SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 8)(1)
QUERYOBJECT SYSTEMS CORPORATION
- --------------------------------------------------------------------------------
(Name of issuer)
COMMON STOCK
- --------------------------------------------------------------------------------
(Title of class of securities)
74833H 10 0
- --------------------------------------------------------------------------------
(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY 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)
August 13, 1999
- --------------------------------------------------------------------------------
(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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box / /.
Note. The Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 26 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>
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CUSIP No. 74833H 10 0 13D Page 2 of 26 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 OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 5,294,523(1) shares
OWNED BY -------------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 452,041(2) shares
-------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
5,294,523(1) shares
-------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
452,041(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,746,564(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)
47.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 1,910,279 shares of Common Stock issuable upon exercise of
warrants and (ii) 2,816,000 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock held by
Wheatley Partners, L.P.
(2) Includes (i) 165,971 shares of Common Stock issuable upon exercise of
warrants and (ii) 244,870 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock held by
Wheatley Foreign Partners, L.P., of which Wheatley Partners, L.P.
disclaims beneficial ownership.
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 3 of 26 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Barry Rubenstein
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 652,399(1) shares
OWNED BY ---------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 8,023,586(2) shares
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
652,399(1) shares
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,023,586(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
8,675,985 (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)
58.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 111,457 shares of Common Stock issuable upon exercise
of options, (ii) 225,000 shares of Common Stock issuable upon exercise
of warrants and (iii) 315,942 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock held by Mr.
Rubenstein.
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 4 of 26 Pages
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(2) Includes (a)(i) 103,125 shares of Common Stock issuable upon exercise
of warrants and (ii) 115,942 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock held by Woodland
Partners,(b)(i) 315,625 shares of Common Stock issuable upon exercise
of warrants, and (ii) 411,884 shares of Common Stock issuable upon
conversion of shares of Series A, Series B & Series C Preferred Stock
all of which are held by Woodland Venture Fund, (c)(i) 265,625 shares
of Common Stock issuable upon exercise of warrants, (ii) 353,913 shares
of Common Stock issuable upon conversion of shares of Series A, Series
B and Series C Preferred Stock all of which are held by Seneca
Ventures, (d)(i) 1,910,279 shares of Common Stock issuable upon
exercise of warrants and (ii) 2,816,000 shares of Common Stock issuable
upon conversion of shares of Series A & Series C Preferred Stock, all
of which are held by Wheatley Partners, L.P., (e)(i) 165,971 shares of
Common Stock issuable upon exercise of warrants and (ii) 244,870 shares
of Common Stock issuable upon conversion of shares of Series A & Series
C Preferred Stock, all of which are held by Wheatley Foreign Partners,
L.P.,(f) 350,000 shares of Common Stock issuable upon exercise of
options held by Rev-Wood Merchant Partners, and (g)(i) 50,000 shares of
Common Stock issuable upon exercise of warrants and (ii) 57,971 shares
of Common Stock issuable upon conversion of shares of Series C
Preferred Stock, all of which are held by Brookwood Partners, L.P. Mr.
Rubenstein disclaims beneficial ownership of the securities held by
Woodland Partners, Woodland Venture Fund, Seneca Ventures, Wheatley
Partners, L.P., Wheatley Foreign Partners, L.P., Rev-Wood Merchant
Partners and Brookwood Partners L.P., except to the extent of his
respective equity interest therein.
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 5 of 26 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 OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 328,442(1) shares
OWNED BY --------------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 5,746,564(2) shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
328,442(1) shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,746,564(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
6,075,006(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)
48.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 112,500 shares of Common Stock issuable upon exercise
of options, (ii) 100,000 shares of Common Stock issuable upon exercise
of warrants and (ii) 115,942 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock, all of which are held
by Mr. Lieber.
