SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )(1)
PARADIGM MEDICAL INDUSTRIES, INC.
- --------------------------------------------------------------------------------
(Name of issuer)
COMMON STOCK
- --------------------------------------------------------------------------------
(Title of class of securities)
69900Q 10 8
- --------------------------------------------------------------------------------
(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)
March 4, 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 Rule 13d-1(b)(3) or (4), check the following box
/ /.
Note. Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
(Continued on following pages)
(Page 1 of 24 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 24 Pages
- --------------------------------- ----------------------------------
================================================================================
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) / /
- --------------------------------------------------------------------------------
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 OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
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)
7.1%
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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 24 Pages
- --------------------------------- ----------------------------------
================================================================================
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
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR 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
348,143(2) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
28,571(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
348,143(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
376,714(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of Common Stock issuable upon conversion of 500 shares of
Series C Preferred Stock, all of which is currently convertible, held
by BCN Associates Corp., of which Mr. Bayern is the sole shareholder,
officer and director.
(2) Consists of (i) 291,000 shares of Common Stock issuable upon exercise
of currently exercisable warrants held by Win and (ii) 57,143 shares of
Common Stock issuable upon conversion of 1,000 shares of Series C
Preferred Stock, all of which is currently convertible, held by TSP
Associates, Inc. ("TSP"). Mr. Bayern disclaims beneficial ownership of
the securities held by Win and TSP except to the extent of his equity
interest therein.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 4 of 24 Pages
- --------------------------------- ----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Theodore Kaplan
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0- shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
348,143(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
348,143(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
348,143(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)
8.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 291,000 shares of Common Stock issuable upon exercise
of currently exercisable warrants held by Win and (ii) 57,143 shares of
Common Stock issuable upon conversion of 1,000 shares of Series C
Preferred Stock, all of which is currently convertible, held by TSP, to
which Mr. Kaplan disclaims beneficial ownership, except to the extent
of his equity interests therein.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 5 of 24 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
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR 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)
7.1%
- --------------------------------------------------------------------------------
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 24 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
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR 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)
7.1%
- --------------------------------------------------------------------------------
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 24 Pages
- --------------------------------- ----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Patrick Kolenik
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
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 OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 57,559(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
57,143(2) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
57,559(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
57,143(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
114,702(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.9%
- --------------------------------------------------------------------------------
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 and (ii) 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 Mr. Kolenik and his wife as joint
tenants.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 8 of 24 Pages
- --------------------------------- ----------------------------------
(2) Consists of 57,143 shares of Common Stock issuable upon conversion of
1,000 shares of Series C Preferred Stock, all of which is currently
convertible, held by TSP, to which Mr. Kolenik disclaims beneficial
ownership except to the extent of his equity interest therein.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 9 of 24 Pages
- --------------------------------- ----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Dolores Kolenik
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
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 OR 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)
.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of Common Stock issuable upon conversion of 500 shares of
Series C Preferred Stock, all of which is currently convertible, held
by Mrs. Kolenik and her husband as joint tenants.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 10 of 24 Pages
- --------------------------------- ----------------------------------
================================================================================
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) / /
- --------------------------------------------------------------------------------
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 OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 57,143(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
-0- shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
57,143(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
57,143(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)
1.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of Common Stock issuable upon conversion of 1,000 shares of
Series C Preferred Stock, all of which is currently convertible.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 11 of 24 Pages
- --------------------------------- ----------------------------------
================================================================================
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 OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
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)
.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of Common Stock issuable upon conversion of 500 shares of
Series C Preferred Stock, all of which is currently convertible.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 12 of 24 Pages
- --------------------------------- ----------------------------------
The following constitutes the Schedule 13D filed by the undersigned
(the "Schedule 13D").
Item 1. SECURITY AND ISSUER.
This Statement relates to Common Stock, $.001 par value per
share ("Common Stock"), of Paradigm Medical Industries, Inc. The principal
executive offices of the Issuer are located at 1127 West 2320 South, Suite A,
Salt Lake City, Utah 84119.
Item 2. IDENTITY AND BACKGROUND.
1. (a) WIN CAPITAL CORP., a New York corporation ("Win")(1).
(b) Address: 26 Ludlam Avenue
Bayville, New York 11709
(c) Principal Business: Broker-Dealer
(d) No.
