SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. _____________ )*
Liberty Technologies, Inc.
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(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
53128 10 3
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(CUSIP Number)
Walter M. Epstein, Esq.
Rubin Baum Levin Constant & Friedman
30 Rockefeller Plaza, 29th Floor
New York, New York 10112
(212) 698-7700
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
October 23, 1997
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(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
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).
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CUSIP NO. 531281 10 3 PAGE 2 of 15
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SCHEDULE 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Wells Resources, Inc.
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2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |X|
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3 SEC Use Only
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4 Source of Funds*
AF, WC (1)
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5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e) |_|
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6 Citizenship or Place of Organization
Texas
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7 Sole Voting Power
Number of 124,400(1)
Shares
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 0
Person --------------------------------------------------------
With 9 Sole Dispositive Power
124,400(1)
--------------------------------------------------------
10 Shared Dispositive Power
0
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
124,400(1)
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12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
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13 Percent of Class Represented By Amount in Row (11)
2.48%
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14 Type of Reporting Person*
CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE AND THE SIGNATURE ATTESTATION.
(1) STEPHEN A. WELLS IS A DIRECTOR AND CONTROLLING STOCKHOLDER OF WELLS
RESOURCES, INC. MR. WELLS WAS ELECTED A DIRECTOR OF LIBERTY TECHNOLOGIES,
INC. ON OCTOBER 29, 1997.
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CUSIP NO. 531281 10 3 PAGE 3 of 15
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stephen A. Wells Profit Sharing Plan
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2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |X|
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3 SEC Use Only
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4 Source of Funds*
AF, OO - funds contributed to profit sharing plan (1)
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5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e) |_|
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6 Citizenship or Place of Organization
Texas
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7 Sole Voting Power
Number of 1,000 (1)
Shares
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each
Reporting 0
Person --------------------------------------------------------
With 9 Sole Dispositive Power
1,000 (1)
--------------------------------------------------------
10 Shared Dispositive Power
0
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
1,000 (1)
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12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
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13 Percent of Class Represented By Amount in Row (11)
.02%
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14 Type of Reporting Person*
EP
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE AND THE SIGNATURE ATTESTATION.
(1) STEPHEN A. WELLS IS THE TRUSTEE FOR AND SOLE PARTICIPANT IN THE STEPHEN A.
WELLS PROFIT SHARING PLAN. MR. WELLS WAS ELECTED A DIRECTOR OF LIBERTY
TECHNOLOGIES, INC. ON OCTOBER 29, 1997.
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CUSIP NO. 531281 10 3 PAGE 4 of 15
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Dan Kirkland Wells Foundation
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2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |X|
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3 SEC Use Only
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4 Source of Funds*
AF, OO -- private charitable contributions (1)
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5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e) |_|
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6 Citizenship or Place of Organization
Texas
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7 Sole Voting Power
Number of 30,000 (1)
Shares
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each 0
Reporting
Person --------------------------------------------------------
With 9 Sole Dispositive Power
30,000 (1)
--------------------------------------------------------
10 Shared Dispositive Power
0
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
30,000 (1)
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12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
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13 Percent of Class Represented By Amount in Row (11)
.60%
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14 Type of Reporting Person*
EP
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE AND THE SIGNATURE ATTESTATION.
(1) STEPHEN A. WELLS IS A DIRECTOR AND CONTROLS THE INVESTMENT DECISIONS OF
THE DAN KIRKLAND WELLS FOUNDATION. MR. WELLS WAS ELECTED A DIRECTOR OF
LIBERTY TECHNOLOGIES, INC. ON OCTOBER 29, 1997.