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 6 of 26 Pages
- ----------------------- -------------------------
(2) Includes (a)(i) 1,910,279 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,816,000 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by Wheatley Partners, L.P., and (b)(i) 165,971 shares of
Common Stock issuable upon exercise of warrants and (ii) 244,870 shares
of Common Stock issuable upon conversion of shares of Series A & Series
C Preferred Stock, all of which are held by Wheatley Foreign Partners,
L.P., of which Mr. Lieber disclaims beneficial ownership, except to the
extent of his respective equity interest therein.
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 7 of 26 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 OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,084(1) shares
OWNED BY ------------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 5,746,564(2) shares
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,084(1) shares
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,746,564(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,748,648(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)
47.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 2,084 shares of Common Stock issuable upon exercise of
options held by Mr. Lieber.
(2) Includes (a)(i) 1,910,279 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,816,000 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 8 of 26 Pages
- ----------------------- -------------------------
Wheatley Partners, L.P., and (b)(i) 165,971 shares of Common Stock
issuable upon exercise of warrants and (ii) 244,870 shares of Common
Stock issuable upon conversion of shares of Series A & Series C
Preferred Stock, all of which are held by Wheatley Foreign Partners,
L.P., of which Mr. Lieber disclaims beneficial ownership, except to the
extent of his respective equity interest therein.
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 9 of 26 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 OF 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
5,746,564(2) shares
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,084(1) shares
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,746,564(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,748,648(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)
47.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 2,084 shares of Common Stock issuable upon exercise of
options held by Mr. Lieber.
(2) Includes (a)(i) 1,910,279 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,816,000 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 10 of 26 Pages
- ----------------------- -------------------------
Wheatley Partners, L.P., and (b)(i) 165,971 shares of Common Stock
issuable upon exercise of warrants and (ii) 244,870 shares of Common
Stock issuable upon conversion of shares of Series A & Series C
Preferred Stock, all of which are held by Wheatley Foreign Partners,
L.P., of which Mr. Lieber disclaims beneficial ownership, except to the
extent of his respective equity interest therein.
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 11 of 26 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 OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 452,041(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
5,294,523(2) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
452,041(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,294,523(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,746,564(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)
47.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 165,971 shares of Common Stock issuable upon exercise of
warrants and (ii) 244,870 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock held by
Wheatley Foreign Partners, L.P.
(2) Includes (i) 1,910,279 shares of Common Stock issuable upon exercise of
warrants and (ii) 2,816,000 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock is held by
Wheatley
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 12 of 26 Pages
- ----------------------- -------------------------
Partners, L.P., of which Wheatley Foreign Partners, L.P. disclaims
beneficial ownership.
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 13 of 26 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 OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 660,019(1) shares
OWNED BY -------------------------------------------------------------
EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0 shares
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
660,019(1) shares
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
660,019(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)
8.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 265,625 shares of Common Stock issuable upon exercise of
warrants, (ii) 353,913 shares of Common Stock issuable upon conversion
of shares of Series A, Series B & Series C Preferred Stock held by
Seneca Ventures.
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 14 of 26 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 OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 781,484(1) shares
OWNED BY ----------------------------------------------------------------
EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
781,484(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
781,484(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)
10.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 315,625 shares of Common Stock issuable upon exercise of
warrants, (ii) 411,884 shares of Common Stock issuable upon conversion
of shares of Series A, Series B and Series C Preferred Stock held by
Woodland Venture Fund.
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 15 of 26 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 OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 377,548(1) shares
OWNED BY ---------------------------------------------------------------
EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0 shares
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
377,548(1) shares
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
377,548(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)
5.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 103,125 shares of Common Stock issuable upon exercise of
warrants, and (ii) 115,942 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock held by Woodland
Partners.
<PAGE>
- ----------------------- -------------------------
CUSIP No. 74833H 10 0 13D Page 16 of 26 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*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 350,000(1) shares
OWNED BY ---------------------------------------------------------------
EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
350,000(1) shares
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
350,000(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)
4.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 350,000 shares of Common Stock issuable upon exercise of
options held by Rev-Wood Merchant Partners.