(e) No.
2. (a) STEVEN BAYERN, Chairman of Win, President and director of TSP
Associates, Inc., a New York corporation ("TSP"), and sole director, officer and
shareholder of BCN Associates Corp., a New York corporation ("BCN").
(b) Address: 26 Ludlam Avenue
Bayville, New York 11709
(c) Principal Business: Investments
(d) No.
(e) No.
3. (a) THEODORE KAPLAN, Secretary and director of Win and Secretary,
Treasurer and director of TSP.
(b) Address: 100 Quentin Roosevelt Blvd.
Garden City, New York 11530
(c) Principal Business: Attorney
(d) No.
(e) No.
4. (a) ALBERT BARBARA, Vice Chairman and director of Win.
(b) Address: 80 Broad Street
New York, New York 10004
- --------
1 The directors of Win are Steven Bayern, Albert Barbara, Theodore Kaplan
and Pasquale Tullo. The executive officers of Win are Steven Bayern,
Chairman, Albert Barbara, Vice Chairman, Pasquale Tullo, President, and
Theodore Kaplan, Secretary.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 13 of 24 Pages
- --------------------------------- ----------------------------------
(c) Principal Business: Director of corporate finance for
Win
(d) No.
(e) No.
5. (a) PASQUALE TULLO, President of Win.
(b) Address: 26 Ludlam Avenue
Bayville, New York 11709
(c) Principal Business: President of Win
(d) No.
(e) No.
6. (a) PATRICK KOLENIK, Vice President and director of TSP,
director of the Issuer.
(b) Address: 35 Elizabeth Drive
Laurel Hollow, New York 11791
(c) Principal Business: Investments
(d) No.
(e) No.
7. (a) DOLORES KOLENIK.
(b) Address: 35 Elizabeth Drive
Laurel Hollow, New York 11791
(c) Principal Business: Homemaker
(d) No.
(e) No.
8. (a) TSP ASSOCIATES, INC., a New York corporation
("TSP")(2).
(b) Address: 100 Quentin Roosevelt Blvd.
Garden City, New York 11530
(c) Principal Business: Real Estate
(d) No.
(e) No.
8. (a) BCN Associates Corp., a New York corporation
("BCN")(3).
(b) Address: 26 Ludlam Avenue
Bayville, New York 11709
(c) Principal Business: Investments
(d) No.
(e) No.
- --------
2 The directors of TSP are Steven Bayern, Theodore Kaplan and Patrick
Kolenik. The executive officers of TSP are Steven Bayern, President,
Theodore Kaplan, Secretary and Treasurer, and Patrick Kolenik, Vice
President.
3 Steven Bayern is the sole director and officer of BCN.
<PAGE>
- --------------------------------- ----------------------------------
CUSIP No. 69900Q 10 8 13D Page 14 of 24 Pages
- --------------------------------- ----------------------------------
Each of the persons or entities described in this Item 2 are
hereinafter "Reporting Persons."
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
On August 20, 1997, Win was issued a warrant to purchase
191,000 shares of Common Stock at a purchase price of $3.00 per share as partial
consideration for Win serving as the Issuer's investment banker for an initial
period of two years.
On January 21, 1998, the Issuer issued to Mr. Kolenik 417
shares of Common Stock as compensation for his service as a director of the
Issuer.
On March 4, 1998, Win was issued an additional warrant to
purchase 100,000 shares of Common Stock at a purchase price of $3.00 per share
in consideration for services rendered in connection with Win acting as
placement agent in a private placement transaction in accordance with Regulation
D of the Securities Act of 1933, as amended (the "Reg. D Private Placement") of
the Issuer's Series C Convertible Preferred Stock, $.001 par value per share
("Series C Preferred Stock").
On March 4, 1998, TSP, BCN and Patrick Kolenik purchased from
the Issuer in the Reg. D Private Placement 1,000, 500 and 1,000 shares of Series
C Preferred Stock, respectively, which is currently convertible into 57,143,
28,571 and 57,143 shares of Common Stock, respectively. The purchase price for
such shares of Series C Preferred Stock was $100,000, $50,000 and $100,000,
respectively. Each of TSP and BCN used working capital and other funds and Mr.
