<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
NORWOOD PROMOTIONAL PRODUCTS, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
669729-10-5
(CUSIP Number)
Frank P. Krasovec, President Richard J. McMahon, Esquire
FPK, LLC Blank Rome Comisky & McCauley LLP
106 East Sixth Street, Suite 300 One Logan Square
Austin, Texas 78701 Philadelphia, Pennsylvania 19103-6998
(210) 227-7629 (215) 569-5500
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 15, 1998
(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 (S)(S) 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [_]
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>
- ----------------------- ---------------------
CUSIP NO. 669729-10-5 13D
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(Entities Only)
Frank P. Krasovec
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
2 Instructions) (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
PF, SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
660,917
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
660,917
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
660,917 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
13.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
-2-
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 669729-10-5 13D
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities only)
James P. Gunning, Jr.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
2 Instructions) (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
PF, SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
500
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
500
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
500 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
-3-
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 669729-10-5 13D
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only)
John Finnell
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
2 Instructions) (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
PF, OO, SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
200,054
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
200,054
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
200,054 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
3.9%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
-4-
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 669729-10-5 13D
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only)
George Bell Strob
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
2 Instructions) (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
PF, SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 53,193
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
53,193
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
53,193 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
-5-
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 669729-10-5 13D
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only)
Brian P. Miller
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
2 Instructions) (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
OO, SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
17,142
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
17,142
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
17,142 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
-6-
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 669729-10-5 13D
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only)
Paul W. Larson
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
2 Instructions) (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
PF, BK, SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
62,298
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
62,298
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
62,298 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
-7-
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 669729-10-5 13D
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only)
Russell A. Devereau
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
2 Instructions) (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
PF, SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
2,500
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
2,500
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,500 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
-8-
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 669729-10-5 13D
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (Entities Only)
James Preston
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
2 Instructions) (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
PF, SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Canada
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,000
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,500 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
-9-
<PAGE>
SCHEDULE 13D
- ------------------------ ---------------------
CUSIP NO. 669729-10-5
- ------------------------ ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1
Michael Linderman
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (See Instructions) (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
(See Instructions) PF, OO, SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 54,475
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 54,475
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
54,475 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.1%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
-10-
<PAGE>
SCHEDULE 13D
- ------------------------ ---------------------
CUSIP NO. 669729-10-5
- ------------------------ ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1
David Kagel
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (See Instructions) (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
(See Instructions) PF, SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 23,776
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 23,776
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
23,776 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.5%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
-11-
<PAGE>
SCHEDULE 13D
- ------------------------ ---------------------
CUSIP NO. 669729-10-5
- ------------------------ ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
1
John Max Waits
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (See Instructions) (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
(See Instructions) PF, BK, SC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 13,100
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 13,100
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
13,100 (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 (See Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
-12-
<PAGE>
Item 1. Security and Issuer.
This Schedule 13D report relates to the Common Stock, no par value per
share ("Common Stock"), of Norwood Promotional Products, Inc. (the "Issuer" or
the "Company"). The address of the Issuer's principal executive offices is 106
East Sixth Street, Suite 300, Austin, Texas 78701.
Item 2. Identity and Background.
This statement is being jointly filed by each of the following persons:
Frank P. Krasovec, James P. Gunning, Jr., John Finnell, George Bell Strob, Brian
P. Miller, Paul W. Larson, Russell A. Devereau, James Preston, Michael
Linderman, John Max Waits and David Kagel (collectively referred to herein as
the "Reporting Persons").
Due to Mr. Krasovec's ownership of 13% of the Issuer's stock, he presently
has a Schedule 13G on file with the Commission. Mr. Krasovec's inclusion in
this Schedule 13D serves to amend his previous Schedule 13G filing.
Appendix A, which is incorporated herein by reference, sets forth the
following information with respect to each Reporting Person and anyone with whom
a Reporting Person shares voting or dispositive power with respect to his Common
Stock: (i) name, (ii) residence or business address, (iii) present principal
occupation or employment, (iv) principal business and address of any corporation
or other organization in which such employment is conducted, and (v)
citizenship.
