SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
Under the Securities Exchange Act of 1934
(Amendment No. 6)(1)
THE MILLBROOK PRESS INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
600179105
------------------------
(CUSIP Number)
Copy to:
Wheatley Partners II, L.P. Morrison Cohen Singer & Weinstein, LLP
80 Cuttermill Road 750 Lexington Avenue
Great Neck, NY 11021 New York, New York 10022
Telephone (516) 773-1024 Telephone (212) 735-8600
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
December 16, 1999
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing 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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-(g), check the
following box |_|.
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. Seess.ss.240.13d-7 for other
parties to whom copies are to be sent.
(Continued on following page(s))
- --------
(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 ("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 16
<PAGE>
CUSIP
No. 600179105 13D
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1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Wheatley Partners II, L.P. (formerly Applewood Associates, L.P.)
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
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3 SEC Use Only
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4 Source of Funds*
WC
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5 Check Box if Disclosure of Legal Proceedings is Required |_|
Pursuant to Item 2(d) or 2(e)
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6 Citizenship or Place of Organization New York
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7 Sole Voting Power
200,000 shares 6.5%
Number of ----------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 0 shares 0%
Owned By ----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 200,000 shares 6.5%
Person ----------------------------------------------------------
With 10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
200,000 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
6.5%
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14 Type of Reporting Person*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!*
Page 2 of 16
<PAGE>
CUSIP
No. 600179105 13D
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1 Names 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*
WC, PF
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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
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7 Sole Voting Power
0 shares 0%
Number of ----------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 1,437,536 shares 44.1%
Owned By ----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person ----------------------------------------------------------
With 10 Shared Dispositive Power
1,437,536 shares 44.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,437,536 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
44.1%
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14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!*
Page 3 of 16
<PAGE>
CUSIP
No. 600179105 13D
================================================================================
1 Names 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*
WC, PF
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
Pursuant to Item 2(d) or 2(e)
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
172,857 shares 5.9%
Number of ----------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 1,268,678 shares 39.8%
Owned By ----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 172,857 shares 5.9%
Person ----------------------------------------------------------
With 10 Shared Dispositive Power
1,268,678 shares 39.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,441,535 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
44.2%
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14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!*
Page 4 of 16
<PAGE>
CUSIP
No. 600179105 13D
================================================================================
1 Names 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*
WC, PF
- --------------------------------------------------------------------------------
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
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7 Sole Voting Power
183,357 shares 6.2%
Number of ----------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 1,282,678 shares 40.3%
Owned By ----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 183,357 shares 6.2%
Person ----------------------------------------------------------
With 10 Shared Dispositive Power
1,282,678 shares 40.3%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,466,035 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
45.0%
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14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!*
Page 5 of 16
<PAGE>
CUSIP
No. 600179105 13D
================================================================================
1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Applewood Capital Corp.
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
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3 SEC Use Only
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4 Source of Funds*
WC
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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
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7 Sole Voting Power
0 shares 0%
Number of ----------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 200,000 shares 6.5%
Owned By ----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person ----------------------------------------------------------
With 10 Shared Dispositive Power
200,000 shares 6.5%
- -------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
200,000 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
6.5%
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14 Type of Reporting Person*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!*
Page 6 of 16
<PAGE>
CUSIP
No. 600179105 13D
================================================================================
1 Names 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
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4 Source of Funds*
WC, PF
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 Sole Voting Power
8,310 shares 0.3%
Number of ----------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 200,000 shares 6.5%
Owned By ----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 8,310 shares 0.3%
Person ----------------------------------------------------------
With 10 Shared Dispositive Power
200,000 shares 6.5%
- -------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
208,310 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
6.8%
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14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!*
Page 7 of 16
<PAGE>
CUSIP
No. 600179105 13D
================================================================================
1 Names 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
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4 Source of Funds*
WC, PF
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 Sole Voting Power
8,310 shares 0.3%
Number of ----------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 200,000 shares 6.5%
Owned By ----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 8,310 shares 0.3%
Person ----------------------------------------------------------
With 10 Shared Dispositive Power
200,000 shares 6.5%
- -------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
208,310 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
6.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!*
Page 8 of 16
<PAGE>
CUSIP
No. 600179105 13D
================================================================================
1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Pamela Fingerhut
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
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4 Source of Funds*
WC, PF
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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
- --------------------------------------------------------------------------------
7 Sole Voting Power
14,000 shares 0.5%
Number of ----------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 183,357 shares 6.2%
Owned By ----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 14,000 shares 0.5%
Person ----------------------------------------------------------
With 10 Shared Dispositive Power
183,357 shares 6.2%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
197,357 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
6.7%
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14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!*
Page 9 of 16
<PAGE>
CUSIP
No. 600179105 13D
================================================================================
1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Brian Rubenstein
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
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4 Source of Funds*
PF
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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
- --------------------------------------------------------------------------------
7 Sole Voting Power
4,000 shares 0.1%
Number of ----------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 0 shares 0%
Owned By ----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 4,000 shares 0.1%
Person ----------------------------------------------------------
With 10 Shared Dispositive Power
0 shares 0%
- -------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
4,000 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!*
Page 10 of 16
<PAGE>
This statement, dated December 16, 1999, constitutes Amendment No. 6 to the
Schedule 13D, dated December 18, 1996, regarding the reporting persons'
ownership of certain securities of The Millbrook Press Inc. (the "Issuer").
