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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No._________ )
PRICESMART, INC.
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(Name of Issuer)
Common Stock, $.01 par value per share
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(Title of Class of Securities)
741511 10 9
------------------------------------
(CUSIP Number)
June 10, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/ / Rule 13d-1(b)
/X/ Rule 13d-1(c)
/ / Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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SCHEDULE 13G
CUSIP NO. 741511 10 9 Page 2 of 8
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
Performance Capital, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a) /X/
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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5 SOLE VOTING POWER
NUMBER OF
312,800
SHARES -------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY EACH -------------------------------------------------------
7 SOLE DISPOSITIVE POWER
REPORTING
312,800
PERSON WITH -------------------------------------------------------
8 SHARED DISPOSITIVE POWER
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
312,800
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions) / /
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.3% (based on 5,911,342 shares outstanding at 4/8/98)
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12 TYPE OF REPORTING PERSON (See Instructions)
PN
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SCHEDULE 13G
CUSIP NO. 741511 10 9 Page 3 of 8
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
Performance Capital II, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) /X/
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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5 SOLE VOTING POWER
NUMBER OF 7,500
-------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
-------------------------------------------------------
OWNED BY EACH 7 SOLE DISPOSITIVE POWER
REPORTING 7,500
-------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,500
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions) / /
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.1% (based on 5,911,342 shares outstanding at 4/8/98)
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12 TYPE OF REPORTING PERSON (See Instructions)
PN
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SCHEDULE 13G
CUSIP NO. 741511 10 9 Page 4 of 8
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (Entities Only)
Performance Offshore, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) /X/
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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5 SOLE VOTING POWER
NUMBER OF 6,200
-------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
-------------------------------------------------------
OWNED BY EACH 7 SOLE DISPOSITIVE POWER
REPORTING 6,200
-------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,200
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions) / /
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.1% (based on 5,911,342 shares outstanding at 4/8/98)
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12 TYPE OF REPORTING PERSON (See Instructions)
CO
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SCHEDULE 13G
CUSIP NO. 741511 10 9 Page 5 of 8
ITEM 1. NAME OF ISSUER AND ADDRESS
(a) The name of the issuer is Pricesmart, Inc., a Delaware
corporation ("PI").
(b) The principal executive offices of PI are located at 4649 Morena
Boulevard, San Diego, CA 92117
ITEM 2. IDENTITY, ADDRESS, CITIZENSHIP, TITLE OF CLASS OF SECURITIES AND CUSIP
NUMBER
ITEMS 2(a), (b), (c)
This statement on Schedule 13G ("Statement") is filed by Performance
Capital, L.P., a New York limited partnership ("PCI"), Performance Capital II,
L.P., a New York limited partnership ("PCII") and Performance Offshore, Ltd, a
Cayman Islands corporation ("POL"; PCI, PCII and POL shall be referred to
collectively as the "Group"; each member of the Group being hereinafter referred
to individually as a "Member" and collectively as "Members"). Performance
Capital, LLC, a New York limited liability company ("PCLLC"), is the sole
general partner of PCI and Brian Warner is the sole manager of PCLLC.
Performance Management, LLC, a New York limited liability company ("PMLLC"), is
the sole general partner of PCII and Brian Warner is the sole manager of PMLLC.
Performance Management Holding Corp., a Delaware corporation ("PMHC"), is the
sole investment manager of POL and Brian Warner is the President and sole
director of PMHC. The address of principal business office of PCI, PCII, PCLLC,
PMLLC, PMHC and Brian Warner is 767 Third Avenue, 16th Floor, New York, NY
10017. The address of principal business office of POL is Corporate Centre,
West Bay Road, P.O. Box 31106 SMB, Grand Cayman, Cayman Islands, B.W.I.
ITEM 2(d), (e)
This Statement relates to the Common Stock, $.0001 per value per share (the "PI
Common Stock") of PI. The CUSIP number for the PI Common Stock is 741511 10 9.
