SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13(d)-2(a)
(Amendment No. _)(1)
UOL PUBLISHING, INC.
- --------------------------------------------------------------------------------
(Name of issuer)
COMMON STOCK $.01 PAR VALUE
- --------------------------------------------------------------------------------
(Title of class of securities)
903196 10 3
- --------------------------------------------------------------------------------
(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME & ROSENZWEIG LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
August 30, 1998
- --------------------------------------------------------------------------------
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box /X/.
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 pages)
(Page 1 of 38 Pages)
- --------
(1) The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
<PAGE>
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CUSIP No. 903196 10 3 13D Page 2 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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 OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 985,238(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
77,906(2) shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
985,238(1) shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
77,906(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,063,144(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 174,266 shares of Common Stock issuable upon exercise of
warrants, (ii) 211,231 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 335,162 shares of
Common Stock issuable upon conversion of shares of Series D Preferred
Stock, all of which is held by Wheatley Partners, L.P.
(2) Includes (i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Wheatley
Partners, L.P. disclaims
<PAGE>
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CUSIP No. 903196 10 3 13D Page 3 of 38 Pages
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beneficial ownership of these securities, except to the extent of its
equity interest therein.
<PAGE>
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CUSIP No. 903196 10 3 13D Page 4 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
1,162,985(1) shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,162,985(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,162,985(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P.,
(b)(i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D
<PAGE>
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CUSIP No. 903196 10 3 13D Page 5 of 38 Pages
- ------------------------------- ----------------------------
Preferred Stock, all of which is held by Wheatley Foreign Partners,
L.P., (c)(i) 17,725 shares of Common Stock issuable upon exercise of
warrants, (ii) 21,484 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 18,181 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Woodland Partners and (d)(i) 11,816 shares of
Common Stock issuable upon exercise of warrants and (ii) 14,322 shares
of Common Stock issuable upon conversion of shares of Series C
Preferred Stock, one-half of which is held by each of the Woodland
Venture Fund and Seneca Ventures. Mr. Rubenstein disclaims beneficial
ownership of these securities, except to the extent of his respective
equity interest therein.
<PAGE>
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CUSIP No. 903196 10 3 13D Page 6 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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 OR ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 67,169(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
1,070,986(2) shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
67,169(1) shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,070,986(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,138,155(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 14,771 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,904 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 18,181 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Mr. Lieber.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock
<PAGE>
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CUSIP No. 903196 10 3 13D Page 7 of 38 Pages
- ------------------------------- ----------------------------
issuable upon conversion of shares of Series D Preferred Stock, all of
which is held by Wheatley Partners, L.P., (b)(i) 14,805 shares of
Common Stock issuable upon exercise of warrants, (ii) 17,945 shares of
Common Stock issuable upon conversion of shares of Series C Preferred
Stock and (iii) 28,474 shares of Common Stock issuable upon conversion
of Series D Preferred Stock, all of which is held by Wheatley Foreign
Partners, L.P. and (c)(i) 3,545 shares of Common Stock issuable upon
exercise of warrants and (ii) 4,297 shares of Common Stock issuable
upon conversion of shares of Series C Preferred stock, all of which is
owned by one of Mr. Lieber's children and whose shares may be deemed to
be beneficially owned by Mr. Lieber. Mr. Lieber disclaims beneficial
ownership of these securities, except to the extent of his respective
equity interest therein.
<PAGE>
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CUSIP No. 903196 10 3 13D Page 8 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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 OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 160,700(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
1,063,144(2) shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
160,700(1) shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,063,144(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,223,844(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
25.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (a)(i) 37,814 shares of Common Stock issuable upon exercise of
warrants, (ii) 45,835 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, (iii) 2,500 shares of Common
Stock issuable upon exercise of options and (iv) 45,454 shares of
Common Stock issuable upon conversion of shares of Series D Preferred
Stock, all of which is held by Mr. Fingerhut, and (b)(i) 2,954 shares
of Common Stock issuable upon exercise of warrants and (ii) 3,580
shares of Common Stock issuable upon
<PAGE>
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CUSIP No. 903196 10 3 13D Page 9 of 38 Pages
- ------------------------------- ----------------------------
conversion of shares of Series C Preferred Stock, all of which is held
by an account for which Mr. Fingerhut has sole voting and dispositive
power.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P., and
(b)(i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Mr. Fingerhut
disclaims beneficial ownership of these securities, except to the
extent of his respective equity interest therein.