<PAGE>
- ----------------------- -------------------------
CUSIP No. 74833H 10 0 13D Page 17 of 26 Pages
- ----------------------- -------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Brookwood Partners, LP
- --------------------------------------------------------------------------------
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 OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 107,971(1) shares
OWNED BY ----------------------------------------------------------------
EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
107,971(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
107,971(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)
1.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 50,000 shares of Common Stock issuable upon exercise of
warrants, (ii) 57,971 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock held by Brookwood Partners LP.
<PAGE>
- ----------------------- -------------------------
CUSIP No. 74833H 10 0 13D Page 18 of 26 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 OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 215,942(1) shares
OWNED BY ----------------------------------------------------------------
EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
5,746,564(2) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
215,942(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,746,564(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,962,506(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)
48.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 100,000 shares of Common Stock issuable upon exercise of
warrants, (ii) 115,942 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock held by Mr. Fingerhut.
(2) Includes (a)(i) 1,910,279 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,816,000 shares of Common Stock issuable upon
conversion
<PAGE>
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CUSIP No. 74833H 10 0 13D Page 19 of 26 Pages
- ----------------------- -------------------------
of shares of Series A & Series C Preferred Stock, all of which are held
by Wheatley Partners, L.P., and (b)(i) 165,971 shares of Common Stock
issuable upon exercise of warrants and (ii) 244,870 shares of Common
Stock issuable upon conversion of shares of Series A & Series C
Preferred Stock, all of which are held by Wheatley Foreign Partners,
L.P., of which Mr. Fingerhut disclaims beneficial ownership, except to
the extent of his respective equity interest therein.
<PAGE>
- ----------------------- -------------------------
CUSIP No. 74833H 10 0 13D Page 20 of 26 Pages
- ----------------------- -------------------------
The following constitutes Amendment No. 8 to the Schedule 13D
filed by the undersigned (the "Schedule 13D"). Except as specifically amended by
this Amendment No. 8, the Schedule 13D remains in full force and effect.
Item 3 is amended to include the following:
Item 3. Source and Amount of Funds or Other Consideration.
--------------------------------------------------
On August 13, 1999, Wheatley, Wheatley Foreign, Barry
Rubenstein, Woodland Partners, Woodland Fund, Seneca and Brookwood acquired in a
private placement transaction (the "Series C Offering") (i) shares of Series C
Convertible Preferred Stock, $.001 par value per share ("Series C Preferred
Stock"), that are immediately convertible into 74,667 shares, 6,493 shares,
115,942 shares, 115,942 shares, 231,884 shares, 173,913 shares and 50,971 shares
of Common Stock, respectively, and (ii) warrants to purchase shares of Common
Stock that are immediately exercisable for 64,400 shares, 5,600 shares, 100,000
shares, 100,000 shares, 200,000 shares, 150,000 shares and 50,000 shares of
Common Stock, respectively. The purchase price of these securities was $64,400,
$5,600, $100,000, $100,000, $200,000, $150,000, and $50,000 respectively.
Wheatley, Wheatley Foreign, Barry Rubenstein, Woodland Partners, Woodland Fund,
Seneca and Brookwood acquired these securities with their respective working
capital and other funds.
On August 18, 1999, Irwin Lieber and Barry Fingerhut acquired
in the Series C Offering (i)shares of Series C Convertible Preferred Stock that
are immediately convertible into 115,942 and 115,942 shares of Common Stock,
respectively, and (ii) warrants to purchase shares of Common Stock that are
immediately exercisable for 100,000 and 100,000 shares of Common Stock,
respectively. The purchase price of these securities was $100,000 and $100,000
respectively. Messrs. Lieber and Fingerhut acquired these securities with their
respective personal funds.
Items 5(a) and (b) are hereby amended to read in their
entirety as follows:
Item 5. Interest in Securities of the Issuer.
