SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Securities and Exchange Commission
Washington, D.C. 20549
LIFEQUEST MEDICAL, INC.
(Name of Issuer)
Common 531928109
(Title of Class of Securities) (CUSIP Number)
Russell Cleveland, President
Renaissance Capital Group, Inc.
8080 N. Central Expressway, Suite 210, LB 59, Dallas, TX 75206
(214) 891-8294
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
August 11, 1998
(Date of Event which Requires Filing of this Statement)
1. Names of Reporting Person's S.S. or I.R.S. Identification No.
a. Renaissance Capital Growth & Income Fund III, Inc. 75-2533518
b. Renaissance US Growth & Income Trust PLC N/A
2. Check the Appropriate Box if a Member of a Group
(a) XX
(b)
3. SEC Use Only
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4. Source of Funds PF
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e) None
6. Citizenship or Place of Organization a. Texas
b. England
Number of Shares Beneficially Owned by Each Reporting Person With:
7. Sole voting Power (a) 750,000 (b) 750,000
8. Shared Voting Power 0
9. Sole Dispositive Power (a) 750,000 (b) 750,000
10. Shared Dispositive Power 0
11. Aggregate Amount Beneficially Owned by Each Reporting Person 0
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares None
13. Percent of Class Represented by Amount in Row (11)
(a)10.4% (b) 10.4%
14. Type of Reporting Person IV
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SCHEDULE 13D
Filed Pursuant to Rule 13D-1
Item 1. Security and Issuer
Security: Series A Cumulative Convertible Preferred Stock,
$0.001 Par Value
LifeQuest Medical, Inc. Company
12961 Park Central, Suite 1300
San Antonio, TX 78216
Item 2. Identity and Background
a., b., c.
Renaissance Capital Growth &Income Fund III, Inc.Filer
8080 N. Central Expressway, Suite 210
Dallas, Texas 75206
Renaissance U.S. Growth & Income Trust, PLC Filer
8080 N. Central Expressway, Suite 210
Dallas, Texas 75206
Renaissance Capital Group, Inc. Investment Advisor to the
8080 N. Central Expressway, Suite 210 Filers
Dallas, Texas 75206
Renaissance Capital Growth & Income Fund III, Inc. is a Texas corporation,
organized as a business development company under the Investment Company
Act of 1940 and is traded on the NASDAQ.
Renaissance U.S. Growth & Income Trust, PLC is a public limited company
organized under the laws of England and Wales and traded on the London
Stock Exchange.
The officers of Renaissance Capital Group, Inc. are:
Russell Cleveland, President
Barbe Butschek, Senior Vice President, Secretary and Treasurer
Robert C. Pearson, Senior Vice President
John A. Schmit, Vice President
Renaissance Capital Group, Inc. a Texas corporation, is the Investment
Advisor and is responsible for the administration and investment of the
Filer's investment portfolio.
d. None
e. None
f. Texas
Item 3. Source and Amount of Funds or Other Consideration
The Filer's source of funds for this transaction came exclusively from
the Filer's investment capital. No borrowed funds were used in the
transaction. The securities were acquired directly from the Company
in a private placement.
Item 4. Purpose of Transaction
The purpose of the acquisition of these securities for Renaissance
Capital Growth & Income Fund III, Inc. was as an investment in
accordance with its election as a Business Development Company under
the Investment Act of 1940.
The purpose of the acquisition of these securities for Renaissance
U.S. Growth & Income Trust, PLC was as an investment in accordance
with its investment strategy of investing in smaller United States
public companies.
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Item 5. Interest in Securities of the Issuer
a. On August 11, 1998, the Filers each purchased 500 shares of the Com-
pany's Series A Cumulative Convertible Preferred Stock, $.001 Par Value
("Series A Preferred Stock"), for $500,000. Each share of Preferred
Stock is initially convertible into 500 shares of the Company's Common
Stock. The total number of shares beneficially owned or exercisable or
convertible into shares within 60 days by both Filers combined is
1,500,000 shares, which represents 20.80% of the Company's outstand-
ing stock. These shares represent all of the Filers' ownership.
b. All the shares mentioned in (a) above.
c. None.
d. N/A
e. N/A
Item 6. Contracts, Arrangements, or Understandings with Respect to Secur-
ities of the Issuer
The Filers have the right to name up to two members to the board of
directors of the Company.
Item 7. Persons Retained, Employed or to be Compensated
Not Applicable
Item 8. Material to be Filed as Exhibits
Not Applicable
After reasonable inquiry and to the best of my knowledge and belief, I cert-
ify that the information set forth in this statement is true, complete and
correct.
Date: August 24, 1998 RENAISSANCE CAPITAL GROWTH & INCOME FUND III, Inc.
By Renaissance Capital Group, Inc., Investment Advisor
By: /s/ Russell Cleveland
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Russell Cleveland, President
RENAISSANCE S GROWTH & INCOME TRUST, PLC
By Renaissance Capital Group, Inc., Investment Advisor
By: /s/ Russell Cleveland
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Russell Cleveland, President
