<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934*
(Amendment No. )
INNOVATIVE VALVE TECHNOLOGIES, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.001 par value per share
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(Title of Class of Securities)
45767J106
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(CUSIP Number)
MARK RILEY, ESQUIRE
THE ALPERT COMPANIES
THREE ALLEN CENTER
333 CLAY, SUITE 4150
HOUSTON, TEXAS 77002
(713) 336-4725
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 27, 1998
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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. [ ]
Check the following box if a fee is being paid with this statement [x]. (A
fee is not required only if the reporting person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of less than five percent of such class.
See Rule 13d-7.)
Page 1 of 14 Pages
<PAGE> 2
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
ROBERT ALPERT
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
PF
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(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
723,500
SHARES
-----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY
-----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
723,500
REPORTING
-----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
723,500
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(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
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(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.3%
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(14) TYPE OF REPORTING PERSON **
IN
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 14 Pages
<PAGE> 3
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
DANRO CORPORATION
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
648,500
SHARES
-----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY
-----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
648,500
REPORTING
-----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
648,500
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
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(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
7.4%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 14 Pages
<PAGE> 4
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
MARKUS VENTURES, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
70,000 shares owned by Markus Investments, Inc.
SHARES
-----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY
-----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
70,000 shares owned by Markus Investments, Inc.
REPORTING
-----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
70,000
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.8%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 14 Pages
<PAGE> 5
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
MARKUS INVESTMENTS, INC.
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
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(4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
70,000
SHARES
-----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY
-----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
70,000
REPORTING
-----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
70,000
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.8%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT
Page 5 of 14 Pages
<PAGE> 6
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
JAMES VENTURES, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
578,500 Includes 415,000 shares owned by James
SHARES Investments, Inc.
-----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY
-----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
578,500 Includes 415,000 shares owned by James
REPORTING Investments, Inc.
-----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
578,500 Includes 415,000 shares owned by James Investments,
Inc.
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.7%
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(14) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT
Page 6 of 14 Pages
<PAGE> 7
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
JAMES INVESTMENTS, INC.
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
415,000
SHARES
-----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY
-----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
415,000
REPORTING
-----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
415,000
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.8%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT
Page 7 of 14 Pages
<PAGE> 8
ITEM 1. SECURITY AND ISSUER.
This statement relates to the common stock, par value $0.001 per share
(the "Common Stock"), of Innovative Valve Technologies, Inc., a Delaware
corporation (the "Company"). The address of the principal executive offices of
the Company is 14900 Woodham Drive, Suite A-125, Houston, Texas 77073.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This Schedule is filed on behalf of (i) Mr. Robert Alpert, (ii)
Danro Corporation, (iii) Markus Ventures, L.P., (iv) Markus Investments,
Inc.,(v) James Ventures, L.P., and (vi)James Investments, Inc.
Mr. Robert Alpert is the sole shareholder and President of Danro
Corporation. Danro Corporation is the Managing General Partner of (i) Markus
Ventures, L.P. and (ii) James Ventures, L.P. Markus Ventures, L.P. is the sole
shareholder of Markus Investments, Inc. Mr. Robert Alpert is the Chairman of
Markus Investments, Inc. James Ventures, L.P. is the sole shareholder of James
Investments, Inc. Mr. Robert Alpert is the Chairman of James Investments, Inc.
The reporting entities and individuals (collectively, the "Group") are
making a joint filing pursuant to Rule 13d-1(f) because, by reason of the
relationship as described herein, they may be deemed to be a "group" within the
meaning of Section 13(d)(3) with respect to acquiring, holding and disposing of
Shares.
(b) The address of the principal place of business and principal
office of each person referred to in paragraph (a) is Three Allen Center, 333
Clay, Suite 4150, Houston, Texas 77002.
(c) The principal business of each of Markus Ventures, L.P., James
Ventures, L.P., Markus Investments, Inc. and James Investments, Inc. is that of
a private investment fund, engaged in the purchase and sale of securities for
investment for its own account.