The Schedule 13D is hereinafter referred to as the "Schedule." All
capitalized terms used herein and otherwise undefined shall have the meanings
ascribed in the Schedule.
This Amendment No. 6 to the Schedule is filed in accordance with Rule 13d-2
of the Securities Exchange Act of 1934, as amended, by the reporting persons. It
shall refer only to information which has materially changed since the filing of
the Schedule.
ITEM 2. IDENTITY AND BACKGROUND
1. (a) Wheatley Partners II, L.P. (formerly, Applewood Associates,
L.P.) Effective July 1, 1999, Applewood Associates, L.P.
changed its name to Wheatley Partners II, L.P. ("Wheatley
II")
(b) Address: 80 Cuttermill Road
Great Neck, NY 11021
(c) Principal Business: Investments.
(d) No.
(e) No.
2. (a) Barry Rubenstein, a shareholder, officer and director of
Infomedia (as defined below) one of the general partners of
each of the 21st Century Funds (as defined below), a general
partner of Wheatley II, an officer and director of Applewood
Capital Corp., a general partner of Wheatley II, and a
general partner of Woodland Partners. Effective November 30,
1999, Mr. Rubenstein did not stand for re-election to the
Issuer's Board of Directors.
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Occupation: Investments.
(d) No.
(e) No.
(f) Citizenship: United States.
Page 11 of 16
<PAGE>
3. (a) Barry Fingerhut, a shareholder, officer and director of
Infomedia, one of the general partners of each of the 21st
Funds, a general partner of Wheatley II, and an officer and
director of Applewood Capital Corp., a general partner of
Wheatley II. Effective November 30, 1999, Mr. Fingerhut did
not stand for re-election to the Issuer's Board of
Directors.
(b) Address: 767 Fifth Avenue
New York, New York 10153
(c) Principal Occupation: Investments.
(d) No.
(e) No.
(f) Citizenship: United States.
ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER.
(a) The following list sets forth the aggregate number and percentage
(based on 3,455,000 shares of Common Stock outstanding as reported by the Issuer
in its Proxy Statement, dated October 29, 1999, less 595,113 shares of Common
Stock sold to the Issuer by the reporting persons) of outstanding shares of
Common Stock owned beneficially by each person named in Item 2, as of December
16, 1999:
Page 12 of 16
<PAGE>
Percentage of Shares of
Shares of Common Stock Common Stock
Name Beneficially Owned(2) Beneficially Owned(2)
- ---- --------------------- ---------------------
Wheatley Partners II, L.P. 200,000 6.5%
Barry Rubenstein 1,437,536(3,4,5,6,7) 44.1%
Irwin Lieber 1,441,535(3,4,6,8) 44.2%
Barry Fingerhut 1,466,035(3,4,6,9,11) 45.0%
Applewood Capital Corp. 200,000(3,10) 6.5%
Seth Lieber 208,310(3,4) 6.8%
Jonathan Lieber 208,310(3,4) 6.8%
Pamela Fingerhut 197,357(3,9,11) 6.7%
Brian Rubenstein 4,000(7) 0.1%
- --------
(2) Includes shares of Common Stock issuable upon the exercise of the Bridge
Warrants.
