SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13G/A
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENT FILED PURSUANT TO
RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(b)
(Amendment No. 1)*
UOL PUBLISHING, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE PER SHARE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
903196103
- --------------------------------------------------------------------------------
(CUSIP Number)
March 31, 1998
- --------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
--------------
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/ / Rule 13d-1(b)
/X/ Rule 13d-1(c)
/ / Rule 13d-1(d)
- --------
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 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. 903196103 13G Page 2 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 650,076(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------------
6 SHARED VOTING POWER
49,432(2) shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
650,076(1) shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
49,432(2) shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
699,508(1)(2) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.5%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 174,266 shares of Common Stock issuable upon exercise of
currently exercisable warrants and (ii) 211,231 shares of Common Stock
issuable upon conversion of 174,266 currently convertible shares of
Series C 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
currently exercisable warrants and (ii) 17,945 shares of Common Stock
issuable upon conversion of 14,805 currently convertible shares of
Series C Preferred Stock 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.
<PAGE>
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CUSIP No. 903196103 13G Page 3 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 49,432(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
---------------------------------------------------------------
6 SHARED VOTING POWER
650,076(2) shares
---------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
49,432(1) shares
---------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
650,076(2) shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
699,508(1)(2) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.5%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 14,805 shares of Common Stock issuable upon exercise of
currently exercisable warrants and (ii) 17,945 shares of Common Stock
issuable upon conversion of 14,805 currently convertible shares of
Series C 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
currently exercisable warrants and (ii) 211,231 shares of Common Stock
issuable upon conversion of 174,266 currently convertible shares of
Series C Preferred Stock 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>
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CUSIP No. 903196103 13G Page 4 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
Cayman Islands, B.W.I.
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
6 SHARED VOTING POWER
49,432(1) shares
----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
49,432(1) shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
49,432(1) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.3%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 14,805 shares of Common Stock issuable upon exercise of
currently exercisable warrants and (ii) 17,945 shares of Common Stock
issuable upon conversion of 14,805 currently convertible shares of
Series C Convertible 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>
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CUSIP No. 903196103 13G Page 5 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
6 SHARED VOTING POWER
699,508(1) shares
----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
699,508(1) shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
699,508(1) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.5%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of currently exercisable warrants and (ii) 211,231 shares of Common
Stock issuable upon conversion of 174,266 currently convertible shares
of Series C Convertible 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 currently exercisable warrants and (ii)
17,945 shares of Common Stock issuable upon conversion of 14,805
currently convertible shares of Series C Convertible 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. 903196103 13G Page 6 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 112,746(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------
6 SHARED VOTING POWER
699,508(2) shares
--------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
112,746(1) shares
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
699,508(2) shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
812,254(1)(2) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
18.8%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (a)(i) 37,814 shares of Common Stock issuable upon exercise of
currently exercisable warrants and (ii) 45,835 shares of Common Stock
issuable upon conversion of 37,814 currently convertible shares of
Series C Convertible Preferred Stock, all of which is held by Mr.
Fingerhut, and (b)(i) 2,954 shares of Common Stock issuable upon
exercise of currently exercisable warrants and (ii) 3,580 shares of
Common Stock issuable upon conversion of 2,954 currently convertible
shares of Series C Convertible 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 currently exercisable warrants and (ii) 211,231 shares of Common
Stock issuable upon conversion of 174,266 currently convertible shares
of Series C Convertible 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 currently
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 7 of 32 Pages
- ----------------------------- --------------------------
exercisable warrants and (ii) 17,945 shares of Common Stock issuable
upon conversion of 14,805 currently convertible shares of Series C
Convertible 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. 903196103 13G Page 8 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
6 SHARED VOTING POWER
781,168(1) shares
----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
781,168(1) shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
781,168(1) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
18.2%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of currently exercisable warrants and (ii) 211,231 shares of Common
Stock issuable upon conversion of 174,266 currently convertible shares
of Series C Convertible Preferred Stock, all of which is held by
Wheatley Partners, L.P., (b)(i) 14,805 shares of Common Stock issuable
upon exercise of currently exercisable warrants and (ii) 17,945 shares
of Common Stock issuable upon conversion of 14,805 currently
convertible shares of Series C Convertible 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 currently exercisable
warrants and (ii) 21,484 shares of Common Stock issuable upon
conversion of 17,725 currently convertible shares of Series C
Convertible Preferred Stock, all of which is held by Woodland Partners
and (d)(i) 11,816 shares of Common Stock issuable upon exercise of
currently exercisable warrants and (ii) 14,322 shares of Common Stock
issuable upon conversion of
<PAGE>
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CUSIP No. 903196103 13G Page 9 of 32 Pages
- ----------------------------- --------------------------
11,816 currently convertible shares of Series C Convertible 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. 903196103 13G Page 10 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 55,522(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
6 SHARED VOTING POWER
0 shares
----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
55,522(1) shares
----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
55,522(1) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.4%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 17,725 shares of Common Stock issuable upon exercise of
currently exercisable warrants and (ii) 21,484 shares of Common Stock
issuable upon conversion of 17,725 currently convertible shares of
Series C Convertible Preferred Stock, all of which is held by Woodland
Partners.
