SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)(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)
March 27, 1998
- --------------------------------------------------------------------------------
(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 27 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 27 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 27 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 58,333(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
955,906(2) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
58,333(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
955,906(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,014,239(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)
18.8%
- --------------------------------------------------------------------------------
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 or options exercisable
within 60 days of April 15, 1998.
(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
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 4 of 27 Pages
- ------------------------------ --------------------------------
exercise of currently exercisable warrants owned by Seneca Ventures,
(iv) 5,879 shares of Common Stock issuable upon exercise of currently
exercisable warrants owned by Wheatley Partners, L.P., (v) 371 shares
of Common Stock issuable upon exercise of currently exercisable
warrants owned by Wheatley Foreign Partners, L.P. and (vi) 200,000
shares of Common Stock issuable upon exercise of currently exercisable
options owned by Rev-Wood Merchant Partners. Mr. Rubenstein disclaims
beneficial ownership of the securities owned by Woodland Partners,
Woodland Venture Fund, Seneca Ventures, Wheatley Partners, L.P.,
Wheatley Foreign Partners, L.P. and Rev-Wood Merchant Partners except
to the extent of his equity interest therein.
<PAGE>
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CUSIP No. 227698 10 7 13D Page 5 of 27 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>
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CUSIP No. 227698 10 7 13D Page 6 of 27 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 27 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 27 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 27 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 27 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 27 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
32,035(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
32,035(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
32,035(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)
0.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*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., 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 27 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 27 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
0 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
43,606(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
43,606(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)
0.9%
- --------------------------------------------------------------------------------
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.
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 14 of 27 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
0 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
57,100(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
57,100(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)
1.1%
- --------------------------------------------------------------------------------
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.
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 15 of 27 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 161,606(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
0 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
161,606(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
161,606(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)
3.2%
- --------------------------------------------------------------------------------
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.
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 16 of 27 Pages
- ------------------------------ --------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Rev-Wood Merchant 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 200,000(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
0
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
200,000(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
200,000(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)
3.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of shares of Common Stock issuable upon exercise of currently
exercisable options.
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 17 of 27 Pages
- ------------------------------ --------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Marilyn Rubenstein
- --------------------------------------------------------------------------------
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
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
262,312(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
262,312(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
262,312(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)
5.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (1) 3,125 shares of Common Stock issuable upon exercise of
currently exercisable warrants owned by Woodland Venture Fund, (ii)
3,125 shares of Common Stock issuable upon exercise of currently
exercisable warrants owned by Woodland Venture Fund, and (iii) 3,125
shares of Common Stock issuable upon exercise of currently exercisable
warrants owned by Seneca Ventures. Mrs. Rubenstein disclaims beneficial
ownership of the securities owned by Woodland Partners, Woodland
Venture Fund and Seneca Ventures except to the
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 19 of 27 Pages
- ------------------------------ --------------------------------
extent of her equity interest therein. Does not include securities held
by Barry Rubenstein, the husband of Marilyn Rubenstein.
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 19 of 27 Pages
- ------------------------------ --------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Woodland Services Corp.
- --------------------------------------------------------------------------------
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 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
100,706(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
100,761(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
100,706(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)
2.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 3,125 shares of Common Stock issuable upon exercise of
warrants owned by each of Seneca Ventures and Woodland Venture Fund.
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 2 of 27 Pages
- ------------------------------ --------------------------------
Item 2 is amended to include the following:
Item 2. IDENTITY AND BACKGROUND.
14. (a) Rev-Wood Merchant Partners ("Rev-Wood"), 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 Rev-Wood.
15. (a) Marilyn Rubenstein
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Housewife
(d) No.
(e) No.
16. (a) Woodland Services Corp., a New York corporation.
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investment
(d) No.
(e) No.
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 21 of 27 Pages
- ------------------------------ --------------------------------
Item 5. is hereby amended to read in its entirety as follows:
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The following table sets forth the aggregate number and
percentage (based on 5,119,807 shares of Common Stock outstanding as of March 1,
1998) of Common Stock beneficially owned by each Reporting Person named in Item
2 of Schedule 13D.
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) 1,014,239 18.8%
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) 32,035 0.6%
Wheatley Foreign Partners, L.P.(5) 493,594 9.6%
Seneca Ventures (6) 43,606 0.9%
Woodland Venture Fund (7) 57,100 1.1%
Woodland Partners (8) 161,606 3.2%
Rev-Wood Merchant Partners (9) 200,000 3.8%
Marilyn Rubenstein (10) 262,312 5.1%
Woodland Services Corp. (11) 100,706 2.0%
- ---------------------
(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) 58,333 shares of Common Stock issuable upon exercise of
currently exercisable options or options exercisable within 60 days of
April 15, 1998 held by Mr. Rubenstein, (ii) 158,481 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.