(3) The reporting person disclaims beneficial ownership of these securities
except to the extent of his/her/its equity ownership therein.
(4) The reporting person is a general partner of Wheatley II and an officer of
Applewood Capital Corp. ("AC Corp.") and accordingly has shared voting and
dispositive power with respect to 200,000 shares of Common Stock issuable
upon the exercise of the Bridge Warrants owned by Wheatley II.
(5) As a general partner of Woodland Partners, Mr. Rubenstein has shared
dispositive and voting power with respect to the 89,858 shares of Common
Stock and 75,000 shares of Common Stock issuable upon the exercise of the
Bridge Warrants owned by Woodland Partners.
(6) The reporting persons are shareholders, officers and directors of InfoMedia
Associates, Ltd. ("InfoMedia"). InfoMedia is a general partner of each of
21st Century Communications Partners, L.P. ("21st Century"), 21st Century
Communications T-E Partners, L.P. ("T-E") and 21st Century Communications
Foreign Partners, L.P. ("Foreign", and together with "T-E" and "21st
Century," the "21st Funds"). 21st Century, T-E and Foreign own,
respectively, an aggregate of 639,840, 217,696 and 86,142 shares of Common
Stock and 85,000, 28,500 and 11,500 shares of Common Stock issuable upon
the exercise of the Bridge Warrants. Accordingly, each of the reporting
persons have shared voting and dispositive power with respect to an
aggregate of 1,068,678 shares of Common Stock, including 125,000 shares of
Common Stock issuable upon the exercise of the Bridge Warrants, owned by
the 21st Funds.
(7) Includes 4,000 shares of Common Stock owned by Brian Rubenstein.
(8) Includes 97,857 shares of Common Stock and 75,000 shares of Common Stock
issuable upon the exercise of the Bridge Warrants owned by Irwin Lieber.
(9) Includes 108,357 shares of Common Stock and 75,000 shares of Common Stock
issuable upon the exercise of the Bridge Warrants owned by Barry Fingerhut.
(10) The reporting person is a general partner of Wheatley II and accordingly
has shared dispositive and voting power with respect to 200,000 shares of
Common Stock issuable upon the exercise of the Bridge Warrants owned by
Wheatley II.
(11) Includes 14,000 shares of Common Stock owned by Pamela Fingerhut.
Page 13 of 16
<PAGE>
(b) Wheatley II has sole power to vote and to dispose of 200,000 shares of
Common Stock issuable upon the exercise of the Bridge Warrants, which represents
approximately 6.5% of the outstanding Common Stock.
By virtue of being a general partner of Wheatley II and of Woodland
Partners, a shareholder, officer and director of Infomedia, an officer and
director of AC Corp., and the father of Brian Rubenstein, Barry Rubenstein may
be deemed to have shared power to vote and to dispose of 1,037,536 shares of
Common Stock and 400,000 shares of Common Stock issuable upon the exercise of
the Bridge Warrants, which represents approximately 44.1% of the outstanding
Common Stock.
Irwin Lieber has sole power to vote and to dispose of 97,857 shares of
Common Stock and 75,000 shares of Common Stock issuable upon the exercise of the
Bridge Warrants, which represents approximately 5.9% of the outstanding Common
Stock. By virtue of being a general partner of Wheatley II and an officer and
director of AC Corp., and a shareholder, officer and director of InfoMedia, Mr.
Lieber may be deemed to have shared power to vote and to dispose of 943,678
shares of Common Stock and 325,000 shares of Common Stock issuable upon the
exercise of the Bridge Warrants, which represents approximately 39.8% of the
outstanding Common Stock.
Barry Fingerhut has sole power to vote and to dispose of 108,357 shares of
Common Stock and 75,000 shares of Common Stock issuable upon the exercise of the
Bridge Warrants, which represents approximately 6.2% of the outstanding Common
Stock. By virtue of being a general partner of Wheatley II and an officer and
director of AC Corp., a shareholder, officer and director of InfoMedia and the
husband of Pamela Fingerhut, Mr. Fingerhut may be deemed to have shared power to
vote and to dispose of 957,678 shares of Common Stock and 325,000 shares of
Common Stock issuable upon the exercise of the Bridge Warrants, which represents
approximately 40.3% of the outstanding Common Stock.