-------------------------------------
(a) The following table sets forth the aggregate number and
percentage (based on 7,073,647 shares of Common Stock outstanding as of July 31,
1999, as reported by the Issuer in its Form 10Q for the period ended June 30,
1999) 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) 5,746,564 47.1%
Barry Rubenstein(2) 8,675,985 58.3%
Irwin Lieber(3) 6,075,006 48.4%
Barry Fingerhut(4) 5,962,506 48.0%
Wheatley Partners, LLC(5) 5,746,564 47.1%
Seth Lieber(5)(6) 5,748,648 47.1%
Jonathan Lieber(5)(6) 5,748,648 47.1%
Wheatley Management Ltd.(7) 452,041 6.0%
<PAGE>
- ----------------------- -------------------------
CUSIP No. 74833H 10 0 13D Page 21 of 26 Pages
- ----------------------- -------------------------
Percentage of
Shares of Common Shares of Common
Stock Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
Wheatley Foreign Partners, L.P.(8) 5,746,564 47.1%
Seneca Ventures(9) 660,019 8.6%
Woodland Venture Fund(10) 781,484 10.0%
Woodland Partners(11) 377,548 5.2%
Rev-Wood Merchant Partners(12) 350,000 4.7%
Brookwood Partners, LP(13) 107,971 1.5%
Marilyn Rubenstein(14) 1,927,022 22.0%
Woodland Services Corp.(15) 1,441,503 17.1%
- ---------------------
(1) Includes (a)(i) 1,910,279 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,816,000 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by Wheatley Partners, LP ("Wheatley"), and (b)(i)
165,971 shares of Common Stock issuable upon exercise of warrants and
(ii) 244,870 shares of Common Stock issuable upon conversion of shares
of Series A & Series C Preferred Stock, all of which are held by
Wheatley Foreign Partners, LP ("Wheatley Foreign"). Wheatley disclaims
beneficial ownership of the securities held by Wheatley Foreign.
(2) Includes (i) 111,457 shares of Common Stock issuable upon exercise of
options, (ii) 225,000 shares of Common Stock issuable upon exercise of
warrants and (iii) 315,942 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock held by Mr.
Rubenstein. Also includes (a)(i)103,125 shares of Common Stock issuable
upon exercise of warrants and (ii) 115,942 shares of Common Stock
issuable upon conversion of shares of Series C Preferred Stock held by
Woodland Partners, (b)(i) 315,625 shares of Common Stock issuable upon
exercise of warrants, and (ii) 411,884 shares of Common Stock issuable
upon conversion of shares of Series A, Series B and Series C Preferred
Stock held by Woodland Venture Fund ("Woodland Fund"), (c)(i) 265,625
shares of Common Stock issuable upon exercise of warrants, (ii) 353,913
shares of Common Stock issuable upon conversion of shares of Series A,
Series B & Series C Preferred Stock, all of which are held by Seneca
Ventures ("Seneca"), (d)(i) 1,910,279 shares of Common Stock issuable
upon exercise of warrants and (ii) 2,816,000 shares of Common Stock
issuable upon conversion of shares of Series A & Series C Preferred
Stock, all of which are held by Wheatley, (e)(i) 165,971 shares of
Common Stock issuable upon exercise of warrants and (ii) 244,870 shares
of Common Stock issuable upon conversion of shares of Series A & Series
C Preferred Stock, all of which are held by Wheatley Foreign, (f)
350,000 shares of Common Stock issuable upon exercise of options held
by Rev-Wood Merchant Partners ("Rev-Wood"), and (g)(i) 50,000 shares of
Common Stock issuable upon exercise of warrants and (ii) 57,971 shares
of Common Stock issuable upon conversion of shares of Series C
Preferred Stock, all of which are held by Brookwood Partners, LP
("Brookwood"). Mr. Rubenstein disclaims beneficial ownership of the
securities held by Woodland Partners, Woodland Fund, Seneca, Wheatley,
Wheatley Foreign, Rev-Wood, and Brookwood, except to the extent of his
respective equity interest therein.
