SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(RULE 13D-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13D-1(A) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13D-2(A)
(AMENDMENT NO. 1)(1)
PARADIGM MEDICAL INDUSTRIES, INC.
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(Name of issuer)
COMMON STOCK
- --------------------------------------------------------------------------------
(Title of class of securities)
69900Q 10 8
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(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME & ROSENZWEIG LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
October 30, 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 that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 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 Rule 13d-7(b) for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 14 Pages)
- --------------
(1) 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 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>
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CUSIP No. 69900Q 10 8 13D Page 2 of 14 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Win Capital Corp.
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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*
WC, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 291,000(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
-0- shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
291,000(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
291,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
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14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 291,000 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Win Capital Corp. ("Win").
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 3 of 14 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Steven Bayern
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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*
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0- shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
291,000 (1)shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
291,000(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
291,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 291,000 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Win, to which Mr. Bayern
disclaims beneficial ownership, except to the extent of his equity
interest therein.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 4 of 14 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Theodore Kaplan
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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 ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0- shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
291,000(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
291,000(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
291,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 291,000 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Win, to which Mr. Kaplan
disclaims beneficial ownership, except to the extent of his equity
interest therein.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 5 of 14 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Albert Barbara
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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 ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0- shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------
8 SHARED VOTING POWER
291,000(1) shares
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- shares
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
291,000(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
291,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 291,000 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Win, to which Mr. Barbara
disclaims beneficial ownership except to the extent of his equity
interest therein.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 6 of 14 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Pasquale Tullo
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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 ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0- shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
291,000(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
291,000(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
291,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 291,000 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Win, to which Mr. Tullo
disclaims beneficial ownership, except to the extent of his equity
interest therein.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 7 of 14 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Patrick Kolenik
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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*
PF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 133,149(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
-0- shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
133,149(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
133,149(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3%
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 28,571 shares of Common Stock issuable upon conversion of
500 shares of Series C Preferred Stock, all of which is currently
convertible, held by an individual retirement account for the benefit
of Mr. Kolenik, (ii) 28,571 shares of Common Stock, held by Mr. Kolenik
and his wife as joint tenants, and (iii) 75,000 shares of Common Stock
issuable upon the exercise of options held by Mr. Kolenik.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 8 of 14 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Delores Kolenik
- --------------------------------------------------------------------------------
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*
PF, OO
- --------------------------------------------------------------------------------
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
SHARES
BENEFICIALLY 28,571(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
-0- shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
28,571(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
28,571(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of Common Stock held by Mrs. Kolenik and her husband as joint
tenants.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 9 of 14 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
TSP Associates, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0- shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------
8 SHARED VOTING POWER
-0- shares
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- shares
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
-0- shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 10 of 14 Pages
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================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BCN Associates Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0- shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
-0- shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
-0- shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 11 of 14 Pages
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The following constitutes Amendment No. 1 to the Schedule 13D filed by
the undersigned (the "Schedule 13D"). Except as specifically amended by this
Amendment No. 1, the Schedule 13D remains in full force and effect. Unless
otherwise defined herein, capitalized terms used herein shall have the meanings
assigned to them in the Schedule 13D.
Items 5(a) and (b) are hereby amended to read in their entirety as follows:
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The following table sets forth the aggregate number and
percentage (based on 3,922,128 shares of Common Stock outstanding as of June 30,
1998, as reported in Amendment No. 2 to Form SB-2 filed by the Issuer on
September 11, 1998) of Common Stock beneficially owned by each Reporting Person
named in Item 2 of Schedule 13D.
Percentage of
Shares of Common Shares of Common
Stock Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
Win Capital Corp.(1) 291,000 6.9%
Steven Bayern(2) 291,000 6.9%
Theodore Kaplan(3) 291,000 6.9%
Albert Barbara(4) 291,000 6.9%
Pasquale Tullo(5) 291,000 6.9%
Patrick Kolenik(6) 133,149 3.3%
Delores Kolenik(7) 28,571 0.7%
TSP Associates, Inc. -0- 0.0%
BCN Associates Corp. -0- 0.0%
- ---------------------
(1) Consists of 291,000 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Win.
