U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Biscount Overseas Limited
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(Last) (First) (Middle)
c/o J. Owadyeh, 3 Freilagr Street
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(Street)
Zurich Switzerland CH-8043
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
October 14, 1999
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3. IRS Identification Number of Reporting Person, if an entity (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
SALIVA DIAGNOSTIC SYSTEMS, INC. (SALVE.OB)
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5. Relationship of Reporting Person to Issuer
(Check all applicable)
|_| Director |X| 10% Owner
|_| Officer (give title below) |_| Other (specify below)
________________________________________
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing (Check applicable line)
|X| Form filed by One Reporting Person
|_| Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Beneficially Owned
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<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 4)
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<S> <C> <C> <C>
Common Stock 10,860,338 D The shares were acquired for and are being held for
investment purposes.
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</TABLE>
* If the Form is filed by more than one Reporting Person see instruction
5(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
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<PAGE>
FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr. 5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
Common Stock Purchase January January Common Stock 100,000 $3.375 D N/A
Warrant 26, 1998 31, 2003 Purchase Warrant Shares
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</TABLE>
Explanation of Responses:
On March 2, 1999, the Reporting Person converted 500 shares of Class B Preferred
Stock, having an aggregate liquidation preference of $500,000, into 1,364,516
shares of Common Stock based on a conversion rate of $0.3664 per share, which
were sold by the Reporting Person in March 2000.
On October 14, 1999, the Reporting Person converted 1,645,000 shares of Class B
Preferred Stock, having an aggregate liquidation preference of $1,645,000, into
9,495,822.4 shares of Common Stock based on a conversion rate of $0.1788 per
share.
BISCOUNT OVERSEAS LTD
By: J. Owadyeh May 12, 2000
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Title: President Date
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* 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.
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