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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. ONE )*
Integrated Packaging Assembly Corporation
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
457989101
(CUSIP Number)
*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).
Page 1 of 26 pages
<PAGE> 2
CUSIP NO. 457989101 13G PAGE 2 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canaan Capital Limited Partnership
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 41,870
SHARES ------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 740,738
REPORTING ------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
41,870
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
740,738
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
782,608
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 26 pages
<PAGE> 3
CUSIP NO. 457989101 13G PAGE 3 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canaan Capital Offshore Limited Partnership, C.V.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Netherlands Antilles Limited Partnership
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 349,434
SHARES ------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 433,174
REPORTING ------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
349,434
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
433,174
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
782,608
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 26 pages
<PAGE> 4
CUSIP NO. 457989101 13G PAGE 4 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canaan S.B.I.C., L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
391,304
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 391,304
EACH ------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 391,304
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
391,304
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
782,608
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 26 pages
<PAGE> 5
CUSIP NO. 457989101 13G PAGE 5 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canaan S.B.I.C. Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 391,304
EACH ------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 0
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
391,304
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
391,304
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
less than five percent (5%)
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 26 pages
<PAGE> 6
CUSIP NO. 457989101 13G PAGE 6 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canaan Capital Management L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 782,608
EACH ------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 0
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
782,608
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
782,608
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 26 pages
<PAGE> 7
CUSIP NO. 457989101 13G PAGE 7 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canaan Capital Offshore Management, N.V.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Netherlands Antilles Corporation
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 740,738
EACH ------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 0
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
740,738
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
740,738
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.3%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 26 pages
<PAGE> 8
CUSIP NO. 457989101 13G PAGE 8 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canaan Capital Partners L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF -----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 782,608
EACH -----------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 0
-----------------------------------------------------
8 SHARED DISPOSITIVE POWER
782,608
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
782,608
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 26 pages
<PAGE> 9
CUSIP NO. 457989101 13G PAGE 9 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harry T. Rein
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 782,608
EACH ------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 0
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
782,608
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
782,608
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 26 pages
<PAGE> 10
CUSIP NO. 457989101 13G PAGE 10 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James J. Fitzpatrick
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 782,608
EACH ------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 0
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
782,608
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
782,608
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 26 pages
<PAGE> 11
CUSIP NO. 457989101 13G PAGE 11 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Stephen L. Green
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF -----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 782,608
EACH -----------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 0
-----------------------------------------------------
8 SHARED DISPOSITIVE POWER
782,608
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
782,608
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 26 pages
<PAGE> 12
CUSIP NO. 457989101 13G PAGE 12 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Deepak Kamra
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 782,608
EACH ------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 0
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
782,608
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
782,608
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 26 pages
<PAGE> 13
CUSIP NO. 457989101 13G PAGE 13 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gregory Kopchinsky
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 782,608
EACH ------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 0
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
782,608
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
782,608
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 26 pages
<PAGE> 14
CUSIP NO. 457989101 13G PAGE 14 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert J. Migliorino
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF -----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 782,608
EACH -----------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 0
-----------------------------------------------------
8 SHARED DISPOSITIVE POWER
782,608
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
782,608
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 26 pages
<PAGE> 15
CUSIP NO. 457989101 13G PAGE 15 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Eric A. Young
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
3,750
NUMBER OF ------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 782,608
EACH ------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 3,750
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
782,608
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
786,358
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 26 pages
<PAGE> 16
Item 1(a). Name of Issuer
Integrated Packaging Assembly Corporation
Item 1(b). Address of Issuer's Principal Executive Offices
2221 Old Oakland Road
San Jose, CA 95131
Item 2(a). Name of Person Filing
This statement is filed by Canaan Capital Limited Partnership, a
Delaware limited partnership, ("Canaan Capital"), Canaan Capital
Offshore Limited Partnership C.V., a Netherlands Antilles
limited partnership, ("Canaan Capital Offshore"), Canaan
S.B.I.C., L.P., a Delaware limited partnership ("S.B.I.C."),
Canaan S.B.I.C. Partners, L.P., a Delaware limited partnership
("S.B.I.C. Partners"), Canaan Capital Management L.P., a
Delaware limited partnership, ("Canaan Capital Management"),
Canaan Capital Offshore Management, N.V., a Netherlands Antilles
corporation ("Canaan Corporation"), Canaan Capital Partners
L.P., a Delaware limited partnership, ("Canaan Partners") and
Harry T. Rein, James J. Fitzpatrick, Deepak Kamra, Stephen L.