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CUSIP NO. 531281 10 3 PAGE 5 of 15
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stephen A. Wells
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2 Check the Appropriate Box If a Member of a Group*
a. |_|
b. |X|
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3 SEC Use Only
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4 Source of Funds*
AF, PF (1)
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5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e) |_|
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6 Citizenship or Place of Organization
Texas
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7 Sole Voting Power
Number of 265,400 (1)
Shares
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power
Each 0
Reporting
Person --------------------------------------------------------
With 9 Sole Dispositive Power
265,400 (1)
--------------------------------------------------------
10 Shared Dispositive Power
0
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
265,400 (1)
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12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
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13 Percent of Class Represented By Amount in Row (11)
5.30%
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14 Type of Reporting Person*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE AND THE SIGNATURE ATTESTATION.
(1) INCLUDES (I) 110,000 SHARES OF COMMON STOCK WHICH ARE OWNED BY STEPHEN A.
WELLS INDIVIDUALLY, (II) 124,440 SHARES OF COMMON STOCK OWNED BY WELLS
RESOURCES, INC., OF WHICH MR. WELLS IS A DIRECTOR AND CONTROLLING
STOCKHOLDER, (III) 1,000 SHARES OF COMMON STOCK WHICH ARE OWNED BY STEPHEN
A. WELLS PROFIT SHARING PLAN, OF WHICH MR. WELLS IS TRUSTEE AND SOLE
PARTICIPANT, AND (IV) 30,000 SHARES OF COMMON STOCK WHICH ARE OWNED BY DAN
KIRKLAND WELLS FOUNDATION, OF WHICH MR. WELLS IS A DIRECTOR AND CONTROLS
THE INVESTMENT DECISIONS. MR. WELLS WAS ELECTED A DIRECTOR OF LIBERTY
TECHNOLOGIES, IN.. ON OCTOBER 29, 1997
<PAGE>
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CUSIP NO. 531281 10 3 PAGE 6 of 15
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ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D relates to the Common Stock, par value $.01
per share (the "Common Stock"), of Liberty Technologies, Inc., a Pennsylvania
corporation ("Liberty"). The principal executive offices of Liberty are located
at 555 North Lane, Lee Park, Conshohocken, Pennsylvania.
ITEM 2. IDENTITY AND BACKGROUND
The information set forth below is given with respect to (i) Wells
Resources, Inc. ("Wells Resources"), (ii) Stephen A. Wells Profit Sharing Plan
(the "Plan"), (iii) Dan Kirkland Wells Foundation (the "Foundation"), and (iv)
Stephen A. Wells ("Wells," and, collectively, with Wells Resources, the Plan and
the Foundation, the "Reporting Persons") on Annexes A, B, C and D, respectively.
Each of Wells Resources, the Plan and the Foundation was organized under the
laws of the state of Texas. On each of Annexes A, B, C and D, column (a)
indicates the name of each person; column (b) indicates the address of the
principal business and the address of the principal office of each entity or the
business address of each natural person; column (c) indicates each such entity's
principal business or such natural person's present principal occupation or
employment and the name, principal business and address of any corporation or
other organization in which such employment is conducted as applicable; column
(d) indicates whether or not, during the last five years, such person has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) and, if so, the dates, nature of conviction, name and location of
court, and penalty imposed, or other disposition of the case; column (e)
indicates whether or not, during the last five years, such person was a party to
a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws, and, if so, identifies and describes such
proceedings and summarizes the terms of such judgment, decree or final order;
and column (f) indicates, in the case of any natural person, the citizenship of
such person.
Wells is a director and controlling stockholder of Wells Resources, the
trustee of the Plan and is a director, and controls the investment decisions, of
the Foundation. Accordingly, Wells may be regarded as the "beneficial owner,"
within the meaning of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), of the Common Stock held by each of Wells Resources, the Plan,
and the Foundation.
The Reporting Persons do not admit they constitute a "group" for purposes
of Section 13(d) under the Exchange Act.
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CUSIP NO. 531281 10 3 PAGE 7 of 15
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<TABLE>
<CAPTION>
ANNEX A
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WELLS RESOURCES, INC.