<PAGE>
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CUSIP No. 903196 10 3 13D Page 10 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
1,063,144(1) shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,063,144(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,063,144(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P., and
(b)(i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D
<PAGE>
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CUSIP No. 903196 10 3 13D Page 11 of 38 Pages
- ------------------------------- ----------------------------
Preferred Stock, all of which is held by Wheatley Foreign Partners,
L.P. Wheatley Partners, LLC disclaims beneficial ownership of these
securities, except to the extent of its respective equity interest
therein.
<PAGE>
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CUSIP No. 903196 10 3 13D Page 12 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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*
PF, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 9,346(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
1,063,144(2) shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
9,346(1) shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,063,144(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,072,490(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 2,954 shares of Common Stock issuable upon conversion of
warrants and (ii) 3,580 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Mr.
Lieber.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P., and
(b)(i) 14,805 shares of Common Stock
<PAGE>
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CUSIP No. 903196 10 3 13D Page 13 of 38 Pages
- ------------------------------- ----------------------------
issuable upon exercise of warrants, (ii) 17,945 shares of Common Stock
issuable upon conversion of shares of Series C Preferred Stock and
(iii) 28,474 shares of Common Stock issuable upon conversion of shares
of Series D Preferred Stock, all of which is held by Wheatley Foreign
Partners, L.P. Mr. Lieber disclaims beneficial ownership of these
securities, except to the extent of his respective equity interest
therein.
<PAGE>
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CUSIP No. 903196 10 3 13D Page 14 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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*
PF, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 6,534(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
1,063,144(2) shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
6,534(1) shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,063,144(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,069,678(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 2,954 shares of Common Stock issuable upon conversion
of warrants and (ii) 3,580 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock, all of which is held
by Mr. Lieber.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P., and
(b)(i) 14,805 shares of Common Stock
<PAGE>
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CUSIP No. 903196 10 3 13D Page 15 of 38 Pages
- ------------------------------- ----------------------------
issuable upon exercise of warrants, (ii) 17,945 shares of Common Stock
issuable upon conversion of shares of Series C Preferred Stock and
(iii) 28,474 shares of Common Stock issuable upon conversion of shares
of Series D Preferred Stock, all of which is held by Wheatley Foreign
Partners, L.P. Mr. Lieber disclaims beneficial ownership of these
securities, except to the extent of his respective equity interest
therein.
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 16 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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 OR ORGANIZATION
Cayman Islands, B.W.I.
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
77,906(1) shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
77,906(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
77,906(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Wheatley
Management, Ltd. disclaims beneficial ownership of these securities,
except to the extent of its equity interest therein.
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 17 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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 OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 77,906(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
985,238(2) shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
77,906(1) shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
985,238(2) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,063,144(1)(2) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P.
(2) Includes (i) 174,266 shares of Common Stock issuable upon exercise of
warrants, (ii) 211,231 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 335,162 shares of
Common Stock
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 18 of 38 Pages
- ------------------------------- ----------------------------
issuable upon conversion of shares of Series D Preferred Stock, all of
which is held by Wheatley Partners, L.P. Wheatley Foreign Partners,
L.P. disclaims beneficial ownership of these securities, except to the
extent of its equity interest therein.
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 19 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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 OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 73,703(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
0 shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
73,703(1) shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
73,703(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 17,725 shares of Common Stock issuable upon exercise of
warrants, (ii) 21,484 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 18,181 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Woodland Partners.
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 20 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
99,841(1) shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
99,841(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
99,841(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (a)(i) 17,725 shares of Common Stock issuable upon exercise of
warrants, (ii) 21,484 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 18,181 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Woodland Partners and (b)(i) 11,816 shares of
Common Stock issuable upon exercise of warrants and (ii) 14,322 shares
of Common Stock issuable upon conversion of shares of Series C
Preferred Stock, one-half of which is held by each of the Woodland
Venture Fund and Seneca Ventures. Mrs.
