SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a).
(Amendment No. 10)(1)
GLOBAL TELECOMMUNICATION SOLUTIONS, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
37935Y107
--------------
(CUSIP Number)
Copy to:
Stephen A. Cohen, Esq.
Woodland Partners Morrison Cohen Singer & Weinstein, LLP
68 Wheatley Road 750 Lexington Avenue
Brookville, New York 11545 New York, New York 10022
Telephone (516) 626-3070 Telephone (212) 735-8600
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
December 17, 1998
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e, 13d-1(f) or 13d-(g), check the following box
|_|.
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following page(s))
- --------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
Page 1 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Woodland Partners
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* WC, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 306,247 shares 2.8%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 960,520 shares 8.6%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 306,247 shares 2.8%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 960,520 shares 8.6%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,266,767 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.5%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Barry Rubenstein
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* PF, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 617,273 shares 5.6%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 3,972,115 shares 35.8%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 617,273 shares 5.6%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 3,972,115 shares 35.8%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 4,589,388 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 40.4%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Marilyn Rubenstein
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* PF, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 26,667 shares 0.2%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,240,100 shares 11.1%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 26,667 shares 0.2%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,240,100 shares 11.1%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,266,767 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.5%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| The Rubenstein Family Limited Partnership
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* WC, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 10,000 shares 0.1%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,256,767 shares 11.3%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 10,000 shares 0.1%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,256,767 shares 11.3%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,266,767 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.5%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| The Marilyn and Barry Rubenstein Family Foundation
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 10,334 shares 0.1%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,256,433 shares 11.3%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 10,334 shares 0.1%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,256,433 shares 11.3%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,266,767 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.5%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Woodland Venture Fund
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* WC, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 185,623 shares 1.7%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,081,144 shares 9.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 185,623 shares 1.7%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,081,144 shares 9.7%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,266,767 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.5%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 29
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Seneca Ventures
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* WC, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 110,623 shares 1.0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,156,144 shares 10.4%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 110,623 shares 1.0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,156,144 shares 10.4%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,266,767 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.5%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Woodland Services Corp.
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,266,767 shares 11.4%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,266,767 shares 11.4%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,266,767 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 11.5%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Brian Rubenstein
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 10,334 shares 0.1%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 10,334 shares 0.1%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 10,334 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 0.1%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Wheatley Partners, L.P.
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* WC, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization Delaware
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 3,112,402 shares 27.7%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 210,219 shares 1.9%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 3,112,402 shares 27.7%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 210,219 shares 1.9%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 3,322,621 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 29.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Wheatley Foreign Partners, L.P.
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* WC, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization Delaware
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 210,219 shares 1.9%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 3,112,402 shares 27.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 210,219 shares 1.9%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 3,112,402 shares 27.7%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 3,322,621 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 29.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Wheatley Partners, LLC
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization Delaware
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 3,322,621 shares 29.6%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 3,322,621 shares 29.6%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 3,322,621 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 29.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Wheatley Management Ltd.
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization Cayman Islands, B.W.I.
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 3,322,621 shares 29.6%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 3,322,621 shares 29.6%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 3,322,621 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 29.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Irwin Lieber
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* PF, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 221,246 shares 2.0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 3,322,621 shares 29.6%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 221,246 shares 2.0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 3,322,621 shares 29.6%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 3,543,867 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 31.5%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Barry Fingerhut
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* PF, OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 221,246 shares 2.0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 3,322,621 shares 29.6%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 221,246 shares 2.0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 3,322,621 shares 29.6%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 3,543,867 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 31.5%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 16 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Seth Lieber
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 3,322,621 shares 29.6%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 3,322,621 shares 29.6%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 3,322,621 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 29.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 17 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Jonathan Lieber
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 3,322,621 shares 29.6%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 3,322,621 shares 29.6%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 3,322,621 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 29.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 18 of 28
<PAGE>
CUSIP
No. 37935Y107 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Rebecca Rubenstein
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group* (a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds* OO
|
- --------------------------------------------------------------------------------
5 | Check Box if Disclosure of Legal Proceedings is Required
| Pursuant to Item 2(d) or 2(e) |_|
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 10,334 shares 0.1%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 10,334 shares 0.1%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 10,334 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* |_|
|
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 0.1%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person*
| IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 19 of 28
<PAGE>
This statement, dated December 17, 1998 constitutes Amendment No. 10 to
the Schedule 13D, dated February 1, 1995, regarding the reporting persons
ownership of certain securities of Global Telecommunication Solutions, Inc. (the
"Issuer").
