<PAGE> 1
-------------------------
OMB APPROVAL
-------------------------
UNITED STATES OMB Number: 3235-0145
SECURITIES AND EXCHANGE COMMISSION Expires: August 31, 1999
WASHINGTON, D.C. 20549 Estimated average burden
hours per response. 14.90
-------------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(AMENDMENT NO. TWO )*
Integrated Packaging Assembly Corporation
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, no par value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
457989101
--------------
(CUSIP Number)
December 31, 1998
- --------------------------------------------------------------------------------
(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)
[ ] Rule 13d-1(c)
[X] 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).
SEC 1745 (3-98) Page 1 of 25 pages
<PAGE> 2
- -------------------- ---------------------
CUSIP NO. 457989101 13G PAGE 2 OF 25 PAGES
- -------------------- ---------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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 WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 3
- -------------------- ---------------------
CUSIP NO. 457989101 13G PAGE 3 OF 25 PAGES
- -------------------- ---------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
Netherland Antilles Limited Partnership
- -------------------------------------------------------------------------------
(5) SOLE VOTING POWER
NUMBER OF 349,434
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 433,174
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 4
- -------------------- ---------------------
CUSIP NO. 457989101 13G PAGE 4 OF 25 PAGES
- -------------------- ---------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
NUMBER OF 391,304
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 391,304
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 5
- -------------------- ---------------------
CUSIP NO. 457989101 13G PAGE 5 OF 25 PAGES
- -------------------- ---------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
NUMBER OF 0
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 391,304
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 6
- -------------------- ---------------------
CUSIP NO. 457989101 13G PAGE 6 OF 25 PAGES
- -------------------- ---------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
NUMBER OF 0
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 782,608
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 7
- -------------------- ---------------------
CUSIP NO. 457989101 13G PAGE 7 OF 25 PAGES
- -------------------- ---------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
Netherland Antilles Corporation
- -------------------------------------------------------------------------------
(5) SOLE VOTING POWER
NUMBER OF 0
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 740,738
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 8
- -------------------- ---------------------
CUSIP NO. 457989101 13G PAGE 8 OF 25 PAGES
- -------------------- ---------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
NUMBER OF 0
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 782,608
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 9
- -------------------- ---------------------
CUSIP NO. 457989101 13G PAGE 9 OF 25 PAGES
- -------------------- ---------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
NUMBER OF 0
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 782,608
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 10
- -------------------- ----------------------
CUSIP NO. 457989101 13G PAGE 10 OF 25 PAGES
- -------------------- ----------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
NUMBER OF 0
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 782,608
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 11
- -------------------- ----------------------
CUSIP NO. 457989101 13G PAGE 11 OF 25 PAGES
- -------------------- ----------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
NUMBER OF 0
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 782,608
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 12
- -------------------- ----------------------
CUSIP NO. 457989101 13G PAGE 12 OF 25 PAGES
- -------------------- ----------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
NUMBER OF 0
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 782,608
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 13
- -------------------- ----------------------
CUSIP NO. 457989101 13G PAGE 13 OF 25 PAGES
- -------------------- ----------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
NUMBER OF 0
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 782,608
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 14
- -------------------- ----------------------
CUSIP NO. 457989101 13G PAGE 14 OF 25 PAGES
- -------------------- ----------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
NUMBER OF 0
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 782,608
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
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 25 pages
<PAGE> 15
- -------------------- ----------------------
CUSIP NO. 457989101 13G PAGE 15 OF 25 PAGES
- -------------------- ----------------------
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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
NUMBER OF 5,000
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY
EACH 782,608
REPORTING ---------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
5,000
---------------------------------------------------------
(8) SHARED DISPOSITIVE POWER
782,608
- -------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
787,608
- -------------------------------------------------------------------------------
(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 15 of 25 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
Page 16 of 25 pages
<PAGE> 17
Corporation is a corporation, each organized under the laws of
the Netherlands Antilles. Each of 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, no par
value ("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:
None.
Item 4. OWNERSHIP
(a) Canaan Capital owns 41,870 shares of Common Stock, Canaan
Capital Offshore owns 349,434 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 5,000 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,
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 based on the
14,088,419 shares of Common Stock reported to be outstanding
in the Quarterly Report on Form 10-Q of the Issuer for the
quarter ended October 4, 1998.
Page 17 of 25 pages
<PAGE> 18
<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 5,000 782,608 5,000 782,608
</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.
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) (J).
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, 1999
Page 18 of 25 pages
<PAGE> 19
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 19 of 25 pages
<PAGE> 20
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 20 of 25 pages
<PAGE> 1
EXHIBIT 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(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 21 of 25 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 22 of 25 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 23 of 25 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 24 of 25 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 25 of 25 pages