<PAGE>
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CUSIP No. 903196103 13G Page 11 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 13,069(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------------
6 SHARED VOTING POWER
0 shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
13,069(1) shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
13,069(1) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
.3%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 5,908 shares of Common Stock issuable upon exercise of
currently exercisable warrants and (ii) 7,161 shares of Common Stock
issuable upon conversion of 5,908 currently convertible shares of
Series C Convertible Preferred Stock, all of which is held by Seneca
Ventures.
<PAGE>
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CUSIP No. 903196103 13G Page 12 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 13,069(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
6 SHARED VOTING POWER
0 shares
----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
13,069(1) shares
----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
13,069(1) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
.3%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 5,908 shares of Common Stock issuable upon exercise of
currently exercisable warrants and (ii) 7,161 shares of Common Stock
issuable upon conversion of 5,908 currently convertible shares of
Series C Convertible Preferred Stock, all of which is held by Woodland
Venture Fund.
<PAGE>
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CUSIP No. 903196103 13G Page 13 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------------
6 SHARED VOTING POWER
26,138 (1) shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0 shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
26,138(1) shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
26,138(1) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
.7%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 11,816 shares of Common Stock issuable upon exercise of
currently exercisable warrants and (ii) 14,322 shares of Common Stock
issuable upon version of 11,816 currently convertible shares of Series
C Convertible Preferred Stock, one-half of which is held by each of the
Woodland Ventures Fund and Seneca Ventures. Woodland Services Corp.
disclaims beneficial ownership of these securities, except to the
extent of its respective equity interest therein.
<PAGE>
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CUSIP No. 903196103 13G Page 14 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
6 SHARED VOTING POWER
81,660(1) shares
----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
81,660(1) shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
81,660(1) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (a)(i) 17,725 shares of Common Stock issuable upon exercise of
currently exercisable warrants and (ii) 21,484 shares of Common Stock
issuable upon conversion of 17,725 currently convertible shares of
Series C Convertible Preferred Stock, all of which is held by Woodland
Partners and (b)(i) 11,816 shares of Common Stock issuable upon
exercise of currently exercisable warrants and (ii) 14,322 shares of
Common Stock issuable upon conversion of 11,816 currently convertible
shares of Series C Convertible 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.
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 15 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 48,988(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------------
6 SHARED VOTING POWER
707,349(2) shares
-----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
48,988(1) shares
-----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
707,349(2) shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
756,337(1)(2) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
17.7%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 14,771 shares of Common Stock issuable upon exercise of
currently exercisable warrants and (ii) 17,904 shares of Common Stock
issuable upon conversion of 14,771 currently convertible shares of
Series C Convertible Preferred Stock, all of which is owned by Mr.