Green, Gregory Kopchinsky, Robert J. Migliorino, and Eric A.
Young (collectively, the "Partners"). Canaan Capital Management
(which serves as the sole general partner of Canaan Capital and
one of the two general partners of Canaan Capital Offshore),
Canaan Corporation (which serves as the other general partner of
Canaan Capital Offshore), Canaan Partners (which serves as the
general partner of Canaan Capital Management), the Partners (who
serve as general partners of Canaan Partners and S.B.I.C.
Partners), S.B.I.C. Partners (which serves as the general
partner of S.B.I.C.), and S.B.I.C. (whose limited partners are
Canaan Capital and Canaan Capital Offshore), are collectively
referred to as the "Reporting Persons" in this Schedule 13G.
Item 2(b). Address of Principal Business Office or, if None, Residence
Except in the case of Canaan Capital Offshore, Canaan
Corporation, Deepak Kamra and Eric A. Young, the principal
business address of the Reporting Persons is 105 Rowayton
Avenue, Rowayton, CT 06853. The principal address of Canaan
Capital Offshore and Canaan Corporation is c/o ABN
Trustcompany, Pietermaai 15, Curacao, the Netherlands
Antilles. The principal business address of Deepak Kamra and
Eric A. Young is 2884 Sand Hill Road, Suite 115, Menlo Park,
CA 94025.
Item 2(c). Citizenship
Each of Canaan Capital, Canaan Capital Management, S.B.I.C.
Partners, S.B.I.C., and Canaan Partners is a limited
partnership organized under the laws of Delaware. Canaan
Capital Offshore is a limited partnership and Canaan
Corporation is a corporation, each organized under the laws of
the Netherlands Antilles. Each of
Page 16 of 26 pages
<PAGE> 17
the Partners are citizens of the United States.
Item 2(d). Title of Class of Securities
This Schedule 13G report relates to the Common Stock, par value $.01
("Common Stock") Common Stock of Integrated Packaging Assembly
Corporation ("the Company").
Item 2(e). CUSIP Number
CUSIP number 457989101.
Item 3. If this statement if filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is a:
(a) __ Broker or Dealer registered under Section 15 of the Act,
(b) __ Bank as defined in Section 3(a)(6) of the Act,
(c) __ Insurance Company as defined in Section 3(a)(19) of the Act,
(d) __ Investment Company registered under Section 8 of the Investment
Company Act,
(e) __ Investment Adviser registered under Section 203 of the Investment
Advisers Act of 1940,
(f) __ Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974
or Endowment Fund; see 13d-1(b)(1)(ii)(F),
(g) __ Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G);
see Item 7,
(h) __ Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
Not Applicable
Item 4. Ownership
(a) Canaan Capital owns 41,870 shares of Common Stock, Canaan Capital
Offshore owns 439,434 shares of Common Stock, and S.B.I.C. owns
391,304 shares of Common Stock. All other Reporting Persons hold
their respective beneficially owned shares due to their relationships
to the above Partnerships as outlined in Item 2. In addition, Mr.
Young owns options to purchase 3,750 shares of Common Stock at $3.38
per share as an individual.
(b) By virtue of their common control, Canaan Capital, Canaan Capital
Offshore, and S.B.I.C. each may be deemed to be the beneficial owners
of 782,608 shares of Common Stock, representing beneficial ownership
of 5.6% of the Company. S.B.I.C. Partners, by virtue of its status as
a general partner of S.B.I.C., may be deemed to be the beneficial
owner of 391,304 shares representing beneficial ownership of less
than 5%. Canaan Capital Management, by virtue of its status as
general partner of Canaan Capital and Canaan Capital Offshore, may be
deemed to be the beneficial owner of 782,608 shares,
Page 17 of 26 pages
<PAGE> 18
representing beneficial ownership of 5.6%. Canaan Corporation, by
virtue of its status as a general partner of Canaan Capital Offshore,
may be deemed to be the beneficial owner of 740,738 shares,
representing beneficial ownership of 5.3%. By virtue of its status as
general partner of Canaan Capital Management, Canaan Partners may be
deemed to be the beneficial owner of 782,608 shares, representing
beneficial ownership of 5.6%. By virtue of their status as general
partners of Canaan Partners, the Partners may each be deemed to be
the beneficial owner of 782,608 shares representing in the case of
each Partner, beneficial ownership of 5.6%. In addition, Mr. Young
owns options to purchase Common Stock as outlined in (a) above, as an
individual, which does not increase his percentage ownership. The
foregoing percentages are calculated based on the 13,981,459 shares
of Common Stock reported to be outstanding by the Issuer to the
Reporting Persons as of December 31, 1997.