---------------------
==================================================================================================================================
(a) (b) (c) (d) (e) (f)
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<S> <C> <C> <C> <C> <C>
Wells Resources, P.O. Box 549 Wells Resources, Inc. ("Wells Resources") is No No Not Applicable
Inc. Little River, Texas 76554 engaged in the business of ranching and oil and gas
investments.
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Stephen A. Wells c/o Wells Resources, Inc. Mr. Wells is a director, President and controlling No No United States
P.O. Box 549 stockholder of Wells Resources which is Mr.
Little River, Texas 76554 Wells' principal employer. Mr. Wells was elected a
director of Liberty Technologies, Inc. on October
29, 1997.
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Judy B. Wells c/o Wells Resources, Inc. Mrs. Wells is a director of Wells Resources. Mrs. No No United States
P.O. Box 549 Wells is a private investor and is married to Mr.
Little River, Texas 76554 Wells.
==================================================================================================================================
</TABLE>
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CUSIP NO. 531281 10 3 PAGE 8 of 15
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<TABLE>
<CAPTION>
ANNEX B
STEPHEN A. WELLS PROFIT SHARING PLAN
------------------------------------
==================================================================================================================================
(a) (b) (c) (d) (e) (f)
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<S> <C> <C> <C> <C> <C>
Stephen A. Wells P.O. Box 549 Stephen A. Wells Profit Sharing Plan (the No No Not Applicable
Profit Sharing Plan Little River, Texas 76554 "Plan") is a sole participant profit sharing plan.
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Stephen A. Wells c/o Wells Resources, Inc. Mr. Wells is the trustee of the Plan and the sole No No United States
P.O. Box 549 participant in the Plan. Mr Wells' principal
Little River, Texas 76554 employer is Wells Resources. See Annex A for
information regarding Wells Resources and Mr.
Wells.
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</TABLE>
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CUSIP NO. 531281 10 3 PAGE 9 of 15
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<TABLE>
<CAPTION>
ANNEX C
DAN KIRKLAND WELLS FOUNDATION
-----------------------------
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(a) (b) (c) (d) (e) (f)
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<S> <C> <C> <C> <C> <C>
Dan Kirkland Wells P.O. Box 549 Dan Kirkland Wells Foundation (the No No Not Applicable
Foundation Little River, Texas 76554 "Foundation") is a charitable non-profit
corporation.
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Stephen A. Wells c/o Wells Resources, Inc. Mr. Wells is a director and President of No No United States
P.O. Box 549 the Foundation. Mr. Wells' principal
Little River, Texas 76554 employer is Wells Resources. See Annex
A for information regarding Wells
Resources and Mr. Wells.
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Judy B. Wells c/o Wells Resources, Inc. Mrs. Wells is a director and Vice No No United States
P.O. Box 549 President of the Foundation. Mrs. Wells
Little River, Texas 76554 is a private investor and is married to Mr.
Wells.
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James Kirkland Wells c/o Wells Resources, Inc. Mr. James Kirkland Wells is a director of No No United States
P.O. Box 549 the Foundation. Mr. James Kirkland
Little River, Texas 76554 Wells is retired.
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</TABLE>
<PAGE>
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CUSIP NO. 531281 10 3 PAGE 10 of 15
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<TABLE>
<CAPTION>
ANNEX D
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STEPHEN A. WELLS
----------------
==================================================================================================================================
(a) (b) (c) (d) (e) (f)
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<S> <C> <C> <C> <C> <C>
Stephen A. Wells c/o Wells Resources, Inc. Mr. Wells' principal employer is Wells No No United States
P.O. Box 549 Resources. See Annex A for information
Little River, Texas 76554 regarding Wells Resources and Mr. Wells .