Kolenik used personal funds and other funds for such purchases. The shares of
Series C Preferred Stock may be converted to shares of Common Stock without
additional consideration. One half of Mr. Kolenik's purchase is held by Mr.
Kolenik as a joint tenant with his wife, and one half is held by an individual
retirement account for his benefit.
Item 4. PURPOSE OF TRANSACTION.
The Reporting Persons purchased the shares of Series C
Preferred Stock for investment purposes. Other than in Mr. Kolenik's capacity as
a director of the Issuer and Win serving as a consultant to the Issuer pursuant
to the terms of a Consulting Agreement, which is incorporated herein as Exhibit
A, no Reporting Person has any present plans or proposals which would relate to
or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4
of Schedule 13D.
<PAGE>
- --------------------------------- ----------------------------------
CUSIP No. 69900Q 10 8 13D Page 15 of 24 Pages
- --------------------------------- ----------------------------------
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The following table sets forth the aggregate number and
percentage (based on 3,798,939 shares of Common Stock outstanding as of January
31, 1998, as reported in a Form 8-K filed by the Issuer on March 5, 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 7.1%
Steven Bayern(2) 376,714 9.0%
Theodore Kaplan(3) 348,143 8.4%
Albert Barbara(4) 291,000 7.1%
Pasquale Tullo(5) 291,000 7.1%
Patrick Kolenik(6) 114,702 2.9%
Dolores Kolenik(7) 28,571 0.7%
TSP Associates, Inc.(8) 57,143 1.5%
BCN Associates Corp.(9) 28,571 0.7%
---
- ---------------------
(1) Consists of 291,000 shares of Common Stock issuable upon exercise of
currently exercisable warrants held by Win.
(2) Consists of (i) 291,000 shares of Common Stock issuable upon exercise
of currently exercisable warrants held by Win, (ii) 57,143 shares of
Common Stock issuable upon conversion of 1,000 shares of Series C
Preferred Stock, all of which is currently convertible, held by TSP and
(iii) 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 BCN, of which Mr. Bayern is the sole shareholder,
officer and director. Mr. Bayern disclaims beneficial ownership of the
securities owned by Win and TSP except to the extent of his equity
interest therein.
(3) Consists of (i) 291,000 shares of Common Stock issuable upon exercise
of currently exercisable warrants held by Win and (ii) 57,143 shares of
Common Stock issuable upon conversion of 1,000 shares of Series C
Preferred Stock, all of which is currently convertible, held by TSP, to
which Mr. Kaplan disclaims beneficial ownership, except to the extent
of his equity interests 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.
(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,
<PAGE>
- --------------------------------- ----------------------------------
CUSIP No. 69900Q 10 8 13D Page 16 of 24 Pages
- --------------------------------- ----------------------------------
held by an individual retirement account for the benefit of Mr.
Kolenik, (ii) 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 Mr. Kolenik and his wife as joint tenants and
(iii) 57,143 shares of Common Stock issuable upon conversion of 1,000
shares of Series C Preferred Stock, all of which is currently
convertible, held by TSP, to which Mr. Kolenik disclaims beneficial
ownership except to the extent of his equity interest therein.
(7) Consists of Common Stock issuable upon conversion of 500 shares of
Series C Preferred Stock, all of which is currently convertible, held
by Mrs. Kolenik with her husband as joint tenants.
(8) Consists of Common Stock issuable upon conversion of 1,000 shares of
Series C Preferred Stock, all of which is currently convertible.
(9) Consists of Common Stock issuable upon conversion of 500 shares of
Series C Preferred Stock, all of which is currently convertible.
(b) Upon exercise of its warrants, Win will have sole
power to vote and dispose of 291,000 shares of Common Stock, representing
approximately 7.1% of the outstanding shares of Common Stock, as adjusted.
Upon conversion of its shares of Series C Preferred
stock, TSP will have the sole power to vote and dispose of 57,143 shares of
common Stock, representing approximately 1.5% of the outstanding shares of
Common Stock, as adjusted.
Upon conversion of its shares of Series C Preferred
Stock, BCN will have sole power to vote and dispose of 28,571 shares of Common
Stock, representing approximately .7% of the outstanding shares of Common Stock,
as adjusted.