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 21 of 38 Pages
- ------------------------------- ----------------------------
Rubenstein disclaims beneficial ownership of these securities, except
to the extent of her respective equity interest therein.
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 22 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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 OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 13,069(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
0 shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
13,069(1) shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
13,069(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 5,908 shares of Common Stock issuable upon exercise of
warrants and (ii) 7,161 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Seneca
Ventures.
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 23 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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 OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 13,069(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
0 shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
13,069(1) shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
13,069(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 5,908 shares of Common Stock issuable upon exercise of
warrants and (ii) 7,161 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Woodland
Venture Fund.
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 24 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME 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 OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
26,138(1) shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
26,138(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
26,138(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 11,816 shares of Common Stock issuable upon exercise of
warrants and (ii) 14,322 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock, one-half of which is
held by each of the Woodland Venture Fund and Seneca Ventures. Woodland
Services Corp. disclaims beneficial ownership of these securities,
except to the extent of its respective equity interest therein.
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 25 of 38 Pages
- ------------------------------- ----------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Dana Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 7,842(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------
8 SHARED VOTING POWER
0 shares
--------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
7,842(1) shares
--------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
7,842(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 3,545 shares of Common Stock issuable upon exercise of
warrants and (ii) 4,297 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Ms.
Lieber.
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 26 of 38 Pages
- ------------------------------- ----------------------------
The following constitutes the Schedule 13D filed by the
undersigned (the "Schedule 13D").
Item 1. Security and Issuer.
--------------------
This statement relates to shares (the "Shares") of the common
stock, $.01 par value per share ("Common Stock"), of UOL Publishing, Inc. (the
"Issuer"). The principal executive offices of the Issuer are located at 8251
Greensboro Drive, Suite 500, McLean, Virginia 22102.
Item 2. Identity and Background.
------------------------
1. (a) Wheatley Partners, L.P., a Delaware limited partnership
("Wheatley").
(b) Address: 80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
2. (a) Wheatley Foreign Partners, L.P., a Delaware limited partnership
("Wheatley Foreign").
(b) Address: Third Floor
One Capital Place
P.O. Box 1062
George Town, Grand Cayman
Cayman Islands, B.W.I.
(c) Principal Business: Investments
3. (a) Wheatley Management Ltd., a Cayman Islands corporation ("Wheatley
Management").
(b) Address: Third Floor
One Capital Place
P.O. Box 1062
George Town, Grand Cayman
Cayman Islands, B.W.I.
(c) Principal Business: Investments
4. (a) Wheatley Partners, LLC, a Delaware limited
liability company ("Wheatley LLC").
(b) Address: 80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
5. (a) Barry Fingerhut
(b) Address: 80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
(f) Citizenship: United States
6. (a) Barry Rubenstein
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments
(f) Citizenship: United States
7. (a) Woodland Partners, a New York general partnership.
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 27 of 38 Pages
- ------------------------------- ----------------------------
8. (a) Marilyn Rubenstein
(b) Address: 68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments
(f) Citizenship: United States
9. (a) Irwin Lieber
(b) Address: 80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
(f) Citizenship: United States
10. (a) Jonathan Lieber
(b) Address: 80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
(f) Citizenship: United States
11. (a) Seth Lieber
(b) Address: 80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
(f) Citizenship: United States
12. (a) Seneca Ventures, a New York general partnership.
(b) Address: 68 Wheatley Road
Brookville, NY 11545
(c) Principal Business: Investments
13. (a) Woodland Venture Fund, a New York general partnership.
(b) Address: 68 Wheatley Road
Brookville, NY 11545
(c) Principal Business: Investments
14. (a) Woodland Services Corp, a New York corporation.
(b) Address: 68 Wheatley Road
Brookville, NY 11545
(c) Principal Business: Investments
15. (a) Dana Lieber
(b) Address: c/o Irwin Lieber
80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Student
(d) Citizenship: United States
(d) No Reporting Person has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) No Reporting Person has, during the last five years, been
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 28 of 38 Pages
- ------------------------------- ----------------------------
Each of the foregoing may, at times, be referred to as a
"Reporting Person" and, collectively, as the "Reporting Persons."