The Schedule 13D is hereinafter referred to as the "Schedule." All
capitalized terms used herein and otherwise undefined shall have the meanings
ascribed in the Schedule.
This Amendment No. 10 to the Schedule is filed in accordance with Rule
13d-2 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
by the reporting persons. Accordingly, it shall refer only to information which
has materially changed since the filing of the Schedule.
ITEM 3. Source and Amounts of Funds or Other Consideration.
The Issuer offered each holder of the promissory notes issued in
November, 1996 and December, 1996, the right to convert his or her promissory
notes into shares of Common Stock of the Issuer at a conversion rate of one
share of Common Stock for each $0.968 of principal amount converted (the
"December 1998 Note Exchange Offer").
In addition, the Issuer offered each holder of the Private Placement
Warrants, the right to convert his or her Private Placement Warrants at a
conversion rate of one share of Common Stock for each 4.5555 warrant shares
underlying the Private Placement Warrants (the "December 1998 Warrant Exchange
Offer").
ITEM 4. Purpose of Transaction.
The reporting persons acquired their securities for purposes of
investment. Other than the reporting persons' purchase or sale of additional
securities of the Issuer, no reporting person has any present plan or proposal
which would relate to or result in any of the matters set forth in subparagraphs
(a) through (j) of Item 4 of Schedule 13D except as set forth herein.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and percentage
(based on (i) 7,959,938 shares of Common Stock outstanding as reported in the
Issuer's Form 10-Q for the quarter ended September 30, 1998, plus (ii) 2,892,562
shares of the Issuer's Common Stock issued as a result of the December 1998 Note
Exchange Offer, plus (iii) 131,709 shares of the Issuer's Common Stock issued as
a result of the December 1998 Warrant Exchange Offer) of outstanding shares of
Common Stock owned beneficially by each reporting person named in Item 2, as of
December 17, 1998:
Page 20 of 28
<PAGE>
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
- ---- ------------------- -------------------
<S> <C> <C>
Woodland Partners 1,266,767(2) 11.5%
Barry Rubenstein 4,589,388(3) 40.4%
Marilyn Rubenstein 1,266,767(4) 11.5%
The Rubenstein Family Limited Partnership 1,266,767(5) 11.5%
The Marilyn & Barry Rubenstein Family Foundation 1,266,767(6) 11.5%
Woodland Venture Fund 1,266,767(7) 11.5%
Seneca Ventures 1,266,767(8) 11.5%
Woodland Services Corp. 1,266,767(9) 11.5%
Brian Rubenstein 10,334(10,13) *
Wheatley Partners, L.P. 3,322,621(11) 29.6%
Wheatley Foreign Partners, L.P. 3,322,621(12) 29.6%
- --------
</TABLE>
* Less than 1%.
(1) Includes shares of Common Stock issuable upon the exercise of the
Warrants, the Offering Warrants, Conversion Warrants, the Option, 1997
Consulting Option, the 1997 Warrants, and the 1998 Option.
(2) Includes 13,334 shares of Common Stock issuable upon the exercise of
the Offering Warrants. Woodland Partners disclaims beneficial
ownership of the rest of the securities except to the extent of its
equity interest therein.
(3) Includes 387,549 shares of Common Stock owned individually by Barry
Rubenstein, 103,333 shares of Common Stock held in his IRA Rollover
account, 18,057 shares of Common Stock issuable upon the exercise of
the Conversion Warrants, 33,334 shares of Common Stock issuable upon
the exercise of the Option, 25,000 shares of Common Stock issuable upon
the exercise of the 1997 Consulting Option, and 50,000 shares of Common
Stock issuable upon the exercise of the 1998 Option. Mr. Rubenstein
disclaims beneficial ownership of the rest of the securities except to
the extent of his equity interest therein.
(4) Includes 26,667 shares of Common Stock owned individually by Marilyn
Rubenstein. Mrs. Rubenstein disclaims beneficial ownership of the rest
of the securities except to the extent of her equity interest therein.
(5) Includes 10,000 shares of Common Stock owned individually by the
Rubenstein Partnership. The Rubenstein Partnership disclaims beneficial
ownership of the rest of the securities except to the extent of its
equity interest therein.
(6) Includes 10,334 shares of Common Stock owned by the Foundation. The
Foundation disclaims beneficial ownership of the rest of the securities
except to the extent of its equity interest therein.