Information with respect to each of the Reporting Persons is given solely
by such Reporting Person, and no Reporting Person assumes responsibility for the
accuracy or completeness of information given by another Reporting Person. By
their signature on this Statement, each of the Reporting Persons agrees that
this Statement is filed on behalf of such Reporting Person. Each of the
Reporting Persons may be deemed to be holding their shares of Common Stock with
the purpose (together with the other Reporting Persons) of acquiring control of
the Issuer through the Merger (as described below); accordingly, the Reporting
Persons may be deemed to constitute a "group" for purposes of Section 13(d)(3)
of the Act. The Reporting Persons expressly disclaim that they have agreed to
act as a group other than as described in this Statement. The filing of this
Statement shall not be construed as an admission that any of the Reporting
Persons is, for purposes of Section 13(d) or 13(g) of the Securities Exchange
Act of 1934 (the "Exchange Act"), the beneficial owner of the shares of Common
Stock covered by this Statement. It is anticipated that additional individuals
may become Reporting Persons.
None of the Reporting Persons or the other persons listed in this Item 2
has been (i) convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) during the last five years, or (ii) a party, during the
last five years, to a civil proceeding or a judicial or administrative body of
competent jurisdiction which resulted in any of them being subjected 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.
Item 3. Source and Amount of Funds or Other Consideration.
Each Reporting Person has obtained the Common Stock that he/she presently
holds over a course of years for investment purposes with personal funds, a bank
loan that has been paid or as merger consideration as a result of being a
stockholder of a Company that was purchased by the Issuer. As described below,
the Issuer and FPK, LLC, a limited liability company ("LLC") formed and wholly
owned by Frank P. Krasovec, the Chairman, President and Chief Executive Officer
of the Issuer have entered into a Merger Agreement pursuant to which a wholly-
owned subsidiary of LLC will merge with the Issuer. As a result the Merger all
shares of Common Stock of the Issuer (other than as described in Item 4 below)
will be converted into the right to receive $20.70 per share. The amount of
funds necessary for the purchase of such shares of Common Stock of Issuer is
approximately $84 million.
Financing for the Merger, which is being arranged by LLC includes (i) a $50
million senior secured credit facility to be provided to the Issuer pursuant to
a commitment letter from Merrill Lynch Capital Corporation ("Merrill Lynch") and
NationsBank, N.A. ("NationsBank") (of which $30 million will be
-13-
<PAGE>
provided by Merrill Lynch and $20 million by NationsBank), consisting of (A) a
$25 million senior secured term loan, which will be fully drawn at the closing
of the transaction ("Closing") and (B) a $25 million senior secured revolving
credit facility, of which no more than $10 million will be drawn at Closing,
(ii) up to $100 million from the issuance by the Issuer of unsecured senior
subordinated notes due 2008, which notes will be sold or placed pursuant to a
highly confident letter by Merrill Lynch, Pierce, Fenner & Smith Incorporated
and its affiliates and will be issued simultaneous with the Closing and (iii)
$20 million from the issuance by the Issuer of pay-in-kind preferred stock which
will be provided pursuant to a commitment letter from Ares Leveraged Investment
Fund, L.P., an affiliate of Ares Management, L.P. Conditions to the consummation
of the financing include, among other things, the execution and delivery of
definitive documents, the satisfactory completion of due diligence by the
financing sources and the absence of any material adverse change with respect to
the Issuer. A portion of the above described financing will be used to pay down
existing Issuer debt and as working capital for the Surviving Corporation (as
defined below).
Item 4. Purpose of Transaction.
On March 15, 1998, LLC and Issuer entered into an Agreement and Plan
of Merger (the "Merger Agreement"). Under the Merger Agreement, LLC will form a
wholly-owned subsidiary ("Newco"), which will be merged with and into Issuer
(the "Merger"), whereupon the separate existence of Newco will cease and the
Issuer will continue as the surviving corporation ("Surviving Corporation").