Item 3. Source and Amount of Funds or Other Consideration.(2)
---------------------------------------------------
The aggregate purchase price of the 985,238 shares of Common
Stock (including 720,659 shares issuable upon exercise of warrants and
conversion of convertible preferred stock) held by Wheatley is $5,669,835 and
were acquired and will be acquired with its working capital and its other funds.
The aggregate purchase price of the 77,906 shares of Common
Stock (including 61,224 shares issuable upon exercise of warrants and conversion
of convertible preferred stock) held by Wheatley Foreign is $430,172 and were
acquired and will be acquired with its working capital and its other funds.
The aggregate purchase price of the 73,703 shares of Common
Stock (including 57,390 shares issuable upon exercise of warrants and conversion
of convertible preferred stock) held by Woodland Partners is $394,993 and were
acquired and will be with its working capital and other funds.
The aggregate purchase price of the 13,069 shares of Common
Stock (consisting of 13,069 shares issuable upon exercise of warrants and
conversion of convertible preferred stock) held by Seneca Ventures is $49,996
and were acquired and will be acquired with its working capital and its other
funds.
The aggregate purchase price of the 13,069 shares of Common
Stock (consisting of 13,069 shares issuable upon exercise of warrants and
conversion of convertible preferred stock) held by Woodland Venture Fund is
$49,996 and were acquired and will be acquired with its working capital and its
other funds.
The aggregate purchase price of the 160,700 shares of Common
Stock (including 138,137 shares issuable upon exercise of options and warrants
and conversion of convertible preferred stock) held by Barry Fingerhut or an
account for which Mr. Fingerhut has sole voting and dispositive power is
$813,749 and were acquired and will be acquired with his personal funds, its
working capital and their other funds.
The aggregate purchase price of the 67,169 shares of Common
Stock (including 50,856 shares issuable upon exercise of warrants and conversion
of convertible preferred stock) held by Irwin Lieber is $369,995 and were
acquired and will be acquired with his personal and other funds.
The aggregate purchase price of the 9,346 shares of Common
Stock (including 6,534 shares issuable upon exercise of warrants and conversion
of convertible preferred stock) held by Seth Lieber is $50,000 and were acquired
and will be acquired with his personal and other funds.
The aggregate purchase price of the 6,534 shares of Common
Stock (consisting of 6,534 shares issuable upon exercise of warrants and
conversion of convertible preferred stock) held by Jonathan Lieber is $25,000
and were acquired and will be acquired with his personal and other funds.
The aggregate purchase price of the 7,842 shares of Common
Stock (consisting of 7,842 shares issuable upon exercise of warrants and
conversion of convertible preferred stock) held by Dana Lieber is $30,000 and
were acquired and will be acquired with her personal and other funds.
- --------
(2) None of the aggregate purchase prices set forth in this Item 3
includes the exercise price to be paid upon exercise of any
options or warrants or the conversion price to be paid upon
conversion of any shares of convertible preferred stock.
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 29 of 38 Pages
- ------------------------------- ----------------------------
Item 4. Purpose of Transaction.
-----------------------
Other than Mr. Fingerhut's capacity as director 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) - (j) of Item 4 of
Schedule 13D except as set forth herein.
Item 5. Interest in Securities of the Issuer.
-------------------------------------
(a) The following table sets forth the aggregate number and
percentage (based on 3,826,357 shares of Common Stock outstanding as of August
14, 1998 as reported by the Issuer on its Form 10-Q for the quarterly period
ended June 30, 1998) of Common Stock beneficially owned by each Reporting Person
named in Item 2 of Schedule 13D.
