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FORM 4
U.S. SECURITIES AND EXCHANGE COMMISSION
[ ] Check this box if no longer WASHINGTON, D.C. 20549
subject to Section 16. Form
4 or Form 5 obligations may STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
continue. See Instruction 1(b).
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*|2. Issuer Name and Ticker or Trading Symbol | 6. Relationship of Reporting Person
| | to Issuer (Check all applicable)
COMVEST CAPITAL PARTNERS, LLC |U.S. WIRELESS DATA, INC. (NASD OTCBB: USWDA) | __X__ Director __X__ 10% Owner
-------------------------------------------------------------------------------------------| _____ Officer (give title below)
(Last) (First) (Middle) | 3. IRS or Social | 4. Statement for | _____ Other (specify below)
| Security Number | Month/Year |
830 THIRD AVENUE | of Reporting | September 2000 |
----------------------------------------| Person (Voluntary) |-------------------------| Michael S. Falk is a director.
(Street) | | 5. If Amendment, | --------------------------------
| | Date of Original |----------------------------------------
NEW YORK, NEW YORK 10022 | 13-4068973 | (Month/Year) | 7. Individual or Joint/Group Filing
| | | (Check Applicable Line)
| | | ___ Form filed by One Reporting
| | | Person
| | | _X_ Form filed by More than One
| | | Reporting Person
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(City) (State) (Zip) | TABLE I NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security |2. Transaction| 3. Transaction| 4. Securities Acquired | 5. Amount of| 6. Owner| 7.Nature
(Instr. 3) | Date | Code | (A) or Disposed of | Securities | -ship | of
|(Month/Day/ | (Instr. 8) | (D) (Instr. 3, 4 and | Beneficially| Form: | Indirect
| Year) | | 5) | Owned at End| Direct | Bene-
| | | | of Month | (D) or | ficial
| |---------------|--------------------------| (Instr. 3 | Indirect| Owner-
| | Code | V | Amount | (A) | Price | and 4) | (I) | ship
| | | | | or | | |(Instr.4)|(Instr.4)
| | | | | (D) | | | |
----------------------------------------|--------------|-------|-------|----------|------|--------|-------------|---------|---------
Common Stock (1) | 09/14/00 | J | |5,034,563 | A |$.01 | 12,954,563 | D |
----------------------------------------|--------------|-------|-------|----------|------|--------|-------------|---------|---------
| | | | | | | | |
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| | | | | | | | |
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| | | | | | | | |
----------------------------------------|--------------|-------|-------|----------|------|--------|-------------|---------|---------
| | | | | | | | |
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| | | | | | | | |
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| | | | | | | | |
----------------------------------------|--------------|-------|-------|----------|------|--------|-------------|---------|---------
| | | | | | | | |
----------------------------------------|--------------|-------|-------|----------|------|--------|-------------|---------|---------
Reminder: Report on a separate line for ach class of securities beneficially owned directly or indirectly. (Over)
SEC 1474
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* 1 If the form is filed by more than one reporting person, see Instruction
4(b)(v).
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FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security| 2. Conversion| 3. Transaction| 4. Transaction| 5. Number of | 6. Date Exer- | 7. Title and
(Instr. 3) | or Exercise | Date | Code | Derivative | cisable and | Amount of
| Price of | (Month/Day/ | (Instr. 8) | Securities | Expiration Date | Underlying
| Derivative | Year) | | Acquired (A) | (Month/Day/Year) | Securities (Instr.
| Security | | | or Disposed | | 3 and 4)
| | | | of (D) |--------------------------------------
| | | | (Instr. 3, | Date | Expir- | | Amount or
| | | | 4 and 5) | Exer- | ation | Title | Number of
| | |---------------|--------------| cisable | Date | | Shares
| | | Code | V | (A) | (D)| | | |
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Warrants to Purchase Common | $1.50 per | | | | | | | | Common |
Stock (2) | share | (3) | J | |5,523,818| | immed |03/28/07| Stock | 5,523,818
-------------------------------|--------------|---------------|-------|-------|---------|----|---------|--------|--------|----------
Warrants to Purchase Common | $1.50 per | | | | | | | | Common |
Stock (5) | share | (3) | J | |2,560,984| | immed |03/28/07| Stock | 2,560,984
-------------------------------|--------------|---------------|-------|-------|---------|----|---------|--------|--------|----------
Warrants to Purchase Common | $1.50 per | | | | | | | | Common |
Stock (7) | share | (3) | J | | 50,000| | immed |03/18/07| Stock | 50,000
-------------------------------|--------------|---------------|-------|-------|---------|----|---------|--------|--------|----------
| $1.50 per | | | | | | | | Common |
Series C Preferred Stock (7) | share | (3) | J | | 30,000| | immed |n/a | Stock | 200,000
-------------------------------|--------------|---------------|-------|-------|---------|----|---------|--------|--------|----------
| | | | | | | | | |
-------------------------------|--------------|---------------|-------|-------|---------|----|---------|--------|--------|----------
8. Price of | 9. Number of | 10. Ownership | 11. Nature of |
Derivative | Derivative | Form of | Indirect |
Security | Securities | Derivative | Beneficial |
(Instr. 5) | Beneficially | Security; | Ownership |
| Owned at End | Direct (D) or | (Instr. 4) |
| of Month | Indirect (I) | |
| (Instr. 4) | (Instr. 4) | |
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| | | |
(3) | 5,523,818 |I |(4) |
--------------|----------------|-------------------|---------------|
| | | |
(3) | 2,560,984 |I |(6) |
--------------|----------------|-------------------|---------------|
| | | |
(3) | 50,000 |I |(6) |
--------------|----------------|-------------------|---------------|
| | | |
(3) | 30,000 |I |(6) |
--------------|----------------|-------------------|---------------|
| | | |
| | | |
--------------|----------------|-------------------|---------------|
Explanation of Responses:
See Attached
COMVEST CAPITAL PARTNERS LLC
/s/ Michael S. Falk September 15, 2000
------------------------------------ ------------------
*Signature of Reporting Person Date
Michael S. Falk, Manager
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** 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.