The Merger Agreement provides that, at the effective time of the Merger
("Effective Time"): (i) each share of Common Stock (collectively, the "Common
Shares") issued and outstanding immediately prior to the Effective Time,
other than as described in clause (iii), clause (iv) and other than those owned
by Dissenting Shares holders (as defined below), will be converted into the
right to receive $20.70 per share in cash (the "Merger Consideration"); (ii) all
Common Shares to be converted into the right to receive the Merger Consideration
pursuant to clause (i) will be canceled and retired, and each holder of Common
Shares will thereafter cease to have any rights with respect to such Common
Shares, except the right to receive the Merger Consideration; (iii) each Common
Share issued and outstanding that is owned by any present or future Reporting
Person (the "Buyout Group") immediately prior to the Effective Time will be
converted into one fully paid and nonassessable share of common stock, $.01 par
value, of the Surviving Corporation; (iv) each Common Share issued and
outstanding and owned by the Issuer as treasury stock or by any of the Issuer's
subsidiaries immediately prior to the Effective Time will be canceled and
retired; (v) each share of capital stock of Newco issued and outstanding
immediately prior to the Effective Time will be canceled and retired; and (vi)
all notes and other debt instruments of the Issuer which are outstanding
immediately prior to the Effective Time shall continue to be outstanding
subsequent to the Effective Time as debt instruments of the Surviving
Corporation, subject to their respective terms and provisions.
At the Effective Time, each option, warrant and convertible debt instrument
of the Issuer (each a "Stock Derivative") to purchase Common Shares shall
continue to be outstanding subsequent to the Effective Time as options, warrants
and convertible debt of the Surviving Corporation, subject to all expiration,
lapse and other terms and conditions thereof, except that the term of all Stock
Derivatives (other than convertible debt and employee incentive stock options)
shall be extended for three years from the date of their current expiration.
The Merger Agreement provides that the articles of incorporation and by-
laws of the Issuer, as in effect immediately prior to the Effective Time, as
amended to convert the par value of the Common Stock from no par to $.01 par
value and to authorize the issuance of blank check preferred stock, shall
become, from and after the Effective Time, the articles of incorporation and by-
laws of the Surviving Corporation until amended in accordance with its terms and
the Texas Business Corporation Act ("TCBA").
The Merger Agreement provides that the directors and officers of Newco
immediately prior to the Effective Time shall become, from and after the
Effective Time, the directors and officers of the Surviving Corporation. Such
persons will continue as directors or officers, as the case may be, of the
Surviving Corporation until their successors have been duly elected or appointed
and qualified or until their earlier
-14-
<PAGE>
death, resignation, or removal in accordance with the articles of incorporation
and by-laws of the Surviving Corporation.
The Merger is subject to, among other things, the approval of the holders
of at least two-thirds of the outstanding Common Stock of the Issuer, the
consummation of debt and equity financing to finance the transaction, the
expiration or termination of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976 and compliance with Article 2.38 of the TCBA.
Prior to the Effective Time, Issuer or LLC may terminate the Merger Agreement
under certain circumstances, in each case as set forth in the Merger Agreement.
If the Merger is completed as planned, the Reporting Persons expect to
cause the Issuer to seek to have the shares of Issuer Common Stock cease to be
authorized to be listed on the NASDAQ National Market System.
Other than as described above, none of the Reporting Persons has any
current plans or proposals that relate to or would result in any of the actions
described in Item 4 of Schedule 13D (although subject to the provisions of the
Merger Agreement such Reporting Persons reserves the right to develop such
plans).
Item 5. Interest in Securities of the Issuer.
As of the filing date of this Schedule 13D ("Filing Date"), Mr. Krasovec
beneficially owns 660,917 shares of Common Stock, including 7,000 shares that
Mr. Krasovec has the right to acquire through the exercise of Issuer stock
options vesting on or before May 31, 1998 ("Vested Options") and excluding
23,000 shares that Mr. Krasovec has the right to acquire through the exercise of
Issuer stock options that do not vest until after May 31, 1998 ("Unvested
Options"). Mr. Krasovec's 660,917 shares of Common Stock represent
approximately 13.0% of the Issuer's outstanding Common Stock as of March 15,
1998. Mr. Krasovec has the sole power to vote or direct the vote and the sole
power to dispose or to direct the disposition of the Common Stock of which he is
the beneficial owner.