<TABLE>
<CAPTION>
NUMBER OF SHARES
---------------------------------------------------
(c) Reporting Person (i) (ii) (iii) (iv)
------- ------- ------- --------
<S> <C> <C> <C> <C>
Canaan Capital 41,870 740,738 41,870 740,738
Canaan Capital Offshore 349,434 433,174 349,434 433,174
S.B.I.C. 391,304 391,304 391,304 391,304
S.B.I.C. Partners 0 391,304 0 391,304
Canaan Capital Management 0 782,608 0 782,608
Canaan Corporation 0 740,738 0 740,738
Canaan Partners 0 782,608 0 782,608
Harry T. Rein 0 782,608 0 782,608
James J. Fitzpatrick 0 782,608 0 782,608
Stephen L. Green 0 782,608 0 782,608
Deepak Kamra 0 782,608 0 782,608
Gregory Kopchinsky 0 782,608 0 782,608
Robert J. Migliorino 0 782,608 0 782,608
Eric A. Young 3,750 782,608 3,750 782,608
</TABLE>
(i) Sole power to vote or direct the vote
(ii) Shared power to vote or to direct the vote
(iii) Sole power to dispose or to direct the disposition of
(iv) Shared power to dispose or to direct the disposition of
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.
Page 18 of 26 pages
<PAGE> 19
Item 8. Identification and Classification of Members of the Group
Each of the Reporting Persons expressly disclaims membership in a
"Group" as defined in Rule 13d-1 (b) (ii) (H).
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
Not applicable. This Schedule 13G is not filed pursuant to Rule
13d-1(b).
DATE: February 10, 1998
Page 19 of 26 pages
<PAGE> 20
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, each of the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Canaan Capital Limited Partnership
By: Canaan Capital Management L. P.
Its General Partner
By: Canaan Capital Partners L.P.
Its General Partner
By: *
-----------------------------------
General Partner
Canaan Capital Offshore Limited Partnership C. V.
By: Canaan Capital Management L. P.
Its General Partner
By: Canaan Capital Partners L.P.
Its General Partner
By: *
-----------------------------------
General Partner
Canaan S.B.I.C., L.P.
By: Canaan S.B.I.C. Partners, L.P.
By: /s/ Gregory Kopchinsky
-----------------------------------
General Partner
Canaan S.B.I.C. Partners, L.P.
By: /s/ Gregory Kopchinsky
-----------------------------------
General Partner
Canaan Capital Management L. P.
By: Canaan Capital Partners L.P.
Its General Partner
By: *
-----------------------------------
General Partner
Page 20 of 26 pages
<PAGE> 21
Canaan Capital Offshore Management, N.V.
By: *
-----------------------------------
Director
Canaan Capital Partners L.P.
By: *
-----------------------------------
General Partner
*
- ----------------------------------------
Harry T. Rein
*
- ----------------------------------------
James J. Fitzpatrick
*
- ----------------------------------------
Stephen L. Green
*
- ----------------------------------------
Deepak Kamra
*
- ----------------------------------------
Gregory Kopchinsky
*
- ----------------------------------------
Robert J. Migliorino
*
- ----------------------------------------
Eric A. Young
*By: /s/ Guy M. Russo
--------------------------
Guy M. Russo
Attorney-in-Fact
- ----------------------------------------------------------------------------
This Schedule 13G was executed by Guy M. Russo pursuant to Powers of Attorney a
copy of which is filed herewith as Exhibit 2.
Page 21 of 26 pages
<PAGE> 1
Exhibit 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f)(1) under the Securities Exchange Act of 1934,
as amended, the undersigned agree that only one statement containing the
information required by Schedule 13G need be filed by each of the undersigned
with respect to the ownership by each of the undersigned of shares of stock of
Integrated Packaging Assembly Corporation. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original.
Canaan Capital Limited Partnership
By: Canaan Capital Management L. P.
Its General Partner
By: Canaan Capital Partners L.P.
Its General Partner
By: *
-----------------------------------
General Partner
Canaan Capital Offshore Limited Partnership C. V.
By: Canaan Capital Management L. P.
Its General Partner
By: Canaan Capital Partners L.P.
