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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Information Statement pursuant to
Rule 13d-1 and 13d-2
DiaSys Corporation
------------------
(Name of Issuer)
COMMON STOCK, $.001 PAR VALUE
-----------------------------
(Title of Class of Securities)
25283810-7
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(CUSIP Number)
November 15, 2000
-----------------
(Date of event which requires filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed.
[x] Rule 13d-1(c)
(Continued on following pages)
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Page 2 of 17
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BH Capital Investments, L.P.
None
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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. CITIZENSHIP OR PLACE OF ORGANIZATION: Ontario, Canada
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5. SOLE VOTING POWER
None.
NUMBER OF SHARES -----------------------------------------------------
BENEFICIALLY OWNED BY 6. SHARED VOTING POWER
EACH REPORTING PERSON 697,628 shares
WITH -----------------------------------------------------
7. SOLE DISPOSITIVE POWER
None.
-----------------------------------------------------
8. SHARED DISPOSITIVE POWER
697,628 shares
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
697,628 shares
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%
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12. TYPE OF REPORTING PERSON
PN
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Page 3 of 17
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
H.B. and Co., Inc.
None
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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. CITIZENSHIP OR PLACE OF ORGANIZATION: Ontario, Canada
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5. SOLE VOTING POWER
None.
NUMBER OF SHARES -----------------------------------------------------
BENEFICIALLY OWNED BY 6. SHARED VOTING POWER
EACH REPORTING PERSON 697,628 shares
WITH -----------------------------------------------------
7. SOLE DISPOSITIVE POWER
None.
-----------------------------------------------------
8. SHARED DISPOSITIVE POWER
697,628 shares
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
697,628 shares
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%
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12. TYPE OF REPORTING PERSON
CO
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Page 4 of 17
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Henry Brachfeld
None
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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. CITIZENSHIP OR PLACE OF ORGANIZATION: United States
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
None.
NUMBER OF SHARES -----------------------------------------------------
BENEFICIALLY OWNED BY 6. SHARED VOTING POWER
EACH REPORTING PERSON 697,628 shares
WITH -----------------------------------------------------
7. SOLE DISPOSITIVE POWER
None.
-----------------------------------------------------
8. SHARED DISPOSITIVE POWER
697,628 shares
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
697,628 shares
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%
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12. TYPE OF REPORTING PERSON
IN
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Page 5 of 17
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Excalibur Limited Partnership
None
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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. CITIZENSHIP OR PLACE OF ORGANIZATION: Ontario, Canada
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
None.
NUMBER OF SHARES -----------------------------------------------------
BENEFICIALLY OWNED BY 6. SHARED VOTING POWER
EACH REPORTING PERSON 697,628 shares
WITH -----------------------------------------------------
7. SOLE DISPOSITIVE POWER
None.
-----------------------------------------------------
8. SHARED DISPOSITIVE POWER
697,628 shares
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
697,628 shares
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%
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12. TYPE OF REPORTING PERSON
PN
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Page 6 of 17
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Excalibur Capital Management, Inc.
None
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION: Ontario, Canada
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
None.
NUMBER OF SHARES -----------------------------------------------------
BENEFICIALLY OWNED BY 6. SHARED VOTING POWER
EACH REPORTING PERSON 697,628 shares
WITH -----------------------------------------------------
7. SOLE DISPOSITIVE POWER
None.
-----------------------------------------------------
8. SHARED DISPOSITIVE POWER
697,628 shares
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
697,628 shares
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%
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12. TYPE OF REPORTING PERSON
CO
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Page 7 of 17
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
William S. Hechter
None
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION: Ontario, Canada
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
None.
NUMBER OF SHARES -----------------------------------------------------
BENEFICIALLY OWNED BY 6. SHARED VOTING POWER
EACH REPORTING PERSON 697,628 shares
WITH -----------------------------------------------------
7. SOLE DISPOSITIVE POWER
None.
-----------------------------------------------------
8. SHARED DISPOSITIVE POWER
697,628 shares
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
697,628 shares
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
IN
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Page 8 of 17
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lilian Brachfeld
None
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION: Ontario, Canada
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
None.
NUMBER OF SHARES -----------------------------------------------------
BENEFICIALLY OWNED BY 6. SHARED VOTING POWER
EACH REPORTING PERSON None.
WITH -----------------------------------------------------
7. SOLE DISPOSITIVE POWER
None.
-----------------------------------------------------
8. SHARED DISPOSITIVE POWER
None.
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None.
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
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12. TYPE OF REPORTING PERSON
IN
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Page 9 of 17
ITEM 1(a). NAME OF ISSUER.
DiaSys Corporation (the "Issuer")
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES.
49 Leavenworth Street
Waterbury, Connecticut 06702
ITEM 2(a). NAMES OF PERSONS FILING.
BH Capital Investments, L.P. ("BHCI")
H.B. and Co., Inc. ("HBCI")
Henry Brachfeld ("Mr. Brachfeld")
Excalibur Limited Partnership ("ELP")
Excalibur Capital Management, Inc. ("ECMI")
William S. Hechter ("Mr. Hechter")
Lilian Brachfeld ("Mrs. Brachfeld")
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE.
The address of the principal business office of BHCI, HBCI,
Mr. Brachfeld and Mrs. Brachfeld is:
175 Bloor Street East
South Tower, 7th Floor
Toronto, Ontario M4W 3R8
Canada
The address of the principal business office of ELP, ECMI
and Mr. Hechter is:
33 Prince Arthur Avenue
Toronto, Ontario M5R 1B2
Canada
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Page 10 of 17
ITEM 2(c). CITIZENSHIP.