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 22 of 27 Pages
- ------------------------------ --------------------------------
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., (vi) 31,664
shares of Common Stock and 371 shares of Common Stock issuable upon
exercise of currently exercisable warrants owned by Wheatley Foreign
and (vii) 200,000 shares of Common Stock issuable upon exercise of
currently exercisable options owned by Rev-Wood. Mr. Rubenstein
disclaims beneficial ownership of the securities owned by Woodland
Partners, Woodland Fund, Seneca, Wheatley Partners, L.P., Wheatley
Foreign Partners, L.P. and Rev-Wood 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., 31,664 shares of Common Stock and 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, 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) Consists of 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.
(7) Consists of 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.
(8) Consists of 158,481 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.
(9) Consists of 200,000 shares of Common Stock issuable upon exercise of
currently exercisable options.
(10) Consists of 158,481 shares of Common Stock and 3,125 shares of Common
Stock issuable upon exercise of currently exercisable warrants owned by
Woodland Partners of which Mrs. Rubenstein is a general partner, (ii)
53,975 shares of Common Stock and 3,125 shares of Common Stock issuable
upon exercise of currently exercisable warrants owned by Woodland Fund
and (iii) 40,481 shares of Common Stock and 3,125 shares of Common
Stock issuable upon the exercise of currently exercisable warrants
owned by Seneca. With respect to the securities held by Seneca and
Woodland Fund, Mrs. Rubenstein is an officer of Woodland Services Corp.
which is a general partner of Seneca and Woodland Fund. Mrs. Rubenstein
disclaims beneficial ownership of the securities held by Woodland
Partners, Seneca and Woodland Fund, except to the extent of her equity
interest therein. Does not include securities held by Barry Rubenstein,
the husband of Marilyn Rubenstein.
(11) Consists of (i) 158,481 shares of Common Stock and 3.125 shares of
Common Stock issuable upon exercise of currently exercisable warrants
owned by
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 23 of 27 Pages
- ------------------------------ --------------------------------
Woodland Fund and (ii) 40,481 shares of Common Stock and 3,125 shares
of Common Stock issuable upon the exercise of currently exercisable
warrants owned by Seneca. Woodland Services Corp. is a general partner
of Seneca and Woodland Fund and disclaims beneficial ownership of the
securities held by Seneca and Woodland Fund, except to the extent of
its equity interest therein.
(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 58,333, 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, Woodland Fund and Rev-Wood, Mr. Rubenstein
may be deemed to have shared power to vote and dispose of 462,312 shares of
Common Stock, representing approximately 8.7% 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
32,035 shares of Common Stock, representing approximately 0.9% 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.
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.
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 24 of 27 Pages
- ------------------------------ --------------------------------
Woodland Partners has sole power to vote and dispose of
161,606 shares of Common Stock representing 3.2% of the outstanding shares of
Common Stock.
Rev-Wood has sole power to vote and dispose of 200,000 shares
of Common Stock representing 3.8% of the outstanding shares of Common Stock.
By virtue of being a general partner of Woodland Partners and
an officer of Woodland Services Corp., which is a general partner of Seneca and
Woodland Fund, Mrs. Rubenstein may be deemed to have shared power to vote and
dispose of 262,312 shares of Common Stock, representing approximately 5.1% of
the outstanding shares of Common Stock.
By virtue of being a general partner of Seneca and Woodland
Fund, Woodland Services Corp. 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 25 of 27 Pages
- ------------------------------ --------------------------------
Number of
Purchase/ Shares
Acquisition Purchased/ Purchase
Name of Shareholder Date Acquired Price
------------------- ---- -------- -----
Woodland Partners 3/05/98 18,000 3.4375
Woodland Partners 3/27/98 100,000 3.90625
Barry Rubenstein 4/13/98 2,083(1) 6.00000
(1) Represents options exercisable within 60 days of April 15, 1998. On
April 13, 1998, Mr. Rubenstein was granted options to purchase 50,000
shares of Common Stock pursuant to the Company's 1991 Stock Option
Plan.
(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.
Woodland Partners acquired the shares of Common Stock purchased in open
market transactions.
(e) Not applicable.
<PAGE>
- ------------------------------ --------------------------------
CUSIP No. 227698 10 7 13D Page 26 of 27 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: May 11, 1998 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 27 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
REV-WOOD MERCHANT PARTNERS
By: /S/ BARRY RUBENSTEIN
-----------------------------------------
Barry Rubenstein, a General
Partner
By: /S/ MARILYN RUBENSTEIN
-----------------------------------------
Marilyn Rubenstein
WOODLAND SERVICES CORP.
By: /S/ BARRY RUBENSTEIN
---------------------------------------
Barry Rubenstein, Member
