FORM 3
x---------------------------x
U.S. SECURITIES AND EXCHANGE COMMISSION | OMB APPROVAL |
WASHINGTON, D.C. 20549 |---------------------------|
INITIAL STATEMENT OF |OMB NUMBER: 3235-0104 |
BENEFICIAL OWNERSHIP OF SECURITIES |EXPIRES: DECEMBER 31, 2001 |
|ESTIMATED AVERAGE |
|BURDEN HOURS PER |
|RESPONSE 0.5 |
x---------------------------x
Filed pursuant to Section 16(a) of the
Securities Exchange Act of 1934,
Section 17(a) of the Public Utility
Holding Company Act of 1935 Section 30(f)
of the Investment Company Act of 1940
------------------------------------------------------------------------------
1. Name and Address of Reporting Person
Preiser David A.
------------------------------------------------------------------------------
(Last) (First) (Middle)
685 Third Avenue, 15th Floor
------------------------------------------------------------------------------
(Street)
New York NY 10017
------------------------------------------------------------------------------
(City) (State) (Zip)
------------------------------------------------------------------------------
2. Date of Event Requiring Statement (Month/Day/Year)
August 9, 2000
------------------------------------------------------------------------------
3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
------------------------------------------------------------------------------
4. Issuer Name and Ticker or Trading Symbol
WPI Group, Inc. (WPIC: OTC)
------------------------------------------------------------------------------
5. RELATIONSHIP OF REPORTING PERSON(S) TO ISSUER (CHECK ALL APPLICABLE)
(X ) DIRECTOR
( ) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
------------------------------------------------------------------------------
6. IF AMENDMENT, DATE OF ORIGINAL (MONTH/DAY/YEAR)
------------------------------------------------------------------------------
7. INDIVIDUAL OR JOINT/GROUP FILING (CHECK APPLICABLE LINE)
X FORM FILED BY ONE REPORTING PERSON
__ FORM FILED BY MORE THAN ONE REPORTING PERSON
==============================================================================
TABLE I - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
------------------------------------------------------------------------------
1. TITLE OF SECURITY 2. AMOUNT OF 3. OWNERSHIP 4. NATURE OF
(INSTR. 4) SECURITIES FORM DIRECT INDIRECT
BENEFICIALLY DIRECT (D) OR BENEFICIAL
OWNED INDIRECT (I) OWNERSHIP
(INSTR. 4) (INSTR. 5) (INSTR. 5)
------------------------------------------------------------------------------
Common Stock 0 See Footnote (1)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
==============================================================================
TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
------------------------------------------------------------------------------
1a. Title of Derivative Security (Instr. 4)
Common Stock Purchase Warrant
------------------------------------------------------------------------------
1b. Date Exercisable and Expiration Date (Month/Day/Year)
8/9/00 8/9/05
-------------------------------- --------------------------
Date Exercisable Expiration Date
------------------------------------------------------------------------------
1c. Title and Amount of Securities Underlying Derivative Security (Instr. 4)
Common Stock 0
--------------------------- ----------------------------
Title Amount of Number of Shares
------------------------------------------------------------------------------
1d. Conversion or Exercise Price of Derivative Security
$1.75
------------------------------------------------------------------------------
1e. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
------------------------------------------------------------------------------
1f. Nature of Indirect Beneficial Ownership (Instr. 5)
See Footnote (1)
------------------------------------------------------------------------------
2a. Title of Derivative Security (Instr. 4)
Convertible Subordinated Note due 2003
------------------------------------------------------------------------------
2b. Date Exercisable and Expiration Date (Month/Day/Year)
8/9/00 8/9/03
------------------------- ----------------------------
Date Exercisable Expiration Date
------------------------------------------------------------------------------
2c. Title and Amount of Securities Underlying Derivative Security (Instr. 4)
Common Stock 0
------------------------ ----------------------
Title Amount of Number of Shares
------------------------------------------------------------------------------
2d. Conversion or Exercise Price of Derivative Security
$1.75
------------------------------------------------------------------------------
2e. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
------------------------------------------------------------------------------
2f. Nature of Indirect Beneficial Ownership (Instr. 5)
See Footnote (1)
------------------------------------------------------------------------------
EXPLANATION OF RESPONSES:
(1) Mr. Preiser is Managing Member of Sunrise Advisors, LLC, the
general partner of Sunrise Capital Partners, L.P., a Delaware
limited partnership ("Sunrise"). Sunrise is the direct beneficial
owner of 1,534,900 shares of Common Stock. Sunrise is also the
direct beneficial owner of derivative securities (in the form of
Common Stock Purchase Warrants and Convertible Subordinated
Promissory Notes) which are exercisable for, or convertible into,
7,980,044 shares of Common Stock in the aggregate. Mr. Preiser
disclaims any pecuniary interest, direct or indirect, in the shares
beneficially owned by Sunrise for purposes of Rule 16a-1 of the
Exchange Act.
Dated: August 19, 2000
/s/ David A. Preiser
------------------------------
Name: David A. Preiser
** SIGNATURE OF REPORTING PERSON
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS
SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
NOTE: FILE THREE COPIES OF THIS FORM, ONE OF WHICH MUST BE MANUALLY
SIGNED. IF SPACE PROVIDED IS INSUFFICIENT, SEE INSTRUCTION 6 FOR PROCEDURE
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB NUMBER.