<PAGE>
- ----------------------- -------------------------
CUSIP No. 74833H 10 0 13D Page 22 of 26 Pages
- ----------------------- -------------------------
(3) Includes (i)112,500 shares of Common Stock issuable upon exercise of
options, (ii) 100,000 shares of Common Stock issuable upon exercise of
warrants and (iii) 115,942 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock, all of which are held
by Mr. Lieber. Also includes (a)(i) 1,910,279 shares of Common Stock
issuable upon exercise of warrants and (ii) 2,816,000 shares of Common
Stock issuable upon conversion of shares of Series A & Series C
Preferred Stock, all of which are held by Wheatley, and (b)(i) 165,971
shares of Common Stock issuable upon exercise of warrants and (ii)
244,870 shares of Common Stock issuable upon conversion of shares of
Series A & Series C Preferred Stock, all of which are held by Wheatley
Foreign, of which Mr. Lieber disclaims beneficial ownership, except to
the extent of his respective equity interest therein.
(4) Includes (i) 100,000 shares of Common Stock issuable upon exercise of
warrants, (ii) 115,942 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock held by Mr. Fingerhut. Also
includes (a)(i) 1,910,279 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,816,000 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by Wheatley, and (b)(i) 165,971 shares of Common Stock
issuable upon exercise of warrants and (ii) 244,870 shares of Common
Stock issuable upon conversion of shares of Series A & Series C
Preferred Stock, all of which are held by Wheatley Foreign. The
Reporting Person disclaims beneficial ownership of these securities
except to the extent of his or its equity respective ownership in
Wheatley and/or Wheatley Foreign.
(5) Includes (a)(i) 1,910,279 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,816,000 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by Wheatley, and (b)(i) 165,971 shares of Common Stock
issuable upon exercise of warrants and (ii) 244,870 shares of Common
Stock issuable upon conversion of shares of Series A & Series C
Preferred Stock, all of which are held by Wheatley Foreign. The
Reporting Person disclaims beneficial ownership of these securities
except to the extent of his or its equity respective ownership in
Wheatley and/or Wheatley Foreign.
(6) Includes 2,084 shares of Common Stock issuable upon exercise of options
held by Mr. Lieber.
(7) Includes (i) 165,971 shares of Common Stock issuable upon exercise of
warrants and (ii) 244,870 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock held by
Wheatley Foreign, of which Wheatley Management disclaims beneficial
ownership, except to the extent of its equity interest therein.
(8) Includes (a)(i) 1,910,279 shares of Common Stock issuable upon exercise
of warrants and (ii) 2,816,000 shares of Common Stock issuable upon
conversion of shares of Series A & Series C Preferred Stock, all of
which are held by Wheatley, and (b)(i) 165,971 shares of Common Stock
issuable upon exercise of warrants and (ii) 244,870 shares of Common
Stock issuable upon conversion of shares of Series A & Series C
Preferred Stock, all of which are held by Wheatley Foreign. Wheatley
Foreign disclaims beneficial ownership of the securities held by
Wheatley.
(9) Includes (i) 265,625 shares of Common Stock issuable upon exercise of
warrants, and (ii) 353,913 shares of Common Stock issuable upon
conversion of shares of Series A, Series B & Series C Preferred Stock,
held by Seneca.
(10) Includes (i) 315,625 shares of Common Stock issuable upon exercise of
warrants, and (ii) 411,884 shares of Common Stock issuable upon
conversion of shares of Series A, Series B & Series C Preferred Stock,
held by Woodland Fund.
<PAGE>
- ----------------------- -------------------------
CUSIP No. 74833H 10 0 13D Page 23 of 26 Pages
- ----------------------- -------------------------
(11) Includes (i)103,125 shares of Common Stock issuable upon exercise of
warrants, and (ii) 115,942 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock held by Woodland
Partners.
(12) Consists of 350,000 shares of Common Stock issuable upon exercise of
options held by Rev-Wood.
(13) Includes (i) 50,000 shares of Common Stock issuable upon exercise of
warrants, (ii) 57,971 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock held by Brookwood.