Percentage of
Shares of Common Shares of Common
Stock Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
Wheatley Partners, L.P.(1) ......... 1,063,144 23.1
Barry Rubenstein(2) ................ 1,162,985 24.8
Irwin Lieber(3) .................... 1,138,155 24.4
Barry Fingerhut(4) ................. 1,223,844 25.8
Wheatley Partners, LLC(5) .......... 1,063,144 23.1
Seth Lieber(6) ..................... 1,072,490 23.2
Jonathan Lieber(7) ................. 1,069,678 23.2
Wheatley Management Ltd.(8) ........ 77,906 2.0
Wheatley Foreign Partners, L.P.(9).. 1,063,144 23.1
Woodland Partners(10) .............. 73,703 1.9
Marilyn Rubenstein(11) ............. 99,841 2.6
Seneca Ventures(12) ................ 13,069 0.3
Woodland Venture Fund(13) .......... 13,069 0.3
Woodland Services Corp.(14) ........ 26,138 0.7
Dana Lieber(15) .................... 7,842 0.2
- ---------------------
(1) Includes (i) 174,266 shares of Common Stock issuable upon exercise of
warrants, (ii) 211,231 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 335,162 shares of
Common Stock issuable upon conversion of shares of Series D Preferred
Stock, all of which is held by Wheatley Partners, L.P. Also includes
(i) 14,805 shares of Common Stock issuable upon exercise of warrants,
(ii) 17,945 shares of Common Stock issuable upon conversion of shares
of Series C Preferred Stock and (iii) 28,474 shares of Common Stock
issuable upon conversion of shares of Series D Preferred Stock, all of
which is held by Wheatley Foreign Partners, L.P. Wheatley Partners,
L.P. disclaims beneficial ownership of these securities, except to the
extent of its equity interest therein.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 30 of 38 Pages
- ------------------------------- ----------------------------
issuable upon conversion of shares of Series D Preferred Stock, all of
which is held by Wheatley Partners, L.P., (b)(i) 14,805 shares of
Common Stock issuable upon exercise of warrants, (ii) 17,945 shares of
Common Stock issuable upon conversion of shares of Series C Preferred
Stock and (iii) 28,474 shares of Common Stock issuable upon conversion
of shares of Series D Preferred Stock, all of which is held by Wheatley
Foreign Partners, L.P., (c)(i) 17,725 shares of Common Stock issuable
upon exercise of warrants, (ii) 21,484 shares of Common Stock issuable
upon conversion of shares of Series C Preferred Stock and (iii) 18,181
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Woodland Partners and (d)(i)
11,816 shares of Common Stock issuable upon exercise of warrants and
(ii) 14,322 shares of Common Stock issuable upon conversion of shares
of Series C Preferred Stock, one-half of which is held by each of the
Woodland Venture Fund and Seneca Ventures. Mr. Rubenstein disclaims
beneficial ownership of these securities, except to the extent of his
respective equity interest therein.
(3) Includes (i) 14,771 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,904 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 18,181 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Mr. Lieber. Also includes (a)(i) 174,266 shares
of Common Stock issuable upon exercise of warrants, (ii) 211,231 shares
of Common Stock issuable upon conversion of shares of Series C
Preferred Stock and (iii) 335,162 shares of Common Stock issuable upon
conversion of shares of Series D Preferred Stock, all of which is held
by Wheatley Partners, L.P., (b)(i) 14,805 shares of Common Stock
issuable upon exercise of warrants, (ii) 17,945 shares of Common Stock
issuable upon conversion of shares of Series C Preferred Stock and
(iii) 28,474 shares of Common Stock issuable upon conversion of Series
D Preferred Stock, all of which is held by Wheatley Foreign Partners,
L.P. and (c)(i) 3,545 shares of Common Stock issuable upon exercise of
warrants and (ii) 4,297 shares of Common Stock issuable upon conversion
of shares of Series C Preferred stock, all of which is owned by one of
Mr. Lieber's children and whose shares may be deemed to be beneficially
owned by Mr. Lieber. Mr. Lieber disclaims beneficial ownership of these
securities, except to the extent of his respective equity interest
therein.
(4) Includes (a)(i) 37,814 shares of Common Stock issuable upon exercise of
warrants, (ii) 45,835 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, (iii) 2,500 shares of Common
Stock issuable upon exercise of options and (iv) 45,454 shares of
Common Stock issuable upon conversion of shares of Series D Preferred
Stock, all of which is held by Mr. Fingerhut, and (b)(i) 2,954 shares
of Common Stock issuable upon exercise of warrants and (ii) 3,580
shares of Common Stock issuable upon conversion of shares of Series C
Preferred Stock, all of which is held by an account for which Mr.