Steven Bayern, by virtue of being the sole
shareholder, officer and director of BCN and upon its conversion of the 500
shares of Series C Preferred Stock held by BCN, may be deemed to have sole power
to vote and dispose of 28,571 shares of Common Stock. By virtue of being an
officer and director of Win and an officer and director of TSP, upon exercise of
the warrants held by Win and the conversion of the 1,000 shares of Series C
Preferred Stock held by TSP, Mr. Bayern may be deemed to have shared power to
vote and dispose of 348,143 shares of Common Stock, collectively representing
approximately 9.0% of the outstanding Common Stock, as adjusted.
Patrick Kolenik has sole power to vote and dispose of
417 shares of Common Stock and, upon conversion of the 1,000 shares of Series C
Preferred Stock, one-half of which is held by Mr. Kolenik with his wife as joint
tenants and one-half of which is held by an individual retirement account for
the benefit of Mr. Kolenik, Mr. Kolenik will have sole power to vote and dispose
of 57,559 shares of Common Stock. By virtue of being an officer and director of
TSP, upon the conversion of the 1,000 shares of Series C Preferred Stock held by
TSP, Mr. Kolenik may be deemed to have shared power to vote and dispose of
57,143 shares of Common Stock, collectively representing approximately 2.9% of
the outstanding Common Stock, as adjusted.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 17 of 24 Pages
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Dolores Kolenik, upon conversion of the 500 shares of
Series C Preferred Stock held by her and her husband as joint tenants, will have
sole power to vote and dispose of 28,571 shares of Common Stock, representing
approximately .7% of the outstanding Common Stock, as adjusted.
By virtue of each being an officer and director of
Win, upon the exercise of the warrants held by Win, Albert Barbara and Pasquale
Tullo may be deemed to have shared power to vote and dispose of 291,000 shares
of Common Stock, representing approximately 7.1% of the outstanding Common
Stock, as adjusted.
By virtue of being an officer and director of Win and
an officer and director of TSP, upon the exercise of warrants held by Win and
the conversion of the 1,000 shares of Series C Preferred Stock held by TSP,
Theodore Kaplan may be deemed to have shared power to vote and dispose of
348,143 shares of Common Stock, representing approximately 8.4% of the
outstanding Common Stock, as adjusted.
(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.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 18 of 24 Pages
- --------------------------------- ----------------------------------
Number of
Shares
Name of Purchased/ Purchase Price/
Stockholder Purchase Date Acquired Consideration
----------- ------------- -------- -------------
Win Capital Corp. 3/4/98 100,000(1) Services
rendered
Patrick Kolenik 3/4/98 57,142(2) $100,000
Dolores Kolenik 3/4/98 28,571(3) $50,000
TSP Associates, Inc. 3/4/98 57,143(4) $100,000
BCN Associates Corp. 3/4/98 28,571(5) $100,000
- --------------------------------
(1) Win was issued warrants to purchase 100,000 shares of Common Stock, all
of which are currently exercisable.
(2) Patrick Kolenik and his wife as joint tenants purchased 500 shares of
Series C Preferred Stock, all of which is currently convertible into
28,571 shares of Common Stock and an individual retirement account for
the benefit of Mr. Kolenik purchased 500 shares of Series C Preferred
Stock, all of which is currently convertible into 28,571 shares of
Common Stock.
(3) Dolores Kolenik and her husband as joint tenants purchased 500 shares
of Series C Preferred Stock, all of which is currently convertible into
28,571 shares of Common Stock.
(4) TSP purchased 1,000 of Series C Preferred Stock, all of which is
currently convertible into 57,143 shares of Common Stock.
(5) BCN purchased 500 of Series C Preferred Stock, all of which is
currently convertible into 28,571 shares of Common Stock.
Win serves as a market maker of the Issuer's securities. Win does not
exercise discretionary authority over any customers' accounts that may own
shares of the Issuer's Common Stock or securities convertible into shares of the
Issuer's Common Stock. Except as set forth herein, Win disclaims beneficial
ownership over any shares of the Issuer's Common Stock owned by its clients or
in temporary long and short positions maintained by Win in its market making
activities.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the receipt of dividends from,
or proceeds from the sale of, such shares of Common Stock.