(7) Includes 185,623 shares of Common Stock owned by the Fund. The Fund
disclaims beneficial ownership of the rest of the securities except to
the extent of its equity interest therein.
(8) Includes 110,623 shares of Common Stock owned by Seneca. Seneca
disclaims beneficial ownership of the rest of the securities except to
the extent of its equity interest therein.
(9) Services disclaims beneficial ownership of the rest of the securities
except to the extent of its equity interest therein.
(10) Consists of 10,334 shares of Common Stock owned by the Foundation.
(11) Includes 2,877,402 shares of Common Stock and 235,000 shares of
Common Stock issuable upon the exercise of the 1997 Warrants.
Wheatley disclaims beneficial ownership of the rest of the securities
except to the extent of its equity interest therein.
(12) Includes 195,219 shares of Common Stock and 15,000 shares of Common
Stock issuable upon the exercise of the 1997 Warrants. Wheatley Foreign
disclaims beneficial ownership of the rest of the securities except to
the extent of its equity interest therein.
Page 21 of 28
<PAGE>
Wheatley Partners, LLC 3,322,621(13) 29.6%
Wheatley Management Ltd. 3,322,621(13) 29.6%
Irwin Lieber 3,543,867(13,14) 31.5%
Barry Fingerhut 3,543,867(13,15) 31.5%
Seth Lieber 3,222,621(13) 29.6%
Jonathan Lieber 3,222,621(13) 29.6%
Rebecca Rubenstein 10,334(10,13) *
(b) Woodland Partners has sole power to vote and to dispose of 306,247
shares of Common Stock (which includes shares issuable upon the exercise of the
Offering Warrants), representing approximately 2.8% of the outstanding Common
Stock, and may be deemed to have shared power to vote and to dispose of 960,520
shares of Common Stock (which includes shares issuable upon the exercise of the
Conversion Warrants, the Option, the 1997 Consulting Option and the 1998
Option), representing approximately 8.6% of the outstanding Common Stock.
Barry Rubenstein, by virtue of being a general partner of Woodland
Partners, the Rubenstein Partnership, the Fund and Seneca, a trustee of the
Foundation, a member and an officer of Wheatley LLC, and husband of Marilyn
Rubenstein, may be deemed to have shared power to vote and to dispose of
3,972,115 shares of Common Stock (including shares issuable upon the exercise of
the Offering Warrants and the 1997 Warrants), representing approximately 35.8%
of the outstanding Common Stock. Barry Rubenstein has sole power to vote and to
dispose of 617,273 shares of Common Stock (which includes shares issuable upon
the exercise of the Conversion Warrants, the Option, the 1997 Consulting Option
and the 1998 Option), representing approximately 5.6% of the outstanding Common
Stock.
Marilyn Rubenstein, by virtue of being a general partner of Woodland
Partners and the Rubenstein Partnership, a trustee of the Foundation, and wife
of Barry Rubenstein, may be deemed to have shared power to vote and to dispose
of 1,240,100 shares of Common Stock (which includes shares issuable upon the
exercise of the Conversion Warrants, the Offering Warrants, the Option, the 1997
Consulting Option and the 1998 Option), representing approximately 11.1% of the
outstanding Common Stock. Marilyn Rubenstein has sole power to vote and to
dispose of 26,667 shares of Common Stock, representing approximately 0.2% of the
outstanding Common Stock.
The Rubenstein Partnership has the sole power to vote and to dispose of
10,000 shares of Common Stock, representing approximately 0.1% of the
outstanding Common Stock, and may be deemed to have shared power to vote and to
dispose of 1,256,767 shares of Common Stock (which includes shares issuable upon
the exercise of the Conversion Warrants, the Offering Warrants, the Option, the
1997 Consulting Option and the 1998 Option), representing approximately 11.3% of
the outstanding Common Stock.
- ----------
(13) The reporting person disclaims beneficial ownership of these securities
except to the extent of his/her/its equity interest therein.
(14) Includes 221,246 shares of Common Stock owned by Irwin Lieber.
(15) Includes 221,246 shares of Common Stock owned by Barry Fingerhut.
Page 22 of 28
<PAGE>
The Fund has sole power to vote and to dispose of 185,623 shares of
Common Stock, representing approximately 1.7% of the outstanding Common Stock,
and may be deemed to have shared power to vote and to dispose of 1,081,144
shares of Common Stock (which includes shares issuable upon the exercise of the
Conversion Warrants, the Offering Warrants, the Option, the 1997 Consulting
Option and the 1998 Option), representing approximately 9.7% of the outstanding
Common Stock.