The principal occupation of Mr. Alpert is as President of Danro
Corporation, Managing General Partner of affiliated partnerships.
(d) None of the persons referred to in paragraph (a) above has,
during the last five years, been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
(e) None of the persons referred to in paragraph (a) above has,
during the last five years, been 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.
(f) Each individual referred to in paragraph (a) above is a citizen
of the United States. Danro Corporation, Markus Investments, Inc. and James
Investments, Inc. are each a corporation formed under the laws of the State of
Texas. Markus Ventures, L.P. and James Ventures, L.P. are limited partnerships
formed under the laws of the State of Texas.
Page 8 of 14 Pages
<PAGE> 9
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The net investment cost (including commissions) is $4,525,864.90 for
723,500 Shares beneficially owned by Mr. Alpert.
The Shares purchased by the Group were purchased with the investment
capital of the respective member of the Group.
ITEM 4. PURPOSE OF THE TRANSACTION.
Mr. Alpert has acquired the shares of Company Common Stock for
investment purposes only. Mr. Alpert does not currently plan to acquire
beneficial ownership of additional shares of Company Common Stock nor to dispose
of any of its current beneficial ownership in shares of Company Common Stock,
nor to take any other action enumerated in Item 4.
Other than as set forth above, none of the Reporting Persons has any
plans or proposals which relate to, or could result in, any of the matters
referred to in paragraphs (b) through (j), inclusive, of Item 4 of Schedule 13D.
Such entities and persons may, at any time and from time to time, review or
reconsider their position with respect to any of such matters, but have no
present intention of doing so.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The approximate aggregate percentage of Shares reported
beneficially owned by each person herein is based on 8,723,338 Shares
outstanding as of May 15, 1998, as reflected in the Form 10Q of the Company for
the period ending March 31, 1998.
As of the date hereof:
(i) Danro owns directly no Shares. By reason of the provisions of
Rule 13d-3 of the Act, Danro may be deemed to own beneficially 648,500 Shares,
including (a) the 70,000 Shares owned by Markus Investments, Inc., (b) the
163,500 shares owned directly by James Ventures, L.P. and (c) the 415,000 shares
owned by James Investments, Inc.(constituting approximately .8%, 1.9% and 4.8%
of the Shares outstanding, respectively).
(ii) Mr. Alpert owns directly 75,000 Shares, constituting
approximately 0.9% of the Shares outstanding. Mr. Alpert, by reason of Rule
13d-3 of the Act, may be deemed to own beneficially the Shares owned by each of
the entities in (i)above (723,500 Shares, representing approximately 8.3% of the
shares outstanding).
(b) Danro Corporation has the power to vote and dispose of the Shares
owned by (i) Markus Ventures, L.P., and (iii) James Ventures, L.P., which power
may be exercised by the managing general partner of each such Partnership. Mr.
Alpert has voting and investment power over Shares managed by Danro Corporation.
(c) The trading dates, number of shares of Common Stock purchased and
price per share for all transactions in the Shares up to July 28, 1998, by the
Group are set forth on Schedules A through D. All such transactions were
effected through the NASDAQ.
(d) No person other than each respective record owner referred to
herein of Shares is known to have the right to receive or the power to direct
the
Page 9 of 14 Pages
<PAGE> 10
receipt of dividends from or the proceeds of sale of such Shares.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
Other than the agreement described in Item 7 below, there are no
contracts, understandings or relationships (legal or otherwise) among the
persons named in Item 2 hereof and between such persons or any person with
respect to any securities of the Company, including but not limited to transfer
or voting of any of the Shares, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, division of profits or loss,
or the giving or withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
There is filed herewith as Exhibit 1 a written agreement relating to
the filing of joint acquisition statements, as required by Rule 13d-1(f)(1) of
the Securities Act of 1934.
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
August 14, 1998
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation.
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation as
Managing General Partner of
Markus Ventures, L.P.
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation as
Managing General Partner of
James Ventures, L.P.
/s/ ROBERT ALPERT
Robert Alpert, as
Chairman of Markus Investments, Inc.