Fingerhut has sole voting and dispositive power. Also includes (a)(i)
174,266 shares of Common Stock issuable upon exercise of warrants, (ii)
211,231 shares of Common Stock issuable upon conversion of shares of
Series C Preferred Stock and (iii) 335,162 shares of Common Stock
issuable upon conversion of shares of Series D Preferred Stock, all of
which is held by Wheatley Partners, L.P., and (b)(i) 14,805 shares of
Common Stock issuable upon exercise of warrants, (ii) 17,945 shares of
Common Stock issuable upon conversion of shares of Series C Preferred
Stock and (iii) 28,474 shares of Common Stock issuable upon conversion
of shares of Series D Preferred Stock, all of which is held by Wheatley
Foreign Partners, L.P. Mr. Fingerhut disclaims beneficial ownership of
these securities, except to the extent of his respective equity
interest therein.
(5) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which
<PAGE>
- ------------------------------- ----------------------------
CUSIP No. 903196 10 3 13D Page 31 of 38 Pages
- ------------------------------- ----------------------------
is held by Wheatley Partners, L.P., and (b)(i) 14,805 shares of Common
Stock issuable upon exercise of warrants, (ii) 17,945 shares of Common
Stock issuable upon conversion of shares of Series C Preferred Stock
and (iii) 28,474 shares of Common Stock issuable upon conversion of
shares of Series D Preferred Stock, all of which is held by Wheatley
Foreign Partners, L.P. Wheatley Partners, LLC disclaims beneficial
ownership of these securities, except to the extent of its respective
equity interest therein.
(6) Includes (i) 2,954 shares of Common Stock issuable upon conversion of
warrants and (ii) 3,580 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Mr.
Lieber. Also includes (a)(i) 174,266 shares of Common Stock issuable
upon exercise of warrants, (ii) 211,231 shares of Common Stock issuable
upon conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P., and
(b)(i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Mr. Lieber
disclaims beneficial ownership of these securities, except to the
extent of his respective equity interest therein.
(7) Consists of (i) 2,954 shares of Common Stock issuable upon conversion
of warrants and (ii) 3,580 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock, all of which is held
by Mr. Lieber. Also includes (a)(i) 174,266 shares of Common Stock
issuable upon exercise of warrants, (ii) 211,231 shares of Common Stock
issuable upon conversion of shares of Series C Preferred Stock and
(iii) 335,162 shares of Common Stock issuable upon conversion of shares
of Series D Preferred Stock, all of which is held by Wheatley Partners,
L.P., and (b)(i) 14,805 shares of Common Stock issuable upon exercise
of warrants, (ii) 17,945 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 28,474
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Foreign Partners,
L.P. Mr. Lieber disclaims beneficial ownership of these securities,
except to the extent of his respective equity interest therein.
(8) Includes (i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Wheatley
Management, Ltd. disclaims beneficial ownership of these securities,
except to the extent of its equity interest therein.
(9) Includes (i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Also includes
(i) 174,266 shares of Common Stock issuable upon exercise of warrants,
(ii) 211,231 shares of Common Stock issuable upon conversion of shares
of Series C Preferred Stock and (iii) 335,162 shares of Common Stock
issuable upon conversion of shares of Series D Preferred Stock, all of
which is held by Wheatley Partners, L.P. Wheatley Foreign Partners,
L.P. disclaims beneficial ownership of these securities, except to the
extent of its equity interest therein.
(10) Includes (i) 17,725 shares of Common Stock issuable upon exercise of
warrants, (ii) 21,484 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 18,181 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Woodland Partners.
<PAGE>
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CUSIP No. 903196 10 3 13D Page 32 of 38 Pages
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(11) Includes (a)(i) 17,725 shares of Common Stock issuable upon exercise of
warrants, (ii) 21,484 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 18,181 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Woodland Partners and (b)(i) 11,816 shares of
Common Stock issuable upon exercise of warrants and (ii) 14,322 shares
of Common Stock issuable upon conversion of shares of Series C
Preferred Stock, one-half of which is held by each of the Woodland
Venture Fund and Seneca Ventures. Mrs. Rubenstein disclaims beneficial
ownership of these securities, except to the extent of her respective
equity interest therein.
(12) Consists of (i) 5,908 shares of Common Stock issuable upon exercise of
warrants and (ii) 7,161 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Seneca
Ventures.
(13) Consists of (i) 5,908 shares of Common Stock issuable upon exercise of
warrants and (ii) 7,161 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Woodland
Venture Fund.