(e) Not applicable.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 19 of 24 Pages
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Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
(a) Win entered into a two-year consulting arrangement with
the Issuer on August 20, 1997. Mr. Kolenik has been a director of the Issuer
since November 1997.
(b) Except for the circumstances discussed or referred to in
paragraph (a) above, there are no contracts, arrangements, understandings, or
relationships with respect to the securities of the Issuer among any of the
persons reporting in this Schedule 13D.
Item 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A. Consulting Agreement by and between Win and the
Issuer dated August 20, 1997.
Exhibit B. Joint Filing Agreement.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 20 of 24 Pages
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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: March 16, 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/ DOLORES KOLENIK
------------------------------------
Dolores Kolenik
TSP ASSOCIATES, INC.
By: /S/ STEVEN BAYERN
--------------------------------
Steven Bayern, President
BCN Associates Corp.
By: /S/ STEVEN BAYERN
-------------------------------
Steven Bayern, President
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 21 of 24 Pages
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EXHIBIT INDEX
EXHIBIT PAGE
- ------- ----
A. Consulting Agreement by and between
Win and the Issuer dated August 20,
1997 22
B. Joint Filing Agreement 24
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 22 of 24 Pages
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EXHIBIT A
CONSULTING AGREEMENT
PARADIGM MEDICAL INDUSTRIES, INC.
August 20, 1997
Albert L. Barbara, Vice Chairman
Win Capital Corp.
80 Broad Street
New York, NY 10004
Dear Mr. Barbara:
Tom Motter just returned from Las Vegas where he met with Steven Bayern
and Pat Koelnick to discuss the details regarding an investment banking
relationship. Based upon their discussions an agreement was reached whereby both
parties agreed as follows:
(1) Paradigm Medical Industries, Inc. ("PMED") hereby
retains Win Capital Corp. ("WIN") to act as its
investment bankers for a two (2) year period which
would be extended an additional year unless either
party notified the other party in writing thirty days
before the expiration of the two year contract of
their desire to terminate the contractual
relationship.
(2) PMED will pay a monthly retainer to WIN of $2,000 for
the first six months, $4,000 for the second six
months and $6,000 per month for the remainder of the
contract.
(3) PMED will issue a warrant to WIN to purchase up to
200,000 shares of common stock at $4.00 per share but
not in excess of 4.5% of the current number of common
shares outstanding plus common shares to be issued
upon the conversion of both the Class A and Class B
Preferred Stock issues. In all other respects, the
terms of the warrant will be identical to the Class A
warrant issued in connection with PMED's public
offering in July, 1996.
The aforementioned terms were submitted to the Paradigm Board
of Directors and was unanimously approved and resolved to authorize the officers
of the company to finalize the agreement.
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 23 of 24 Pages
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Please indicate your concurrence by signing and returning a
signed copy of this agreement by facsimile. Upon receipt of your acceptance we
will immediately forward our initial month's payment.
Thank you for your assistance. We look forward to a long and
fruitful relationship with WIN.
Very truly yours,
/S/ MICHAEL W. STELZER
-----------------------------
Michael W. Stelzer
CEO & President
/S/ THOMAS F. MOTTER
----------------------------
Thomas F. Motter
Chairman of the Board
Agreed to and accepted by:
/S/ ALBERT L. BARBARA AUGUST 20, 1997
- -------------------------------- ---------------
Albert L. Barbara Date
Vice Chairman
Win Capital Corp.
-2-
<PAGE>
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CUSIP No. 69900Q 10 8 13D Page 24 of 24 Pages
- --------------------------------- ----------------------------------
EXHIBIT B
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f)(1)(iii) under the Securities
Exchange Act of 1934, as amended, the persons named below agree to the joint
filing on behalf of each of them of a Statement on Schedule 13D dated March 16,
1998 (including amendments thereto) with respect to the Common Stock of Paradigm
Medical Industries, Inc. This Joint Filing Agreement shall be filed as an
Exhibit to such Statement.
Dated: March 16, 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/ DOLORES KOLENIK
------------------------------------
Dolores Kolenik
TSP ASSOCIATES, INC.
By: /S/ STEVEN BAYERN
--------------------------------
Steven Bayern, President
BCN Associates Corp.
By: /S/ STEVEN BAYERN
--------------------------------
Steven Bayern, President