==================================================================================================================================
</TABLE>
<PAGE>
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CUSIP NO. 531281 10 3 PAGE 11 of 15
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Wells Resources purchased the following shares of Common Stock on the
following dates for the following amounts:
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Shares Date Dollar Amount
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1,500 3/26/97 $ 4,405.00
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2,900 4/4/97 8,482.97
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10,000 5/6/97 26,552.50
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20,000 5/6/97 53,638.50
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10,000 5/6/97 26,552.50
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10,000 5/9/97 26,452.50
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25,000 5/21/97 67,940.00
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35,000 6/26/97 101,677.50
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7,000 7/31/97 27,337.50
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3,000 9/19/97 12,190.00
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The purchase price of these shares of Common Stock were purchased with Well
Resource's funds. None of these shares were purchased with borrowed funds.
Wells purchased the following shares of Common Stock on the following
dates for the following amounts:
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Shares Date Dollar Amounts
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35,000 5/21/97 $ 95,115.00
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35,000 6/26/97 101,677.50
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40,000 10/23/97 162,500.00
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The purchase price of these shares of Common Stock were purchased with Wells'
personal funds. None of these shares were purchased with borrowed funds.
The Plan purchased 1,000 shares of Common Stock on March 6, 1997 for a
purchase price of $3,774 and the Foundation purchased 30,000 shares of Common
Stock on June 26, 1997 for a purchase price of $87,152.50. The purchase price
for the shares Common Stock purchased by the Plan and the Foundation were paid
out of the funds of each of the respective organizations. None of the shares
were purchased with borrowed funds.
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons acquired the Common Stock reported hereby as an
investment. The Reporting Persons may purchase additional shares of Common Stock
in the open market or in privately negotiated transactions, and may sell shares
of Common Stock from time to time in open market or in privately negotiated
transactions. The Reporting Persons may also enter into short sales or other
hedging transactions with broker-dealers or other financial institutions.
<PAGE>
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CUSIP NO. 531281 10 3 PAGE 12 of 15
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Transactions in respect of the shares of Common Stock may be effected from time
to time based upon the capital requirements of any of the Reporting Persons and
the market price of the shares.
Except as set forth in this Item 4, none of the Reporting Persons have any
present plans or proposals that relate to or would result in: (i) the
acquisition by any person of additional securities of Liberty, or the
disposition of securities of Liberty; (ii) an extraordinary corporate
transaction, such as a merger, reorganization or liquidation, involving Liberty
or any of its subsidiaries; (iii) a sale or transfer of a material amount of
assets of Liberty or any of its subsidiaries; (iv) any change in the present
Board of Directors or management of Liberty, including any plans or proposals to
change the number or term of Director or to fill any vacancies on the Board; (v)
any material change in the present capitalization or dividend policy of Liberty;
(vi) any other material change in Liberty's business or corporate structure;
(vii) changes in Liberty's Certificate of Incorporation, By-laws or instruments
corresponding thereto or other actions which may impede the acquisition of
control of Liberty by any person; (viii) causing a class of securities to be
delisted from a national securities exchange or to cease to be authorized to be
quoted in an inter-dealer quotation system of a registered national securities
association; (ix) a class of equity securities of Liberty becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Exchange Act; or
(x) any action similar to those enumerated above.
Each of the Reporting Persons reserves the right to determine in the
future whether to change the purpose or purposes described above or whether to
adopt plans or proposals of the type specified above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
According to Liberty's most recent Quarterly Report on Form 10-Q for the
quarter ended June 30, 1997, as amended, as of August 14, 1997, Liberty had
5,010,339 shares of Common Stock issued and outstanding. Each of Wells
Resources, the Plan and the Foundation hold of record and may be deemed to
beneficially own within the meaning of the Exchange Act 124,400 (2.48%), 1,000
(.02%) and 30,000 (.60%), respectively, of the shares of Common Stock
outstanding.
Wells may also be deemed to beneficially own, within the meaning of the
Exchange Act, the shares of Common Stock held by each of Wells Resources, the
Plan and the Foundation because Wells is a director, President and controlling
stockholder of Wells Resources, the trustee and sole participant in the Plan and
a director, President and controls the investment decisions of the Foundation.