Its General Partner
By: *
-----------------------------------
General Partner
Canaan S.B.I.C., L.P.
By: Canaan S.B.I.C. Partners, L.P.
By: /s/ Gregory Kopchinsky
-----------------------------------
General Partner
Canaan S.B.I.C. Partners, L.P.
By: /s/ Gregory Kopchinsky
-----------------------------------
General Partner
Canaan Capital Management L. P.
By: Canaan Capital Partners L.P.
Its General Partner
By: *
-----------------------------------
General Partner
Page 22 of 26 pages
<PAGE> 2
Canaan Capital Offshore Management, N.V.
By: *
-----------------------------------
Director
Canaan Capital Partners L.P.
By: *
-----------------------------------
General Partner
*
- ----------------------------------------
Harry T. Rein
*
- ----------------------------------------
James J. Fitzpatrick
*
- ----------------------------------------
Stephen L. Green
*
- ----------------------------------------
Deepak Kamra
*
- ----------------------------------------
Gregory Kopchinsky
*
- ----------------------------------------
Robert J. Migliorino
*
- ----------------------------------------
Eric A. Young
*By: /s/ Guy M. Russo
-------------------------------
Guy M. Russo
Attorney-in-Fact
- ----------------------------------------------------------------------------
This Schedule 13G was executed by Guy M. Russo pursuant to Powers of Attorney a
copy of which is filed herewith as Exhibit 2.
Page 23 of 26 pages
<PAGE> 1
Exhibit 2
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below hereby constitutes and appoints Guy M. Russo his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities (until
revoked in writing) to sign any and all instruments, certificates and documents
required to be executed on behalf of himself as an individual or in his capacity
as a general partner or authorized signatory, as the case may be, on behalf of
any of Canaan Capital Limited Partnership; Canaan Capital Offshore Limited
Partnership C.V.; Canaan Capital Offshore Management, N.V.; Canaan Capital
Management L.P. or Canaan Capital Partners, L.P. pursuant to the Securities Act
of 1933, as amended, (the "Securities Act"), or the Securities Exchange Act of
1934, as amended (the "Exchange Act"), and any and all regulations promulgated
thereunder and to file the same, with all exhibits thereto, and any other
documents in connection therewith, with the Securities and Exchange Commission,
and with any other entity when and if such is mandated by the Securities Act,
the Exchange Act or by the By-laws of the National Association of Securities
Dealers, Inc., granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
fully to all intents and purposes as he might or could do in person thereby, and
ratifying and confirming all that said attorney-in-fact and agent, or his
substitute or substitutes, may lawfully do or cause to be done by virtue hereof,
or may have done in connection with the matters described above.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
Page 24 of 26 pages
<PAGE> 2
IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 29th day of
January, 1998.
CANAAN CAPITAL LIMITED PARTNERSHIP
By: Canaan Capital Management, L.P.
Its General Partner
By: Canaan Capital Partners, L.P.
Its General Partner
By: /s/ Harry T. Rein
-----------------------------------
General Partner
CANAAN CAPITAL OFFSHORE LIMITED PARTNERSHIP C.V.
By: Canaan Capital Management, L.P.
Its General Partner
By: Canaan Capital Partners, L.P.
Its General Partner
By: /s/ Harry T. Rein
-----------------------------------
General Partner
CANAAN CAPITAL OFFSHORE MANAGEMENT, N.V.
By: /s/ Harry T. Rein
-----------------------------------
Director
CANAAN CAPITAL MANAGEMENT, L.P.
By: Canaan Capital Partners, L.P.
Its General Partner
By: /s/ Harry T. Rein
-----------------------------------
General Partner
CANAAN CAPITAL PARTNERS, L.P.
By: /s/ Harry T. Rein
-----------------------------------
General Partner
Page 25 of 26 pages
<PAGE> 3
/s/ Harry T. Rein
- ----------------------------------------
Harry T. Rein
/s/ James J. Fitzpatrick
- ----------------------------------------
James J. Fitzpatrick
/s/ Stephen L. Green
- ----------------------------------------
Stephen L. Green
/s/ Deepak Kamra
- ----------------------------------------
Deepak Kamra
/s/ Gregory Kopchinsky
- ----------------------------------------
Gregory Kopchinsky
/s/ Robert J. Migliorino
- ----------------------------------------
Robert J. Migliorino
/s/ Eric A. Young
- ----------------------------------------
Eric A. Young
Page 26 of 26 pages