As of the Filing Date, Mr. Gunning beneficially owns 500 shares of Common
Stock, excluding 16,000 shares that Mr. Gunning has the right to acquire through
the exercise of Unvested Options. Mr. Gunning's 500 shares of Common Stock
represent less than 0.1% of the Issuer's outstanding Common Stock as of March
15, 1998. Mr. Gunning has the sole power to vote or direct the vote and the sole
power to dispose or to direct the disposition of the Common Stock of which he is
the beneficial owner.
As of the Filing Date, Mr. Finnell beneficially owns 200,054 shares of
Common Stock, including 9,728 shares that Mr. Finnell has the right to acquire
through the exercise of Vested Options and excluding 11,500 shares that Mr.
Finnell has the right to acquire through the exercise of Unvested Options. Mr.
Finnell's 200,054 shares of Common Stock represent approximately 3.9% of the
Issuer's outstanding Common Stock as of March 15, 1998. Mr. Finnell has the sole
power to vote or direct the vote and the sole power to dispose or to direct the
disposition of the Common Stock of which he is the beneficial owner.
As of the Filing Date, Mr. Strob beneficially owns 53,193 shares of Common
Stock, including 16,008 shares that Mr. Strob has the right to acquire through
the exercise of Vested Options and excluding 24,934 shares that Mr. Strob has
the right to acquire through the exercise of Unvested Options. Mr. Strob's
53,193 shares of Common Stock represent approximately 1.0% of the Issuer's
outstanding Common Stock as of March 15, 1998. Mr. Strob holds all of his shares
of Common Stock jointly with his wife, Debra Ann Strob. Accordingly, Mrs. Strob
may be deemed to share in the power to vote or direct the vote of, the power to
dispose or to direct the disposition of and the power to receive or direct the
receipt of dividends from, or the proceeds from the sale of, Mr. Strob's Common
Stock.
-15-
<PAGE>
As of the Filing Date, Mr. Miller beneficially owns 17,142 shares of
Common Stock, excluding 2,500 shares that Mr. Miller has the right to acquire
through the exercise of Unvested Options. Mr. Miller's 17,142 shares of Common
Stock represent approximately 0.3% of the Issuer's outstanding Common Stock as
of March 15, 1998. On January 27, 1998, Mr. Miller sold 1,000 shares of Common
Stock on the open market for $17.00 a share. On January 28, 1998, Mr. Miller
sold 1,000 shares of Common Stock on the open market for $16.875 a share. On
February 13, 1998, Mr. Miller sold 1,000 shares of Common Stock on the open
market for $16.50 a share. Mr. Miller has the sole power to vote or direct the
vote and the sole power to dispose or to direct the disposition of the Common
Stock of which he is the beneficial owner.
As of the Filing Date, Mr. Larson beneficially owns 62,298 shares of
Common Stock, including 3,867 shares that Mr. Larson has the right to acquire
through the exercise of Vested Options and excluding 4,933 shares that Mr.
Larson has the right to acquire through the exercise of Unvested Options. Mr.
Larson's 60,053 shares of Common Stock represent approximately 1.2% of the
Issuer's outstanding Common Stock as of March 15, 1998. Mr. Larson has the sole
power to vote or direct the vote and the sole power to dispose or to direct the
disposition of the Common Stock of which he is the beneficial owner.
As of the Filing Date, Mr. Devereau beneficially owns 2,500 shares of
Common Stock, including 2,000 shares that Mr. Devereau has the right to acquire
through the exercise of Vested Options and excluding 8,000 shares that Mr.
Devereau has the right to acquire through the exercise of Unvested Options. Mr.