(See Item 2) In addition, Wells individually holds of record 110,000 shares of
Common Stock. Therefore, together with the shares held by Wells Resources, the
Plan and the Foundation, Wells may be deemed to beneficially own, within the
meaning of the Exchange Act, 265,400 (5.30%) shares of the Common Stock
outstanding.
Each Reporting Person has the sole power to vote, dispose of and direct
the disposition of the shares of Common Stock held by such Reporting Person.
Wells may be deemed to beneficially own the shares of Common Stock held by each
of the Reporting Persons. (See Item 2 and the immediately preceding paragraph
for a description of Wells' relationship to each other Reporting Person)
During the sixty (60) days prior to the date of this statement was filed,
Wells Resources purchased 3,000 shares of Common Stock for $4.0625 per share in
the public market, Wells purchased 40,000 shares of Common Stock for $4.0625 per
share in a private transaction with Liberty and certain other stockholders of
Liberty and neither the Foundation nor the Plan effected any transactions in the
Common Stock. (See Item 3)
No entity other than the respective Reporting Person is known to have the
right to receive or the power to direct the receipt of dividends from or the
proceeds from the sale of the shares of Common Stock held by such Reporting
Person covered by this Schedule 13D.
<PAGE>
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CUSIP NO. 531281 10 3 PAGE 13 of 15
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ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
Wells and certain other shareholders of Liberty entered into a letter
agreement with Liberty dated August 18, 1997 (the "Standstill Agreement").
Pursuant to the Standstill Agreement, the Company agreed not to take any action
or exercise any rights under the Company's shareholder rights plan as long as
the other parties to the Standstill Agreement are in compliance with its terms.
The parties to the Standstill Agreement, other than the Company, have agreed for
a period of ten years not to take certain actions, including the acquisition, in
aggregate, of more than twenty-five percent of the voting stock of Liberty.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibits are filed as part of this statement on Schedule
13D:
Exhibit A: Joint Filing Agreement dated October 30, 1997 between Wells
Resources, Inc., Stephen A. Wells Profit Sharing Plan, Dan Kirkland Wells
Foundation and Stephen A. Wells.
Exhibit B: Letter Agreement among Liberty Technologies, Inc. and L. Mark
Newman, Larry D. Hornbeck, Don V. Ingram, Stephen F. Smith, Stephen A. Wells and
Energy Consolidation, Inc. dated August 18, 1997.
<PAGE>
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CUSIP NO. 531281 10 3 PAGE 14 of 15
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SIGNATURE
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned does hereby certify that the information set forth
in this statement is true, complete and correct.
Dated: October 30, 1997
WELLS RESOURCES, INC.
By: /s/ Stephen A. Wells
--------------------------------
Name: Stephen A. Wells
Title: President
STEPHEN A. WELLS PROFIT SHARING PLAN
By: Stephen A. Wells, as trustee
By: /s/ Stephen A. Wells
--------------------------------
DAN KIRKLAND WELLS FOUNDATION
By: /s/ Stephen A. Wells
--------------------------------
Name: Stephen A. Wells
Title: President
/s/ Stephen A. Wells
------------------------------------
Stephen A. Wells, individually
<PAGE>
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CUSIP NO. 531281 10 3 PAGE 15 of 15
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EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing on behalf of
each of them of a statement on Schedule 13D (including amendments thereto) with
respect to the Common Stock, par value $0.01 per share, of Liberty Technologies
Inc. and that this Agreement be included as an Exhibit to such joint filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this
30th day of October, 1997.
WELLS RESOURCES, INC.
By: /s/ Stephen A. Wells
--------------------------------
Name: Stephen A. Wells
Title: President
STEPHEN A. WELLS PROFIT SHARING PLAN
By: Stephen A. Wells, as trustee
By: /s/ Stephen A. Wells
--------------------------------
DAN KIRKLAND WELLS FOUNDATION
By: /s/ Stephen A. Wells
--------------------------------
Name: Stephen A. Wells
Title: President
/s/ Stephen A. Wells
------------------------------------
Stephen A. Wells, individually
