SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
OCEAN OPTIQUE DISTRIBUTORS, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, NO PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
674864 10 3
- --------------------------------------------------------------------------------
(CUSIP Number)
KENNETH GORDON
CHIEF FINANCIAL OFFICER
OCEAN OPTIQUE DISTRIBUTORS, INC.
2 N.E. 40TH STREET
MIAMI, FLORIDA 33137
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
JANUARY 8, 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.
*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 the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 5 Pages
<PAGE>
SCHEDULE 13D
- -------------------------- ---------------------------
CUSIP NO. 674864 10 3 PAGE 2 OF 5 PAGES
- -------------------------- ---------------------------
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
XR CO. FEDERAL I.D. APPLIED FOR
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
- -------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Florida, U.S.A.
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 18,500,000
SHARES
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 0
PERSON ------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
18,500,000
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
18,500,000
- -------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
54%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CORPORATION
- -------------------------------------------------------------------------------
<PAGE>
ITEM 1. SECURITY AND ISSUER: Common Stock, no par value (the "Common Stock")
Ocean Optique Distributors, Inc. (the "Issuer")
2. N.E. 40th Street
Miami, Florida 33137
ITEM 2. IDENTITY AND BACKGROUND:
(A) NAME OF PERSON FILING: XR Co.
(B) PLACE OF ORGANIZATION: Florida
(C) PRINCIPAL BUSINESS: Investor
ADDRESS OF PRINCIPAL OFFICE: 3551 St. Gaudens
Coconut Grove, FL 33133
(D) CRIMINAL CONVICTIONS DURING LAST FIVE YEARS: None
(E) CIVIL PROCEEDINGS DURING LAST FIVE YEARS INVOLVING FEDERAL OR STATE
SECURITIES LAWS: None
(F) CITIZENSHIP: U.S. Corporation
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION: XR Co., a privately
held Miami based investment company, will acquire 2,846,154 shares of a
new series of Ocean accumulative convertible preferred stock in
exchange for certain services to be rendered, including increasing
Ocean's net tangible assets by no less tha $1,000,000 before July 1,
1998, and providing other management strategic services.
Through this acquisition of preferred stock, the XR Co. will acquire
approximately 51% of the outstanding shares of Ocean's voting stock.
The preferred stock will be subject to redemption in whole or in part
by Ocean, however, if by July 1, 1998, Ocean's net tangible assets have
not been increased by $1,000,000. The preferred stock pays cumulative
dividends at the annual rate of 2.5% beginning July 1, 1998, has a
liquidation preference of $0.35 per share after July 1, 1998, and is
subordinate to Ocean's previously issued series of preferred stock. The
shares of preferred stock may be converted by XR Co. into shares of
Ocean common stock at the rate of 6.5 shares of common stock for each
$0.35 of liquidation value plus accumulated but unpaid dividends for
each share converted.
ITEM 4. PURPOSE OF TRANSACTION: The Reporting Person has acquired the shares
of Common Stock reflected in this Schedule 13D pursuant to a consulting
Agreement. The Reporting Person represented in the Agreement that he
acquired all such shares for investment purposes.
Page 3 of 5 Pages
<PAGE>
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER:
VOTING POWER DISPOSITIVE POWER
------------------------- ------------------------------
SOLE SHARED SOLE SHARED
---------- ------- ------------ ------
18,500,000(1) 0 18,500,000(1) 0
(1) Reflects 2,846,154 shares of Cumulative Convertible Preferred Stock,
each of which is convertible into 6.5 shares of Common Stock of the
Issuer.
- -----------------
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER: None
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS:
None.
Page 4 of 5 Pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
/s/ ROBERT KOEPPEL
- -------------------------------
Robert Koeppel, President
Dated: January 20, 1998
Page 5 of 5 Pages
