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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Advanced Deposition Technologies, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
00752110 7
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(CUSIP Number)
Glenn J. Walters, Chairman of the Board, CEO and Treasurer, Advanced Deposition
Technologies, Inc., Myles Standish Industrial Park, 580 Myles Standish
Boulevard, Taunton, Massachusetts 02780 (508)-823-0707
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
May 24, 2000
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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 that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(3), 240.13d-1(f) or 240.13d-1(g), check the
following box. [ ].
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7(b) 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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Page 1 of 5 pages
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SCHEDULE 13D
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CUSIP NO. 007521 10 7 13D
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1 NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Glenn J. Walters
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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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
United States
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7 SOLE VOTING POWER
697,393 shares (includes 100,000 shares
subject to options exercisable within
NUMBER OF 60 days)
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SHARES 8 SHARED VOTING POWER
BENEFICIALLY 154,500 shares, (consists of 94,500
shares owned directly by Mr. Walter's
OWNED BY wife and 60,000 shares owned by the
Walter's Family Children's Trust for
EACH the benefit of Mr. Walter's minor
children, of which Mr. Walters is a
REPORTING co-trustee with his wife.)
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PERSON 9 SOLE DISPOSITIVE POWER
WITH 697,393 shares (includes 100,000 shares
subject to options exercisable within
60 days)
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10 SHARED DISPOSITIVE POWER
154,500 shares, (consists of 94,500
shares owned directly by Mr. Walter's
wife and 60,000 shares owned by the
Walter's Family Children's Trust for
the benefit of Mr. Walter's minor
children, of which Mr. Walters is a
co-trustee with his wife.)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
851,893 shares, (consists of 597,393 shares owned directly by Mr.
Walters, 100,000 shares subject to options exercisable within 60
days, 94,500 shares owned directly by Mr. Walter's wife and 60,000
shares owned by the Walter's Family Children's Trust for the
benefit of Mr. Walter's minor children, of which Mr. Walters is a
co-trustee with his wife.) Mr. Walters disclaims beneficial
ownership of the 60,000 shares held by the Walter's Family
Children's Trust and the 94,500 shares owned directly by his wife.
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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)
17.0% (based on 4,818,648 shares outstanding as reported in the
most recent Report on Form 10-QSB and an additional 200,000 shares
known to be issued to Mr. Boxall and Mr. Walters since the date of
the most recent Report on Form 10-QSB)
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14 TYPE OF REPORTING PERSON
IN
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Page 2 of 5 pages
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Item 1. Security and Issuer
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This statement relates to the common stock, $0.01 par value (the "Common
Stock") of Advanced Deposition Technologies, Inc. (the "Company"). The address
of the Company's principal executive offices is:
Myles Standish Industrial Park
580 Myles Standish Boulevard
Taunton, MA 02780
Item 2. Identity and Background
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This statement is being filed by Glenn J. Walters, Chairman of the Board,
Chief Executive Officer and Treasurer of the Company. Mr. Walter's business
address is c/o Advanced Deposition Technologies, Inc., Myles Standish Industrial
Park, 580 Myles Standish Boulevard, Taunton, MA 02780.
Mr. Walters has not been, during the last five years, (a) convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
(b) 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. Mr. Walters is a citizen of the United
States of America.
Item 3. Source and Amount of Funds or Other Consideration
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On May 24, 2000, the Company issued 100,000 shares of Common Stock in
exchange for the cancellation of a note held by Mr. Walters in the principal
amount of $150,000, representing a loan from Mr. Walters to the Company in April
2000, at a price of $1.50 principal amount per share. Mr. Walters purchased the
other shares of Common Stock owned by him from his personal funds.
Page 3 of 5 pages
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Item 4. Purpose of Transaction
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The shares, the ownership of which is reported hereby, were acquired by
Mr. and Walters for investment purposes. Mr. Walters reserves the right from
time to time to acquire additional shares, or to dispose of some or all of his
shares. Mr. Walters currently serves as the Chairman of the Board of Directors,
Chief Executive Officer and Treasurer of the Company. Except as set forth above,
Mr. Walters does not have any plans or proposals which related to, or may result
in, any of the matters listed in Item 4(a)-(j) of Schedule 13D (although he
reserves the right to develop such plans).
Item 5. Interest in Securities of the Issuer
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(a) Mr. Walters beneficially owns 851,893 shares of Common Stock which
represents 17.0% of the outstanding shares of Common Stock. This amount consists
of 597,393 shares owned directly by Mr. Walters, 100,000 shares subject to
options exercisable within 60 days, 94,500 shares owned directly by Mr. Walter's
wife and 60,000 shares owned by the Walter's Family Children's Trust for the
benefit of Mr. Walter's minor children, of which Mr. Walters is a co-trustee
with his wife. Mr. Walters disclaims beneficial ownership of the 60,000 shares
held by the Walter's Family Children's Trust and the 94,500 shares owned
directly by his wife.
(b) Mr. Walters has sole power to vote or to direct the vote and sole power to
dispose or to direct the disposition of 697,393 shares of Common Stock of the
Company. This amount includes 100,000 shares of Common Stock subject to options
exercisable within 60 days. Mrs. Walters does not have the sole power to vote or
to direct the vote or the sole power to dispose or to direct the disposition of
any shares of Common Stock.
(c) Over the last sixty days, Mr. Walters has not effected any transactions in
any security of the Company, other than the purchase of 100,000 shares of the
Company's Common Stock, in exchange for the cancellation of a promissory note,
for $1.50 principal amount per share on May 24, 2000.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
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Respect to Securities of the Issuer
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Not applicable.
Item 7. Material to be Filed as Exhibits
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Not applicable.
Page 4 of 5 pages
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Signature
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After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Glenn J. Walters
By: /s/ Glenn J. Walters
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Glenn J. Walters
Date: June 6, 2000
Page 5 of 5 pages