(2) Consists of 291,000 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Win, to which Mr. Bayern
disclaims beneficial ownership, except to the extent of his equity
interest therein.
(3) Consists of 291,000 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Win, to which Mr. Kaplan
disclaims beneficial ownership, except to the extent of his equity
interest therein.
(4) Consists of 291,000 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Win, to which Mr. Barbara
disclaims beneficial ownership except to the extent of his equity
interest therein.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 12 of 14 Pages
- ------------------------------ -----------------------------
(5) Consists of 291,000 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Win, to which Mr. Tullo
disclaims beneficial ownership, except to the extent of his equity
interest therein.
(6) Includes (i) 28,571 shares of Common Stock issuable upon conversion of
500 shares of Series C Preferred Stock, all of which is currently
convertible, held by an individual retirement account for the benefit
of Mr. Kolenik, (ii) 28,571 shares of Common Stock, held by Mr. Kolenik
and his wife as joint tenants, and (iii) 75,000 shares of Common Stock
issuable upon exercise of options held by Mr. Kolenik.
(7) Consists of Common Stock held by Mrs. Kolenik with her husband as joint
tenants.
(b) Win has the sole power to vote and dispose of
291,000 shares of Common Stock issuable upon exercise of warrants, representing
approximately 6.9% of the outstanding Common Stock, as adjusted.
Patrick Kolenik has sole power to vote and
dispose of 29,578 shares of Common Stock, of which 28,571 shares are held in
joint tenancy with his wife, and, upon conversion of the 500 shares of Series C
Preferred Stock that is held by an individual retirement account for the benefit
of Mr. Kolenik, and 75,000 shares of Common Stock issuable upon the exercise of
options, Mr. Kolenik will have sole power to vote and dispose of 133,149 shares
of Common Stock, representing approximately 3.3% of the outstanding Common
Stock, as adjusted.
Delores Kolenik has sole power to vote and dispose of
28,571 shares of Common Stock held in joint tenancy with her husband,
representing approximately 0.7% of the outstanding Common Stock.
By virtue of each being an officer and director of
Win, upon the exercise of the warrants held by Win, Albert Barbara, Steven
Bayern, Theodore Kaplan and Pasquale Tullo may be deemed to have shared power to
vote and dispose of 291,000 shares of Common Stock, representing approximately
6.9% of the outstanding Common Stock, as adjusted.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 13 of 14 Pages
- ------------------------------ -----------------------------
Item 5(c) is amended by adding the following:
(c) The following table sets forth a description of all
transactions in shares of Common Stock of the Issuer by the Reporting Persons
identified in Item 2 of this Schedule 13D effected in the last sixty days.
Name of Number of Sale Price/
Stockholder Sale Date Shares Sold Consideration
----------- --------- ----------- -------------
TSP Associates, Inc. 11/19/98 10,000 $2.545
TSP Associates, Inc. 11/18/98 10,000 $2.5625
TSP Associates, Inc. 11/4/98 5,000 $2.78125
TSP Associates, Inc. 10/30/98 32,140 $2.71875
BCN Associates Corp. 10/27/98 28,570 $2.375
TSP Associates, Inc. and BCN Associates Corp. each sold the above shares of
Common Stock in open market transactions.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 14 of 14 Pages
- ------------------------------ -----------------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: November 19, 1998 WIN CAPITAL CORP.
By: /S/ ALBERT BARBARA
-------------------------------
Albert Barbara, Vice Chairman
/S/ STEVEN BAYERN
------------------------------------
Steven Bayern
/S/ THEODORE KAPLAN
------------------------------------
Theodore Kaplan
/S/ ALBERT BARBARA
------------------------------------
Albert Barbara
/S/ PASQUALE TULLO
------------------------------------
Pasquale Tullo
/S/ PATRICK KOLENIK
------------------------------------
Patrick Kolenik
/S/ DELORES KOLENIK
------------------------------------
Delores Kolenik
TSP ASSOCIATES, INC.
By: /S/ STEVEN BAYERN
--------------------------------
Steven Bayern, President
BCN Associates Corp.
By: /S/ STEVEN BAYERN
--------------------------------
Steven Bayern, President