(14) Consists of (i) 11,816 shares of Common Stock issuable upon exercise of
warrants and (ii) 14,322 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock, one-half of which is
held by each of the Woodland Venture Fund and Seneca Ventures. Woodland
Services Corp. disclaims beneficial ownership of these securities,
except to the extent of its respective equity interest therein.
(15) Consists of (i) 3,545 shares of Common Stock issuable upon exercise of
warrants and (ii) 4,297 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Ms.
Lieber.
(b) Wheatley has sole power to vote and dispose of 985,238
shares of Common Stock, representing approximately 21.7% of the outstanding
shares of Common Stock and may be deemed to have shared power to vote and
dispose of 77,906 shares of Common Stock, representing approximately 2.0% of the
outstanding shares of Common Stock.
Wheatley Foreign has sole power to vote and dispose of 77,906 shares of
Common Stock, representing approximately 2.0% of the outstanding shares of
Common Stock and may be deemed to have shared power to vote and dispose of
985,238 shares of Common Stock, representing approximately 21.7% of the
outstanding shares of Common Stock.
By virtue of being a general partner of Wheatley Foreign, Wheatley
Management may be deemed to have shared power to vote and dispose of 77,906
shares of Common Stock, representing approximately 2.0% of the outstanding
shares of Common Stock.
By virtue of being the general partner of Wheatley and a general
partner of Wheatley Foreign, Wheatley LLC may be deemed to have shared power to
vote and dispose of 1,063,144 shares of Common Stock, representing approximately
23.1% of the outstanding shares of Common Stock.
By virtue of his being a member and Chief Executive Officer of Wheatley
LLC, a general partner of Woodland Partners, Seneca Ventures and Woodland
Venture Fund and the President and sole shareholder of Woodland Services Corp.,
Barry Rubenstein may be deemed to have shared power to vote and dispose of
1,162,985 shares of Common Stock, representing approximately 24.8% of the
outstanding shares of Common Stock.
Irwin Lieber has sole power to vote and dispose of 67,169 shares of
Common Stock, representing approximately 1.7% of the outstanding shares of
Common Stock and by virtue of his being a member and President, Secretary and
Treasurer of Wheatley LLC and Ms. Dana Lieber's father, Mr. Lieber may be deemed
to have shared power to vote and dispose of 1,070,986 shares of Common Stock,
representing approximately 23.2% of the outstanding shares of Common Stock.
<PAGE>
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CUSIP No. 903196 10 3 13D Page 33 of 38 Pages
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Barry Fingerhut has sole power to vote and dispose of 160,700 shares of
Common Stock, representing approximately 4.1% of the outstanding shares of
Common Stock and by virtue of his being a member and Executive Vice President of
Wheatley LLC, Mr. Fingerhut may be deemed to have shared power to vote and
dispose of 1,063,144 shares of Common Stock, representing approximately 23.1% of
the outstanding shares of Common Stock.
Jonathan Lieber has sole power to vote and dispose of 6,534 shares of
Common Stock, representing less than 1% of the outstanding shares of Common
Stock and by virtue of his being a member and Vice President of Wheatley LLC,
Mr. Lieber may be deemed to have shared power to vote and dispose of 1,063,144
shares of Common Stock, representing approximately 23.1% of the outstanding
shares of Common Stock.
Seth Lieber has sole power to vote and dispose of 9,346 shares of
Common Stock, representing less than 1% of the outstanding shares of Common
Stock and by virtue of his being a member and Vice President of Wheatley LLC,
Mr. Lieber may be deemed to have shared power to vote and dispose of 1,063,144
shares of Common Stock, representing approximately 23.1% of the outstanding
shares of Common Stock.
Woodland Partners has sole power to vote and dispose of 73,703 shares
of Common Stock, representing approximately 1.9% of the outstanding shares of
Common Stock.
By virtue of her being a general partner of Woodland Partners and the
Secretary and Treasurer of Woodland Services Corp., a general partner of Seneca
Ventures and Woodland Venture Fund, Marilyn Rubenstein may be deemed to have
shared power to vote and dispose of 99,841 shares of Common Stock, representing
approximately 2.6% of the outstanding shares of Common Stock.
Seneca Ventures has sole power to vote and dispose of 13,069 shares of
Common Stock, representing less than 1% of the outstanding shares of Common
Stock.