By virtue of being a general partner of Wheatley II, AC Corp. may be deemed
to have shared power to vote and to dispose of 200,000 shares of Common Stock
issuable upon the exercise of the Bridge Warrants, which represents
approximately 6.5% of the outstanding Common Stock.
Seth Lieber has sole power to vote and to dispose of 8,310 shares of Common
Stock, which represents approximately 0.3% of the outstanding Common Stock. By
virtue of being a general partner of Wheatley II and an officer of AC Corp., Mr.
Lieber may be deemed to have shared power to vote and to dispose of 200,000
shares of Common Stock issuable upon the exercise of the Bridge Warrants, which
represents approximately 6.5% of the outstanding Common Stock.
Jonathan Lieber has sole power to vote and to dispose of 8,310 shares of
Common Stock, which represents approximately 0.3% of the outstanding Common
Stock. By virtue of being a general partner of Wheatley II and an officer of AC
Corp., Mr. Lieber may be deemed to have shared power to vote and to dispose of
200,000 shares of Common Stock issuable upon the exercise of the Bridge
Warrants, which represents approximately 6.5% of the outstanding Common Stock.
Page 14 of 16
<PAGE>
Pamela Fingerhut has sole power to vote and to dispose of 14,000 shares of
Common Stock, which represents approximately 0.5% of the outstanding Common
Stock. By virtue of being the wife of Barry Fingerhut, Pamela Fingerhut may be
deemed to have shared power to vote and to dispose of 108,357 shares of Common
Stock and 75,000 shares of Common Stock issuable upon the exercise of the Bridge
Warrants, which represents approximately 6.2% of the outstanding Common Stock.
Brian Rubenstein has sole power to vote and to dispose of 4,000 shares of
Common Stock, which represents approximately 0.1% of the outstanding Common
Stock.
(c) The following is a description of all transactions in shares of Common
Stock of the Issuer by the persons identified in Item 2 of this Schedule 13D
effected from October 15, 1999 through December 16, 1999, inclusive.
<TABLE>
<CAPTION>
Name of Purchase or Number of Shares Purchase or
Shareholder Sale Date Purchased or (Sold) Sale Price
- ----------- --------- ------------------- ----------
<S> <C> <C> <C>
Wheatley Partners II, L.P. 12/16/99 (595,113) $1.625
</TABLE>
The shares of Common Stock were sold to the Issuer in a private placement.
(d) No other person has the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of such securities.
(e) Not applicable.
ITEM 6. INTERESTS IN SECURITIES OF THE ISSUER.
On December 16, 1999, Wheatley Partners II, L.P. sold 595,113 shares of
Common Stock of the Issuer to the Issuer pursuant to a Securities Purchase
Agreement, dated as of December 16, 1999, for $1.625 per share. One half of the
purchase price, or $483,529.32 was paid in cash and the balance by a promissory
note payable on or before December 31, 1999 in an amount equal to $483,529.32.
Page 15 of 16
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
each of the undersigned hereby certifies that the information set forth in this
Schedule is true, complete, and correct.
Dated: January 11, 2000 WHEATLEY PARTNERS II, L.P.
By:/s/Irwin Lieber
----------------------------------
Irwin Lieber, General Partner
APPLEWOOD CAPITAL CORP.
By:/s/Barry Rubenstein
----------------------------------
Barry Rubenstein, President
/s/Barry Rubenstein
-------------------------------------
Barry Rubenstein
/s/Irwin Lieber
-------------------------------------
Irwin Lieber
/s/Barry Fingerhut
-------------------------------------
Barry Fingerhut
/s/Seth Lieber
-------------------------------------
Seth Lieber
/s/Jonathan Lieber
-------------------------------------
Jonathan Lieber
/s/Pamela Fingerhut
-------------------------------------
Pamela Fingerhut
/s/Brian Rubenstein
-------------------------------------
Brian Rubenstein
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
Page 16 of 16