SEC 1474
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FOOTNOTES Page 3 of 4
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(1) These shares are owned directly by ComVest Capital Partners LLC
("ComVest"). Michael S. Falk ("Falk") is a manager and the principal member of
ComVest. Falk disclaims beneficial ownership of the shares held by ComVest
other than that portion which corresponds with his membership interest in
ComVest. These shares were acquired by the exercise of warrants previously
issued to ComVest, which warrants, prior to September 8, 2000, could not be
exercised because the Issuer had not authorized a sufficient number of shares
of Common Stock prior to such time.
(2) These Warrants are "Agents Warrants" as defined in note 3 below.
(3) The Issuer issued "Units" in a private placement which closed on May 31,
2000 (the "Private Placement"). Each Unit was sold for a purchase price of
$100,000 per Unit. Each Unit consisted of 10,000 shares of Series C Preferred
Stock (each such share being convertible into 6.67 shares of Common Stock) and
warrants to purchase 16,666 shares of Common Stock at an exercise price of
$1.50 per share. In consideration of services performed in connection with the
Private Placement, Commonwealth Associates, L.P. ("Commonwealth;" see note 4
below) was issued Warrants to purchase Units at an exercise price of $100,000
per Unit. These Warrants were subsequently amended so that they are now
exercisable for the shares of Common Stock underlying such Units, at a price of
$1.50 per share of Common Stock (as so amended, the "Agents Warrants"). Certain
of the Agents Warrants were distributed by Commonwealth to Falk. The Agents
Warrants could not be converted into Common Stock prior to September 8, 2000
because the Issuer had not authorized a sufficient number of shares of Common
Stock prior to such time.
(4) These Agents Warrants are owned directly by Commonwealth. Falk is the
principal limited partner of Commonwealth, and is a director, the Chairman and
the principal shareholder of Commonwealth Associates Management Corp. ("CAMC"),
the general partner of Commonwealth. Falk disclaims beneficial ownership of the
securities held by Commonwealth other than that portion which corresponds with
his equity ownership in Commonwealth.
(5) These are Agents Warrants that were distributed by Commonwealth to Falk.
(6) These shares and warrants are owned by Falk, either directly or through an
IRA account for his benefit.
(7) These shares and warrants were purchased as components of the Units issued
in the Private Placement. These shares and warrants could not be converted into
Common Stock prior to September 8, 2000 because the Issuer had not authorized a
sufficient number of shares of Common Stock prior to such time.
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JOINT FILER INFORMATION AND AUTHORIZATION Page 4 of 4
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Name: Commonwealth Associates L.P.
830 Third Avenue
New York, New York 10022
Designated Filer: ComVest Capital Partners LLC
Issuer & Ticker Symbol: U. S. Wireless Data, Inc. (USWDA)
Statement Month/Year: September 2000
Signature: By: Commonwealth Associates Management Corp.,
its General Partner
By: /s/ Joseph Wynne
------------------------------------------------
Joseph Wynne, Chief Financial Officer
Name: Commonwealth Associates Management Corp.
830 Third Avenue
New York, New York 10022
Designated Filer: ComVest Capital Partners LLC
Issuer & Ticker Symbol: U. S. Wireless Data, Inc. (USWDA)
Statement Month/Year: September 2000
Signature: By: /s/ Joseph Wynne
------------------------------------------------
Joseph Wynne, Chief Financial Officer
Name: Michael S. Falk
830 Third Avenue
New York, New York 10022
Designated Filer: ComVest Capital Partners LLC
Issuer & Ticker Symbol: U. S. Wireless Data, Inc. (USWDA)
Statement Month/Year: September 2000
Signature: /s/ Michael S. Falk
----------------------------------------------------
Michael S. Falk