Devereau's 2,500 shares of Common Stock represent less than 0.1% of the Issuer's
outstanding Common Stock as of March 15, 1998. Mr. Devereau has the sole power
to vote or direct the vote and the sole power to dispose or to direct the
disposition of the Common Stock of which he is the beneficial owner.
As of the Filing Date, Mr. Preston beneficially owns 1,000 shares of
Common Stock, excluding 20,000 shares that Mr. Preston has the right to acquire
through the exercise of Unvested Options. Mr. Preston's 1,000 shares of Common
Stock represent less than 0.1% of the Issuer's outstanding Common Stock as of
March 15, 1998. On January 23, 1998, Mr. Preston was granted options under the
employee stock option plan to purchase 20,000 shares of Common Stock at $16.75
per share. Mr. Preston holds all of his shares of Common Stock jointly with his
wife, Brenda Preston. Accordingly, Mrs. Preston may be deemed to share in the
power to vote or direct the vote of, the power to dispose or to direct the
disposition of and the power to receive or direct the receipt of dividends from,
or the proceeds from the sale of, Mr. Preston's Common Stock.
As of the Filing Date, Mr. Linderman beneficially owns 54,475 shares of
Common Stock, including 3,999 shares that Mr. Linderman has the right to acquire
through the exercise of Vested Options, 15,000 shares that Mr. Linderman has the
right to acquire through the exercise of vested warrants and 35,294 shares that
Mr. Linderman has the right to acquire through the conversion of a convertible
note and excluding 14,001 shares that Mr. Linderman has the right to acquire
through the exercise of Unvested Options. Mr. Linderman's 19,864 shares of
Common Stock represent approximately 1.1% of the Issuer's outstanding Common
Stock as of March 15, 1998. Mr. Linderman has the sole power to vote or direct
the vote and the sole power to dispose or to direct the disposition of the
Common Stock of which he is the beneficial owner.
As of the Filing Date, Mr. Kagel beneficially owns 23,776 shares of Common
Stock, including 16,318 shares that Mr. Kagel has the right to acquire through
the exercise of Vested Options and excluding 18,467 shares that Mr. Kagel has
the right to acquire through the exercise of Unvested Options. Mr. Kagel's
23,776 shares of Common Stock represent approximately 0.5% of the Issuer's
outstanding Common Stock as of March 15, 1998. Mr. Kagel has the sole power to
vote or direct the vote and the sole power to dispose or to direct the
disposition of the Common Stock of which he is the beneficial owner.
As of the Filing Date, Mr. Waits beneficially owns 13,100 shares of
Common Stock, including 7,862 shares that Mr. Waits has the right to acquire
through the exercise of Vested Options and excluding 18,800 shares that Mr.
Waits has the right to acquire through the exercise of Unvested Options. Mr.
Wait's 13,100 shares of Common Stock represent approximately 0.5% of the
Issuer's outstanding Common Stock as of March 15, 1998. Mr. Waits has the sole
power to vote or direct the vote and the sole power to dispose or to direct the
disposition of the Common Stock of which he is the beneficial owner.
Each of the Reporting Persons has agreed to participate as a member of
the Buyout Group. The filing of this Statement shall not, however, be construed
as an admission that any of the members is, for the purposes of Sections 13(d)
or 13(g) of the Exchange Act, the beneficial owner of the shares covered by this
Statement. The aggregate beneficial ownership of the Reporting Persons is 21.3%
of the outstanding shares of Common Stock of the Issuer.
The determination of percent beneficial ownership of Common Stock is
based upon their being 5,078,028 shares of Common Stock were issued and
outstanding as of March 15, 1998.
Except as described above in Item 3 and this Item 5, none of the
Reporting Persons has effected any transactions in Common Stock during the past
sixty days.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
In addition to the relationship and understanding among the Reporting
Persons already described in this Statement, at the Effective Time, it is
anticipated that the Reporting Persons, and any other individual that as a
result of the provisions of the Merger Agreement holds stock in the Surviving
Corporation ("Surviving Shareholders"), will enter into a shareholder's
agreement ("Shareholders' Agreement") which is expected to provide certain
rights and responsibilities among the Shareholders. The terms of the
Shareholder's Agreement have not yet been completed.