Woodland Venture Fund has sole power to vote and dispose of 13,069
shares of Common Stock, representing less than 1% of the outstanding shares of
Common Stock.
By virtue of its being a general partner of Seneca Ventures and
Woodland Venture Fund, Woodland Services Corp. may be deemed to have shared
power to vote and dispose of 26,138 shares of Common Stock, representing less
than 1% of the outstanding shares of Common Stock.
Dana Lieber has sole power to vote and dispose of 7,842 shares of
Common Stock, representing less than 1% of the outstanding shares of Common
Stock.
(c) No Reporting Person identified in Item 2 of this Schedule
13D has effected any transaction in shares of Common Stock of the Issuer in the
last sixty days.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the receipt of dividends from,
or proceeds from the sale of, such shares of Common Stock.
(e) Not applicable.
Item 6. Contracts, Agreements, Understandings or
Relationships with Respect to Securities of the Issuer.
-------------------------------------------------------
Other than as described herein, there are no contracts,
arrangements or understandings among the Reporting Persons, or between the
Reporting Persons and any other Person, with respect to the securities of the
Issuer.
Item 7. Material to be Filed as Exhibits.
---------------------------------
1. Joint Filing Agreement
<PAGE>
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CUSIP No. 903196 10 3 13D Page 34 of 38 Pages
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SIGNATURES
----------
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: September 9, 1998 WHEATLEY PARTNERS, L.P.
By: Wheatley Partners, LLC,
General Partner
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, Chief Executive
Officer
WHEATLEY PARTNERS, LLC
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, Chief Executive
Officer
/s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein
/s/ Irwin Lieber
-------------------------------------
Irwin Lieber
/s/ Barry Fingerhut
-------------------------------------
Barry Fingerhut
/s/ Seth Lieber
-------------------------------------
Seth Lieber
/s/ Jonathan Lieber
-------------------------------------
Jonathan Lieber
/s/ Dana Lieber
-------------------------------------
Dana Lieber
<PAGE>
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CUSIP No. 903196 10 3 13D Page 35 of 38 Pages
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WHEATLEY MANAGEMENT LTD.
By: /s/ Irwin Lieber
-------------------------------------
Irwin Lieber, President
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners, LLC, General
Partner
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, Chief Executive
Officer
SENECA VENTURES
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, a General Partner
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, a General Partner
/s/ Marilyn Rubenstein
-------------------------------------
Marilyn Rubenstein
WOODLAND SERVICES CORP.
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, President
<PAGE>
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CUSIP No. 903196 10 3 13D Page 36 of 38 Pages
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EXHIBIT INDEX
Exhibit Page
A. Joint Filing Agreement 37
<PAGE>
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CUSIP No. 903196 10 3 13D Page 37 of 38 Pages
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EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f)(1)(iii) under the Securities
Exchange Act of 1934, as amended, the persons named below agree to the joint
filing on behalf of each of them of a Statement on Schedule 13D dated September
9, 1998 (including amendments thereto) with respect to the Common Stock of UOL
Publishing, Inc. This Joint Filing Agreement shall be filed as an Exhibit to
such Statement.
Dated: September 9, 1998 WHEATLEY PARTNERS, L.P.
By: Wheatley Partners, LLC,
General Partner
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, Chief Executive
Officer
WHEATLEY PARTNERS, LLC
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, Chief Executive
Officer
/s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein
/s/ Irwin Lieber
-------------------------------------
Irwin Lieber
/s/ Barry Fingerhut
-------------------------------------
Barry Fingerhut
/s/ Seth Lieber
-------------------------------------
Seth Lieber
/s/ Jonathan Lieber
-------------------------------------
Jonathan Lieber
/s/ Dana Lieber
-------------------------------------
Dana Lieber
<PAGE>
WHEATLEY MANAGEMENT LTD.
By: /s/ Irwin Lieber
-------------------------------------
Irwin Lieber, President
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners, LLC, General
Partner
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, Chief Executive
Officer
SENECA VENTURES
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, a General Partner
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, a General Partner
/s/ Marilyn Rubenstein
-------------------------------------
Marilyn Rubenstein
WOODLAND SERVICES CORP.
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, President