/s/ ROBERT ALPERT
Robert Alpert, as
Chairman of James Investments, Inc.
Page 10 of 14 Pages
<PAGE> 11
Schedules A
ROBERT ALPERT
<TABLE>
<CAPTION>
Trade Date Unit Cost Cost Shares
<S> <C> <C> <C>
6/4/98 9.175 367,005.00 40,000
6/5/98 8.676 43,380.00 5,000
6/8/98 8.656 173,120.00 20,000
6/8/98 8.300 12,450.00 1,500
6/8/98 8.300 29,050.00 3,500
6/8/98 8.303 12,455.00 1,500
6/8/98 8.300 29,050.00 3,500
</TABLE>
Page 11 of 14 Pages
<PAGE> 12
Schedules B
MARKUS INVESTMENTS, INC.
<TABLE>
<CAPTION>
Trade Date Unit Cost Cost Shares
<S> <C> <C> <C>
5/27/98 14.050 70,250.00 5,000
5/27/98 14.050 12,645.00 900
5/27/98 14.050 7,025.00 500
5/27/98 14.050 50,580.00 3,600
5/27/98 13.928 27,855.00 2,000
6/9/98 7.800 374,400.00 48,000
6/9/98 7.801 78,005.00 10,000
</TABLE>
Page 12 of 14 Pages
<PAGE> 13
Schedules C
JAMES VENTURES, L.P.
<TABLE>
<CAPTION>
Trade Date Unit Cost Cost Shares
<S> <C> <C> <C>
10/22/97 13.000 65,000.00 5,000
5/22/98 14.925 74,625.00 5,000
5/22/98 14.915 447,442.40 30,000
6/15/98 7.125 641,250.00 90,000
6/15/98 7.125 231,562.50 32,500
6/15/98 7.180 7,180.00 1,000
</TABLE>
Page 13 of 14 Pages
<PAGE> 14
Schedules D
JAMES INVESTMENTS, INC.
<TABLE>
<CAPTION>
Trade Date Unit Cost Cost Shares
<S> <C> <C> <C>
6/1/98 12.925 32,312.50 2,500
6/1/98 12.925 19,387.50 1,500
6/1/98 12.925 12,925.00 1,000
6/1/98 12.925 38,775.00 3,000
6/1/98 12.930 12,930.00 1,000
6/1/98 12.925 12,925.00 1,000
6/4/98 9.175 36,700.00 4,000
6/4/98 9.180 9,180.00 1,000
6/5/98 8.925 178,505.00 20,000
6/5/98 8.988 179,750.00 20,000
7/22/98 3.863 193,125.00 50,000
7/22/98 3.925 196,255.00 50,000
7/22/98 3.920 196,005.00 50,000
7/24/98 3.050 15,250.00 5,000
7/24/98 3.051 15,255.00 5,000
7/28/98 3.113 311,250.00 100,000
7/28/98 3.113 305,025.00 98,000
7/28/98 2.990 5,980.00 2,000
</TABLE>
Page 14 of 14 Pages
<PAGE> 15
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NO. DESCRIPTION
- ------- -----------
<S> <C>
1 Joint Acquisition Statement
</TABLE>
<PAGE> 1
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13D-1(f)1
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D, as amended, is filed on behalf of each of the undersigned and that
all subsequent amendments to this statement on Schedule 13D, as amended, shall
be filed on behalf of each of the undersigned without the necessity of filing
additional joint acquisition statements. The undersigned acknowledge that each
shall be responsible for the timely filing of such amendments, and for the
completeness and accuracy of the information concerning him or it contained
therein, but shall not be responsible for the completeness and accuracy of the
information concerning the other, except to the extent that he or it knows or
has reason to believe that such information is inaccurate.
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation.
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation as
Managing General Partner of
Markus Ventures, L.P.
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation as
Managing General Partner of
James Ventures, L.P.
/s/ROBERT ALPERT
Robert Alpert, as
Chairman of Markus Investments, Inc.
/s/ROBERT ALPERT
Robert Alpert, as
Chairman of James Investments, Inc.