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO Sections 240.13D-1(b) OR
240.13D-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A :
Not Applicable
ITEM 4. OWNERSHIP
ITEM 4(a), (b)
PCI owns 312,800 shares of PI Common Stock, representing 5.3% of PI's
issued and outstanding shares (based on 5,911,342 shares outstanding at April 8,
1998). PCII owns 7,500 shares of PI Common Stock, representing 0.1% of PI's
issued and outstanding shares (based on
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SCHEDULE 13G
CUSIP NO. 741511 10 9 Page 6 of 8
5,911,342 shares outstanding at April 8, 1998). POL owns 6,200 shares of PI
Commons Stock, representing 0.1% of PI's issued and outstanding shares (based on
5,911,342 shares outstanding at April 8, 1998).
ITEM 4(c)
Each Member is the sole beneficial owner of the securities identified
in subsection (a) above. PCLLC, as the sole general partner of PCI, has sole
voting and dispositive power over the PI Common Stock owned by PCI. PMLLC, as
the sole general partner of PCII, has sole voting and dispositive power over the
shares of PI Common Stock owned by PCII. PMHC, as the sole investment manager
of POL, has sole voting and dispositive power over the PI Common Stock owned by
POL.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
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 having that purpose or effect.
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SCHEDULE 13G
CUSIP NO. 741511 10 9 Page 7 of 8
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.
Dated: June 15, 1998
PERFORMANCE CAPITAL, L.P.
By: Performance Capital, LLC, General Partner
By: /s/ BRIAN WARNER
---------------------------------------
Brian Warner, Manager
PERFORMANCE CAPITAL II, L.P.
By: Performance Management, LLC General Partner
By: /s/ BRIAN WARNER
---------------------------------------
Brian Warner, Manager
PERFORMANCE OFFSHORE, LTD.
By: /s/ CFS COMPANY LTD.
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Name: CFS Company Ltd.
Title: Director
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SCHEDULE 13G
CUSIP NO. 741511 10 9 Page 8 of 8
JOINT FILING AGREEMENT
----------------------
JOINT FILING AGREEMENT made as of this 15th day of June, 1998, by and among
PERFORMANCE CAPITAL, L.P., PERFORMANCE CAPITAL II, L.P. and PERFORMANCE
OFFSHORE, LTD.
W I T N E S S E T H :
WHEREAS, PERFORMANCE CAPITAL, L.P., PERFORMANCE CAPITAL II, L.P. and
PERFORMANCE OFFSHORE, LTD. collectively beneficially own more than five (5%)
percent of the issued and outstanding common stock, $.0001 par value, of
PRICESMART, INC. ("PI Common Stock"), a Delaware corporation; and
WHEREAS, the parties desire to file a Schedule 13G with the Securities and
Exchange Commission ("SEC").
NOW, THEREFORE, the parties agree as follows:
PERFORMANCE CAPITAL, L.P., PERFORMANCE CAPITAL II, L.P. and PERFORMANCE
OFFSHORE, LTD. hereby agree to jointly file a Schedule 13G with the SEC
regarding the beneficial ownership of PI Common Stock and to file any and all
amendments and supplements thereto.
This Agreement contains the entire agreement among the parties concerning
the subject matter hereof and may not be amended, modified or changed except
pursuant to a written instrument signed by all parties.
IN WITNESS WHEREOF, the parties have signed this Agreement the day and year
first above written.
PERFORMANCE CAPITAL, L.P.
By: Performance Capital, LLC, General Partner
By: /s/ BRIAN WARNER
---------------------------------------
Brian Warner, Manager
PERFORMANCE CAPITAL II, L.P.
By: Performance Management, LLC General Partner
By: /s/ BRIAN WARNER
---------------------------------------
Brian Warner, Manager
PERFORMANCE OFFSHORE, LTD.
By: /s/ CFS COMPANY LTD.
---------------------------------------
Name: CFS Company Ltd.
Title: Director