Lieber.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of currently exercisable warrants and (ii) 211,231 shares of Common
Stock issuable upon conversion of 174,266 currently convertible shares
of Series C Convertible Preferred Stock, all of which is held by
Wheatley Partners, L.P., (b)(i) 14,805 shares of Common Stock issuable
upon exercise of currently exercisable warrants and (ii) 17,945 shares
of Common Stock issuable upon conversion of 14,805 currently
convertible shares of Series C Convertible Preferred Stock, all of
which is held by Wheatley Foreign Partners, L.P., and (c)(i) 3,545
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 16 of 32 Pages
- ----------------------------- --------------------------
shares of Common Stock issuable upon exercise of currently exercisable
warrants and (ii) 4,296 shares of Common Stock issuable upon conversion
of 3,545 currently convertible shares of Series C Convertible 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>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 17 of 32 Pages
- ----------------------------- --------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Matthew Smith
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,250 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
6 SHARED VOTING POWER
699,508(1) shares
----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
2,250 shares
----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
699,508(1) shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
701,758(1) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of currently exercisable warrants and (ii) 211,231 shares of Common
Stock issuable upon conversion of 174,266 currently convertible shares
of Series C Convertible 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 currently exercisable warrants and (ii)
17,945 shares of Common Stock issuable upon conversion of 14,805
currently convertible shares of Series C Convertible Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Mr. Smith
disclaims beneficial ownership of these securities, except to the
extent of his respective equity interest therein.
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 18 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 6,534(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
6 SHARED VOTING POWER
699,508(2) shares
----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
6,534(1) shares
----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
699,508(2) shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
706,042(1)(2) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 2,954 shares of Common Stock issuable upon conversion
of currently exercisable warrants and (ii) 3,580 shares of Common Stock
issuable upon conversion of 2,954 currently convertible shares of
Series C Convertible Preferred Stock, all of which is held by Mr.
Lieber.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of currently exercisable warrants and (ii) 211,231 shares of Common
Stock issuable upon conversion of 174,266 currently convertible shares
of Series C Convertible 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 currently exercisable warrants and (ii)
17,945 shares of Common Stock issuable upon conversion of 14,805
currently convertible shares of Series C Convertible 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. 903196103 13G Page 19 of 32 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 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 9,346(1) shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
6 SHARED VOTING POWER
699,508(2) shares
----------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
9,346(1) shares
----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
699,508(2) shares
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
708,854(1)(2) shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.7%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes (i) 2,954 shares of Common Stock issuable upon conversion of
currently exercisable warrants and (ii) 3,580 shares of Common Stock
issuable upon conversion of 2,954 currently convertible shares of
Series C Convertible Preferred Stock, all of which is held by Mr.
Lieber.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of currently exercisable warrants and (ii) 211,231 shares of Common
Stock issuable upon conversion of 174,266 currently convertible shares
of Series C Convertible 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 currently exercisable warrants and (ii)
17,945 shares of Common Stock issuable upon conversion of 14,805
currently convertible shares of Series C Convertible 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. 903196103 13G Page 20 of 32 Pages
- ----------------------------- --------------------------
Item 1.
(a) Name of Issuer: UOL Publishing, Inc.
(b) Address of Issuer's Principal Executive Offices:
8251 Greensboro Drive
Suite 500
McLean, Virginia 22102
Item 2.
1. (a) Name of Person Filing: Wheatley Partners, L.P.
(b) Address of Principal Business Office, or if none, Residence:
80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Place of Organization: Delaware
(d) Title of Class of Securities:
Common Stock, $0.01 par
value per share.
(e) CUSIP Number: 903196103
2. (a) Name of Person Filing: Wheatley Foreign Partners, L.P.
(b) Address of Principal Business Office, or if none, Residence:
Third Floor
One Capital Place
P.O. Box 1062
George Town, Grand Cayman
Cayman Islands, B.W.I.
(c) Place of Organization: Delaware
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
3. (a) Name of Person Filing: Wheatley Management Ltd.
(b) Address of Principal Business Office, or if none, Residence:
Third Floor
One Capital Place
P.O. Box 1062
George Town, Grand Cayman
Cayman Islands, B.W.I.
(c) Place of Organization: Cayman Islands, B.W.I.
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 21 of 32 Pages
- ----------------------------- --------------------------
4. (a) Name of Person Filing: Wheatley Partners, LLC
(b) Address of Principal Business Office, or if none, Residence:
80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Place of Organization: Delaware
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
5. (a) Name of Person Filing: Barry Fingerhut
(b) Address of Principal Business Office, or if none, Residence:
767 Fifth Avenue
New York, NY 10153
(c) Citizenship: United States
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
6. (a) Name of Person Filing: Barry Rubenstein
(b) Address of Principal Business Office, or if none, Residence:
68 Wheatley Road
Brookville, New York 11545
(c) Citizenship: United States.