(14) Includes (a) (i)103,125 shares of Common Stock issuable upon exercise
of warrants, and (ii) 115,942 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock held by Woodland
Partners, (b) (i) 315,625 shares of Common Stock issuable upon exercise
of warrants, and (ii) 411,884 shares of Common Stock issuable upon
conversion of shares of Series A, Series B & Series C Preferred Stock,
held by Woodland Fund, (c)(i) 265,625 shares of Common Stock issuable
upon exercise of warrants, and (ii) 353,913 shares of Common Stock
issuable upon conversion of shares of Series A, Series B & Series C
Preferred Stock, held by Seneca, and (d)(i) 50,000 shares of Common
Stock issuable upon exercise of warrants, (ii) 57,971 shares of Common
Stock issuable upon conversion of shares of Series C Preferred Stock
held by Brookwood. Mrs. Rubenstein disclaims beneficial ownership of
the securities held by Woodland Partners, Woodland Fund, Seneca and
Brookwood, except to the extent of her respective equity interest
therein. Does not include securities held by Barry Rubenstein, the
husband of Marilyn Rubenstein.
(15) Includes (a)(i) 315,625 shares of Common Stock issuable upon exercise
of warrants, and (ii) 411,884 shares of Common Stock issuable upon
conversion of shares of Series A, Series B & Series C Preferred Stock,
held by Woodland Fund, and (b)(i) 265,625 shares of Common Stock
issuable upon exercise of warrants, and (ii) 353,913 shares of Common
Stock issuable upon conversion of shares of Series A, Series B & Series
C Preferred Stock, held by Seneca, of which Woodland Services Corp.
disclaims beneficial ownership, except to the extent of its respective
equity ownership therein.
(b) Wheatley has sole power to vote and dispose of 5,294,523
shares of Common Stock, representing approximately 44.9% of the outstanding
shares of Common Stock and may be deemed to have shared power to vote and
dispose of 452,041 shares of Common Stock, representing approximately 6.0% of
the outstanding shares of Common Stock.
By virtue of being the general partner of Wheatley and a
general partner of Wheatley Foreign, Wheatley Partners LLC ("Wheatley LLC") may
be deemed to have shared power to vote and dispose of 5,746,564 shares of Common
Stock, representing approximately 47.1% of the outstanding shares of Common
Stock.
Seth Lieber and Jonathan Lieber each have sole power to vote
and dispose of 2,084 shares of Common Stock upon the exercise of options, each
representing less than 1% of the outstanding shares of Common Stock. By virtue
of being a member and an officer of Wheatley LLC, each of Seth Lieber and
Jonathan Lieber may be deemed to have shared power to vote and dispose of
5,746,564 shares of Common Stock, representing approximately 47.1% of the
outstanding shares of Common Stock.
Barry Rubenstein has sole power to vote and dispose of 652,399
shares of Common Stock upon the exercise of options and warrants and conversion
of preferred stock, representing approximately 8.4% of the outstanding shares of
Common Stock. By virtue of being a member and an officer of Wheatley LLC and a
general partner of Seneca, Woodland Partners, Woodland Fund, Rev-Wood and
Brookwood, Mr. Rubenstein may be deemed to have shared power to vote and dispose
of 8,023,586 shares of Common Stock, representing approximately 56.4% of the
outstanding shares of Common Stock.
Irwin Lieber has sole power to vote and dispose of 328,442
shares of Common Stock upon the exercise of options and warrants and conversion
of preferred
<PAGE>
- ----------------------- -------------------------
CUSIP No. 74833H 10 0 13D Page 24 of 26 Pages
- ----------------------- -------------------------
stock, representing approximately 4.4% of the outstanding shares of Common
Stock. By virtue of being a member and an officer of Wheatley LLC, Irwin Lieber
may be deemed to have shared power to vote and dispose of 5,746,564 shares of
Common Stock, representing approximately 47.1% of the outstanding shares of
Common Stock.
Barry Fingerhut has sole power to vote and dispose of 215,942
shares of Common Stock upon the exercise of warrants and conversion of preferred
stock, representing approximately 3.0% of the outstanding shares of Common
Stock. By virtue of being a member and an officer of Wheatley LLC, Barry
Fingerhut may be deemed to have shared power to vote and dispose of 5,746,564
shares of Common Stock, representing approximately 47.1% of the outstanding
shares of Common Stock.