BHCI is an Ontario, Canada limited partnership HBCI
is an Ontario, Canada corporation
Mr. Brachfeld is a citizen of the United States
ELP is an Ontario, Canada limited partnership
ECMI is an Ontario, Canada corporation
Mr. Hechter is a citizen of Canada
Mrs. Brachfeld is a citizen of Canada
ITEM 2(c). TITLE OF CLASS OF SECURITIES.
Common Stock, $.001 par value per share
ITEM 2(e). CUSIP NUMBER.
25283810-7
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR
13d-2(b), CHECK WHETHER THE PERSON FILING IS A:
Not applicable. This statement is filed pursuant to Rule
13d-1(c)
ITEM 4. OWNERSHIP.
(a) Amount beneficially owned by reporting persons as of November
15, 2000: Each reporting person, except Mrs. Brachfeld (see
subsection (d) below), beneficially owns 697,628 shares
(1)(2).
(b) Percent of Class: Each reporting person, except Mrs. Brachfeld
(see subsection (d) below), holds 9.99% (based on 6,285,644
shares of common stock of the Issuer outstanding, determined
from the Issuer's Form 10-QSB for the quarterly period ended
September 30, 2000) (2).
(c) Number of shares as to which such persons have:
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Page 11 of 17
(i) Sole power to direct the vote: None of the reporting
persons has the sole power to direct the vote.
(ii) Shared power to vote or to direct the vote: Each
reporting person, except Mrs. Brachfeld (see
subsection (d) below), has the shared power to vote
or direct the vote of 697,628 (1)(2).
(iii) Sole power to dispose or direct the disposition of
the Common Stock: None of the reporting persons has
the sole power to dispose or direct the disposition
of the securities of the Issuer.
(iv) Shared power to dispose or direct the disposition of:
Each reporting person, except Mrs. Brachfeld (see
subsection (d) below), has the shared power to
dispose or direct the disposition of 697,628 (1)(2).
(d) Mrs. Brachfeld is the sole stockholder of HBCI and the wife of
Mr. Brachfeld. By reason of such status, Mrs. Brachfeld may be
deemed to beneficially own the shares of common stock of the
Issuer beneficially owned by HBCI and Mr. Brachfeld. Mrs.
Brachfeld disclaims beneficial ownership of all such shares
pursuant to Rule 13d-4 promulgated under the Securities
Exchange Act of 1934, as amended.
Notes: (1) Includes (i) 50,883 shares which are issuable upon the exercise of
immediately exercisable warrants held by BHCI, (ii) 297,931 shares which are
issuable upon conversion of 1,500 shares of Series A Convertible Preferred
Stock owned by BHCI, (iii) 50,883 shares which are issuable upon the exercise
of immediately exercisable warrants held by ELP, and (vi) 297,931 shares which
are issuable upon conversion of 1,500 shares of issuer's Series A Convertible
Preferred Stock owned by ELP.
(2) Number of Shares of Common Stock issuable upon conversion of the
Series A Convertible Preferred Stock based upon a conversion price of $5.00 per
share. Pursuant to the Certificate of Designations, Preferences and Rights of
Series A Convertible Preferred Stock (the "Certificate of Designations") of the
Issuer, the owners of the shares of Series A Convertible Preferred Stock may
convert such shares at the lowest of (i) $5.00 per share, (ii) the average of
the closing bid prices of the Issuer's Common Stock for the five trading days
preceding the date the Series A Convertible Preferred Stock was issued (the
"Market Price at Closing"), or (iii) the average of the closing bid prices of
the Issuer's Common Stock for the two lowest days in the fifteen trading days
preceding conversion (the "Current Market Price"). As of the date of this
report, the applicable conversion price is $5.00. The Certificate of
Designations prohibits an owner of Series A Convertible Preferred Stock from
converting its Series A Convertible Preferred Stock if after giving effect to
such conversion, such owner would be deemed to beneficially own more than 9.99%
of the Issuer's outstanding Common Stock.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
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Page 12 of 17
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION.
By signing below, I certify that, to the best of my
knowledge and belief, the securities referred to above were
not acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer
of the securities and were not acquired and are not held in
connection with or as a participant in any transaction which
could have that purpose or effect.
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Page 13 of 17
EXHIBITS: A. Joint Filing Agreement, dated as of November 15, 2000,
among BHCI, HBCI, Mr. Brachfeld, ELP, ECMI, Mr. Hechter and
Mrs. Brachfeld.
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Page 14 of 17
SIGNATURE
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.
December 13, 2000
BH Capital Investments, L.P.
By: H.B. and Co., Inc.
By: /s/ Henry Brachfeld
----------------------------------------
President
December 13, 2000
H.B. and Co., Inc.
By: /s/ Henry Brachfeld
----------------------------------------
President
December 13, 2000
/s/ Henry Brachfeld
----------------------------------------
Henry Brachfeld
December 13, 2000
Excalibur Limited Partnership
By: Excalibur Capital Management, Inc.
General Partner
By: /s/ William S. Hechter
----------------------------------------
William Hechter
Director
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Page 15 of 17
December 13, 2000
/s/ Excalibur Capital Management, Inc.
By: /s/ William S. Hechter
-----------------------------------------------
William S. Hechter
Director
December 13, 2000
/s/ William S. Hechter
----------------------------------------------
William S. Hechter
December 13, 2000
/s/ Lilian Brachfeld
----------------------------------------------
Lilian Brachfeld
