein, a General
Partner
WOODLAND VENTURE FUND
By: /S/ BARRY RUBENSTEIN
--------------------------------
Barry Rubenstein, a General
Partner
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 28 of 30 Pages
- --------------------------------- -------------------------------
EXHIBIT INDEX
EXHIBIT PAGE
- ------- ----
A. Joint Filing Agreement 29
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 29 of 30 Pages
- --------------------------------- -------------------------------
EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f)(1)(iii) under the Securities
Exchange Act of 1934, as amended, the persons named below agree to the joint
filing on behalf of each of them of a Statement on Schedule 13D dated November
25, 1997 (including amendments thereto) with respect to the Common Stock of
CrossZ Software Corporation. This Joint Filing Agreement shall be filed as an
Exhibit to such Statement.
Dated: November 25, 1997 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
/S/ IRWIN LIEBER
--------------------------------------
Irwin Lieber
/S/ BARRY FINGERHUT
--------------------------------------
Barry Fingerhut
/S/ SETH LIEBER
--------------------------------------
Seth Lieber
/S/ JONATHAN LIEBER
--------------------------------------
Jonathan Lieber
/S/ MATTHEW A. SMITH
--------------------------------------
Matthew A. Smith
<PAGE>
- ---------------------------------- -------------------------------
CUSIP No. 227698 10 7 13D Page 30 of 30 Pages
- --------------------------------- -------------------------------
WHEATLEY MANAGEMENT LTD.
By: /S/ IRWIN LIEBER
--------------------------------
Irwin Lieber, President
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners LLC, General
Partner
By: /S/ BARRY RUBENSTEIN
--------------------------------
Barry Rubenstein, Chief Executive
Officer
SENECA VENTURES
By: /S/ BARRY RUBENSTEIN
--------------------------------
Barry Rubenstein, a General
Partner
WOODLAND PARTNERS
By: /S/ BARRY RUBENSTEIN
--------------------------------
Barry Rubenstein, a General
Partner
WOODLAND VENTURE FUND
By: /S/ BARRY RUBENSTEIN
--------------------------------
Barry Rubenstein, a General
Partner