-16-
<PAGE>
At the present time there are no other contracts, arrangements,
understandings or relationships (legal or otherwise) among the Reporting Persons
and/or between such persons and any other person with respect to any securities
of the Issuer, including but not limited to transfer or voting of any of the
securities, finder's fees, joint ventures, loan or option arrangements, put or
calls, guarantees of profits, division of profits or loss, or the giving or
withholding of proxies.
Item 7. Materials to be Filed as Exhibits
Exhibit A - Joint Filing Agreement pursuant to Rule
13d-1(f)(1)(iii)
Exhibit B- 1(a)* Commitment Letter dated March 15, 1998 by and between
FPK, LLC, Merrill Lynch Capital Corporation and
NationsBank, N.A.
Exhibit B- 1(b)* Term Sheet regarding Bank Facilities
Exhibit B- 2(a)* Highly Confident Letter dated March 15, 1998 by and
between FPK, LLC and Merrill Lynch, Pierce, Fenner &
Smith Incorporated
Exhibit B- 3(a)* Commitment Letter dated March 14, 1998 by and between
FPK, LLC and Ares Leveraged Investment Fund, L.P.
Exhibit B- 3(b)* Term Sheet regarding Preferred Stock
Exhibit C*- Agreement and Plan of Merger between LLC and Issuer
dated March 15, 1998 [as verification of the number of
Issuer shares outstanding].
Exhibit D - Power of Attorney (included on page 18)
- -----------------
*Previously Filed
-17-
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of each Reporting Person's
respective knowledge and belief, each Reporting Person certifies that the
information set forth in this Statement is true, complete and correct.
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Frank P. Krasovec and James P. Gunning, Jr. and
each of them, his true and lawful attorney-in-fact and agent with full power of
substitution or resubstitution, for him and in his name, place and stead, in any
and all capacities, to sign any and all amendments to this Schedule 13D, and to
file the same, with all exhibits thereto, and other documentation in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or their substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Amendment No. 1 to Schedule 13D has been signed below by the following persons
on the dates indicated.
SIGNATURE DATE
--------- ----
/s/ Frank P. Krasovec March 26, 1998
- ---------------------------------- --------------
Frank P. Krasovec
/s/ James P. Gunning, Jr. March 26, 1998
- ---------------------------------- --------------
James P. Gunning, Jr.
* March 25, 1998
- ---------------------------------- --------------
John Finnel
* March 25, 1998
- ---------------------------------- --------------
Michael Linderman
* March 25, 1998
- ---------------------------------- --------------
James Preston
* March 25, 1998
- ---------------------------------- --------------
Paul W. Larson
* March 25, 1998
- ---------------------------------- --------------
Russell A. Devereau
* March 24, 1998
- ---------------------------------- --------------
George Bell Strob
* March 24, 1998
- ---------------------------------- --------------
Brian P. Miller
/s/ J. Max Waits March 25, 1998
- ---------------------------------- --------------
J. Max Waits
/s/ David Kagel March 25, 1998
- ---------------------------------- --------------
David Kagel
* By: /s/ Frank P. Krasovec
----------------------------
Attorney-in-Fact
-18-
<PAGE>
EXHIBIT A
Joint Filing Agreement
In accordance with Rule 13d-1(f)(1) of Regulation 13D-G of the General
Rules and Regulations of the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended, the undersigned agree to the joint
filing on behalf of each of them to this Statement and any subsequent amendments
hereto.
SIGNATURE DATE
--------- ----
/s/ Frank P. Krasovec March 20, 1998
- ---------------------------------- --------------
Frank P. Krasovec
/s/ James P. Gunning, Jr. March 20, 1998
- ---------------------------------- --------------
James P. Gunning, Jr.