Seneca has sole power to vote and to dispose of 110,623 shares of
Common Stock, representing approximately 1.0% of the outstanding Common Stock,
and may be deemed to have shared power to vote and to dispose of 1,156,144
shares of Common Stock (which includes shares issuable upon the exercise of the
Conversion Warrants, the Offering Warrants, the Option, the 1997 Consulting
Option and the 1998 Option), representing approximately 10.4% of the outstanding
Common Stock.
The Foundation has sole power to vote and dispose of 10,334 shares of
Common Stock, representing approximately 0.1% of the outstanding Common Stock,
and may be deemed to have shared power to vote and to dispose of 1,256,433
shares of Common Stock (which includes shares issuable upon the exercise of the
Conversion Warrants, the Offering Warrants, the Option, the 1997 Consulting
Option and the 1998 Option), representing approximately 11.3% of the outstanding
Common Stock.
Services may be deemed to have shared power to vote and to dispose of
1,266,767 shares of Common Stock (which includes shares issuable upon the
exercise of the Conversion Warrants, the Offering Warrants, the Option, the 1997
Consulting Option and the 1998 Option), representing approximately 11.4% of the
outstanding Common Stock.
Brian Rubenstein, by virtue of being a trustee of the Foundation, may
be deemed to have shared power to vote and to dispose of 10,334 shares of Common
Stock, representing approximately 0.1% of the outstanding Common Stock.
Rebecca Rubenstein, by virtue of being a trustee of the Foundation, may
be deemed to have shared power to vote and to dispose of 10,334 shares of Common
Stock, representing approximately 0.1% of the outstanding Common Stock.
Wheatley Partners, L.P. has sole power to vote and to dispose of
3,112,402 shares of Common Stock (which includes shares issuable upon the
exercise of the 1997 Warrants), representing approximately 27.7% of the
outstanding Common Stock, and may be deemed to have shared power to vote and to
dispose of 210,219 shares of Common Stock (which includes shares issuable upon
the exercise of the 1997 Warrants), representing approximately 1.9% of the
outstanding Common Stock.
Wheatley Foreign Partners, L.P. has sole power to vote and to dispose
of 210,219 shares of Common Stock (which includes shares issuable upon the
exercise of the 1997 Warrants), representing approximately 1.9% of the
outstanding Common Stock, and may be deemed to have shared power to vote and to
dispose of 3,112,402 shares of Common Stock (which includes shares
Page 23 of 28
<PAGE>
issuable upon the exercise of the 1997 Warrants), representing approximately
27.7% of the outstanding Common Stock.
Wheatley Partners, LLC may be deemed to have shared power to vote and
to dispose of 3,222,621 shares of Common Stock (which includes shares issuable
upon the exercise of the 1997 Warrants), representing approximately 29.6% of the
outstanding Common Stock.
Wheatley Management Ltd. may be deemed to have shared power to vote and
to dispose of 3,222,621 shares of Common Stock (which includes shares issuable
upon the exercise of the 1997 Warrants), representing approximately 29.6% of the
outstanding Common Stock.
Irwin Lieber, by virtue of being a member and an officer of Wheatley
LLC, may be deemed to have shared power to vote and to dispose of 3,222,621
shares of Common Stock (including shares issuable upon the exercise of the 1997
Warrants), representing approximately 29.6% of the outstanding Common Stock.
Irwin Lieber has sole power to vote and to dispose of 221,246 shares of Common
Stock, representing approximately 2.0% of the outstanding Common Stock.
Barry Fingerhut, by virtue of being a member and an officer of Wheatley
LLC, may be deemed to have shared power to vote and to dispose of
3,222,621shares of Common Stock (including shares issuable upon the exercise of
the 1997 Warrants), representing approximately 29.6% of the outstanding Common
Stock. Barry Fingerhut has sole power to vote and to dispose of 221,246 shares
of Common Stock, representing approximately 2.0% of the outstanding Common
Stock.
Seth Lieber, by virtue of being a member and an officer of Wheatley
LLC, may be deemed to have shared power to vote and to dispose of 3,222,621
shares of Common Stock (including shares issuable upon the exercise of the 1997
Warrants), representing approximately 29.6% of the outstanding Common Stock.