Wheatley Foreign has sole power to vote and dispose of 452,041
shares of Common Stock representing approximately 6.0% of the outstanding shares
of Common Stock and may be deemed to have shared power to vote and dispose of
5,294,523 shares of Common Stock, representing approximately 44.9% 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
452,041 shares of Common Stock, representing approximately 6.0% of the
outstanding shares of Common Stock.
Seneca has sole power to vote and dispose of 660,019 shares of
Common Stock representing approximately 8.6% of the outstanding shares of Common
Stock.
Woodland Fund has sole power to vote and dispose of 781,484
shares of Common Stock representing approximately 10.0% of the outstanding
shares of Common Stock.
Woodland Partners has sole power to vote and dispose of
377,548 shares of Common Stock representing 5.2% of the outstanding shares of
Common Stock.
Rev-Wood has sole power to vote and dispose of 350,000 shares
of Common Stock representing 4.7% of the outstanding shares of Common Stock.
Brookwood has sole power to vote and dispose of 107,971 shares
of Common Stock representing 1.5% of the outstanding shares of Common Stock.
By virtue of being a general partner of Woodland Partners and
Brookwood and an officer of Woodland Services Corp., which is a general partner
of Seneca, Woodland Fund, Marilyn Rubenstein may be deemed to have shared power
to vote and dispose of 1,927,022 shares of Common Stock, representing
approximately 22.0% 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 1,441,503 shares of Common Stock, representing approximately 17.1% of
the outstanding shares of Common Stock.
Item 5(c) is supplemented as follows:
(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 since the filing of Amendment
No. 7 to the Schedule 13D.
<PAGE>
- ----------------------- -------------------------
CUSIP No. 74833H 10 0 13D Page 25 of 26 Pages
- ----------------------- -------------------------
Number of
Purchase/ Shares
Acquisition Purchased/ Purchase
Name of Stockholder Date Acquired (1) Price (2)
- ------------------- ---- -------- -----
Series C Preferred Stock
Barry Rubenstein 08/13/99 215,942 100,000.00
Woodland Partners 08/13/99 215,942 100,000.00
Woodland Fund 08/13/99 431,884 100,000.00
Seneca 08/13/99 323,913 100,000.00
Brookwood 08/13/99 107,971 100,000.00
Wheatley 08/13/99 139,067 100,000.00
Wheatley Foreign 08/13/99 12,093 100,000.00
Irwin Lieber 08/18/99 215,942 100,000.00
Barry Fingerhut 08/18/99 215,942 100,000.00
(1) Represents total shares of Common Stock issuable upon conversion of
shares of Series C Preferred Stock and upon exercise of warrants to
purchase shares of Common Stock.
(2) Represents the per unit purchase price, exclusive of the warrant
exercise price. Each unit was comprised of (i) 100 shares of Series C
Preferred Stock (convertible into 1,159.42 shares of Common Stock) and
(ii) warrants to purchase 100,000 shares of Common Stock at an exercise
price of $0.8625 per share.
The securities set forth in the table above were purchased in private
placement transactions from the Issuer.
<PAGE>
- ----------------------- -------------------------
CUSIP No. 74833H 10 0 13D Page 26 of 26 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: September 3, 1999 WHEATLEY PARTNERS, L.P.
By: Wheatley Partners, LLC,
the General Partner
By: /s/ Irwin Lieber
----------------------------------------
Irwin Lieber, President
/s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein
/s/ Irwin Lieber
----------------------------------------
Irwin Lieber
/s/ Seth Lieber
----------------------------------------
Seth Lieber
/s/ Jonathan Lieber
----------------------------------------
Jonathan Lieber
/s/ Barry Fingerhut
----------------------------------------
Barry Fingerhut
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners, LLC, a General
Partner
By: /s/ Irwin Lieber
----------------------------------------
Irwin Lieber, President
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
BROOKWOOD PARTNERS, LP
By: /s/ Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