/s/ John Finnel March 20, 1998
- ---------------------------------- --------------
John Finnel
/s/ Michael Linderman March 25, 1998
- ---------------------------------- --------------
Michael Linderman
/s/ James Preston March 23, 1998
- ---------------------------------- --------------
James Preston
/s/ Paul W. Larson March 20, 1998
- ---------------------------------- --------------
Paul W. Larson
/s/ Russell A. Devereau March 24, 1998
- ---------------------------------- --------------
Russell A. Devereau
/s/ George Bell Strob March 20, 1998
- ---------------------------------- --------------
George Bell Strob
/s/ Brian P. Miller March 20, 1998
- ---------------------------------- --------------
Brian P. Miller
/s/ J. Max Waits March 26, 1998
- ---------------------------------- --------------
J. Max Waits
/s/ David Kagel March 26, 1998
- ---------------------------------- --------------
David Kagel
-19-
<PAGE>
APPENDIX A
----------
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
Name Address Occupation Business Address Citizenship
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Frank P. Krasovec 106 E. 6th Street Chief Executive 106 E. 6th Street U.S.A.
Suite 300 Officer-Norwood Suite 300
Austin, TX 78701 Promotional Austin, TX 78701
Products, Inc.
- --------------------------------------------------------------------------------------------------------------------
James P. Gunning, Jr. 106 E. 6th Street Chief Financial 106 E. 6th Street U.S.A.
Suite 300 Officer-Norwood Suite 300
Austin, TX 78701 Promotional Austin, TX 78701
Products, Inc.
- --------------------------------------------------------------------------------------------------------------------
John Finnell 106 E. 6th Street Senior Vice 106 E. 6th Street U.S.A.
Suite 300 President Suite 300
Austin, TX 78701 Performance Austin, TX 78701
Enhancement-
Norwood Promotional
Products, Inc.
- --------------------------------------------------------------------------------------------------------------------
George Bell Strob 19923 Encino Grove President-Radio 615 Perez Street U.S.A.
San Antonio, TX 78259 Cap Company San Antonio, TX 78207
- --------------------------------------------------------------------------------------------------------------------
Debra Ann Strob 19923 Encino Grove U.S.A.
San Antonio, TX 78259 N/A N/A
- --------------------------------------------------------------------------------------------------------------------
Brian P. Miller 3533 Ridgewood Dr. Plant Manager- 2300 Palmer Street U.S.A.
Pittsburgh, PA 15235 Radio Cap Company Pittsburgh, PA 15218
- --------------------------------------------------------------------------------------------------------------------
Paul W. Larson 2135 Encino Loop Vice President 615 Perez Street U.S.A.
San Antonio, TX Operations-Radio San Antonio, TX 78207
78259 Cap Company
- --------------------------------------------------------------------------------------------------------------------
James Preston 38 Fair Oaks Chief Executive 615 Perez Canadian
St. Louis, MO 63124 Officer-Radio San Antonio, TX 78207
Cap Company
- --------------------------------------------------------------------------------------------------------------------
Brenda Preston 38 Fair Oaks Canadian
St. Louis, MO 63124 N/A N/A
- --------------------------------------------------------------------------------------------------------------------
Russell A. Devereau 40 Kenney Dr. President-Artmold 40 Kenney Dr. U.S.A.
Cranston, RI 92829 Products Cranston, RI 92829
Corporation
- --------------------------------------------------------------------------------------------------------------------
Michael Linderman 106 E. 6th Street Executive Vice 106 E. 6th Street U.S.A.
Suite 300 President-Product Suite 300
Austin, TX 78701 Development- Austin, TX 78701
Norwood
Promotional
Products, Inc.
- --------------------------------------------------------------------------------------------------------------------
David Kagel 8700 Bellanca Ave. President-Barlow 8700 Bellanca Ave. U.S.A.
Los Angeles, CA 90045 Promotional Los Angeles, CA 90045
Products, Inc.
- --------------------------------------------------------------------------------------------------------------------
J. Max Waits 2149 NW 135th Street General Manager- 214 SW Jackson Street U.S.A.
Clive, IA 50325 Air-Tex Des Moines, IA 50315
Corporation
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
-20-