Jonathan Lieber, by virtue of being a member and an officer of Wheatley
LLC, may be deemed to have shared power to vote and to dispose of 3,222,621
shares of Common Stock (including shares issuable upon the exercise of the 1997
Warrants), representing approximately 29.6% of the outstanding Common Stock.
(c) The following is a description of all transactions in the
securities of the Issuer by the reporting persons identified in Item 2 of this
Schedule 13D effected from November 2, 1998 through December 17, 1998,
inclusive:
Effective December 10, 1998, each of Irwin Lieber and Barry Fingerhut
accepted the Issuer's December 1998 Note Exchange Offer and, each delivered
$200,000 in principal amount of promissory notes in exchange for 206,612 and
206,612 shares of Common Stock, respectively. In addition, each of Irwin Lieber
and Barry Fingerhut delivered 66,667 warrant shares in exchange for 14,634 and
14,634 shares of Common Stock, respectively.
Page 24 of 28
<PAGE>
Effective December 17, 1998, each of Wheatley Partners, L.P., Wheatley
Foreign Partners, L.P., Seneca, Woodland Partners and the Fund accepted the
Issuer's December 1998 Note Exchange Offer and delivered $1,880,000, $120,000,
$100,000, $200,000 and $100,000 in principal amount of promissory notes,
respectively, in exchange for 1,942,149, 123,967, 103,306, 206,612, 103,306
shares of Common Stock, respectively. In addition, each of Wheatley Partners,
L.P., Wheatley Foreign Partners, L.P., Seneca , Woodland Partners, and the Fund
delivered 313,333, 20,000, 33,333, 66,667 and 33,333 warrant shares,
respectively, in exchange for 68,781, 4,390, 7,317, 14,634 and 7,317 shares of
Common Stock, respectively.
(d) No other person has the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of such securities.
(e) Not applicable.
ITEM 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities
of the Issuer.
----------------------------------------
(j) Each of Barry Rubenstein, Marilyn Rubenstein, the Foundation,
Woodland Partners, the Fund, Seneca Ventures, Wheatley Partners and Wheatley
Foreign Partners entered into a lock-up agreement, each dated June 10, 1997 (the
"Lock-up Agreement"), with GKN Securities Corp., the managing underwriter of the
public offering of 2,875,000 shares of the Issuer's Common Stock (including
375,000 shares of Common Stock issued upon the exercise of the over-allotment
option).
The Lock-up Agreement provides that for a period of five years,
commencing on the effective date of the Registration Statement, the Underwriter
shall have the right to purchase for its account or to sell for the account of
such shareholders any shares of Common Stock sold pursuant to Rule 144
promulgated under the Securities Act of 1933, as amended.
(k) Except for the circumstances discussed or referred to in paragraphs
(a) through (j), there are no contracts, arrangements, understandings, or
relationships with respect to the securities of the Issuer among any of the
persons reporting in this Schedule 13D.
Page 25 of 28
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
each of the undersigned hereby certifies that the information set forth in this
statement is true, correct and complete.
Date: December 31, 1998 WOODLAND PARTNERS
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
SENECA VENTURES
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
WOODLAND SERVICES CORP.
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, President
THE RUBENSTEIN FAMILY
LIMITED PARTNERSHIP
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, a General Partner
THE MARILYN AND BARRY RUBENSTEIN
FAMILY FOUNDATION
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, a Trustee
WHEATLEY PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, Chief Executive Officer
Page 26 of 28
<PAGE>
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners LLC, General Partner
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, Chief Executive Officer
WHEATLEY PARTNERS LLC
By: Barry Rubenstein
----------------------------------------
Barry Rubenstein, Chief Executive Officer
WHEATLEY MANAGEMENT LTD.
By: Irwin Lieber
----------------------------------------
Irwin Lieber, President
Barry Rubenstein
----------------------------------------
Barry Rubenstein
Marilyn Rubenstein
----------------------------------------
Marilyn Rubenstein
Irwin Lieber
----------------------------------------
Irwin Lieber
Barry Fingerhut
----------------------------------------
Barry Fingerhut
Seth Lieber
----------------------------------------
Seth Lieber
Jonathan Lieber
----------------------------------------
Jonathan Lieber
Page 27 of 28
<PAGE>
*
----------------------------------------
Brian Rubenstein
*
----------------------------------------
Rebecca Rubenstein
* Barry Rubenstein
- -------------------------------------
Barry Rubenstein, Attorney-in-Fact
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
Page 28 of 28