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
7. (a) Name of Person Filing: Woodland Partners
(b) Address of Principal Business Office, or if none, Residence:
68 Wheatley Road
Brookville, New York 11545
(c) Place of Organization: New York
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
8. (a) Name of Person Filing: Seneca Ventures
(b) Address of Principal Business Office, or if none, Residence:
68 Wheatley Road
Brookville, New York 11545
(c) Place of Organization: New York
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
9. (a) Name of Person Filing: Woodland Venture Fund
(b) Address of Principal Business Office, or if none, Residence:
68 Wheatley Road
Brookville, New York 11545
(c) Place of Organization: New York
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
10. (a) Name of Person Filing: Woodland Services Corp.
(b) Address of Principal Business Office, or if none, Residence:
68 Wheatley Road
Brookville, New York 11545
(c) Place of Organization: New York
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 22 of 32 Pages
- ----------------------------- --------------------------
11. (a) Name of Person Filing: Marilyn Rubenstein
(b) Address of Principal Business Office, or if none, Residence:
68 Wheatley Road
Brookville, New York 11545
(c) Citizenship: United States
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
12. (a) Name of Person Filing: Irwin Lieber
(b) Address of Principal Business Office, or if none, Residence:
80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Citizenship: United States.
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
13. (a) Name of Person Filing: Matthew Smith
(b) Address of Principal Business Office, or if none, Residence:
80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Citizenship: United States.
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
14. (a) Name of Person Filing: Jonathan Lieber
(b) Address of Principal Business Office, or if none, Residence:
80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Citizenship: United States.
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
15. (a) Name of Person Filing: Seth Lieber
(b) Address of Principal Business Office, or if none, Residence:
80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Citizenship: United States.
(d) Title of Class of Securities:
Common Stock, $0.01 par value
per share.
(e) CUSIP Number: 903196103
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or
(c), check whether the person filing is a:
Not Applicable
(a) / / Broker or dealer registered under Section 15 of the Exchange
Act.
(b) / / Bank as defined in section 3(c)(6) of the Exchange Act.
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 23 of 32 Pages
- ----------------------------- --------------------------
(c) / / Insurance company as defined in section 3(a)(19) of the
Exchange Act.
(d) / / Investment company registered under section 8 of the
Investment Company Act.
(e) / / An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) / / An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F).
(g) / / A parent holding company or control person in
accordance with Rule 13d-1(b)(1)(ii)(G).
(h) / / A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) / / A church plan that is excluded from the definition of
an investment company under Section 3(c)(14) of the
Investment Company Act.
(j) / / Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. /X/
Item 4. Ownership
1. Wheatley Partners, L.P.:
(a) Amount Beneficially Owned: 699,508 shares.
(b) Percent of Class: 16.5%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
650,076 shares.
(ii) shared power to vote or direct the vote:
49,432 shares.*
(iii) sole power to dispose or direct the
disposition of: 650,076 shares.
(iv) shared power to dispose or direct the
disposition of: 49,432 shares.*
2. Wheatley Foreign Partners, L.P.:
(a) Amount Beneficially Owned: 699,508 shares.
(b) Percent of Class: 16.5%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
49,432 shares.
(ii) shared power to vote or direct the vote:
650,076 shares.*
(iii) sole power to dispose or direct the
disposition of: 49,432 shares.
(iv) shared power to dispose or direct the
disposition of: 650,076 shares.*
3. Wheatley Management Ltd.:
(a) Amount Beneficially Owned: 49,432 shares. Reporting
person is a general partner of Wheatley Foreign
Partners, L.P.
(b) Percent of Class: 1.3%
_____________
* The reporting person disclaims beneficial ownership of these
securities, except to the extent of his or its equity interest therein.
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 24 of 32 Pages
- ----------------------------- --------------------------
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 0
shares.
(ii) shared power to vote or direct the vote:
49,432 shares.*
(iii) sole power to dispose or direct the
disposition of: 0 shares.
(iv) shared power to dispose or direct the
disposition of: 49,432 shares.*
4. Wheatley Partners, LLC:
(a) Amount Beneficially Owned: 699,508 shares. Reporting
person is the general partner of Wheatley Partners,
L.P. and also a general partner of Wheatley Foreign
Partners, L.P.
(b) Percent of Class: 16.5%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 0
shares.
(ii) shared power to vote or direct the vote:
699,508 shares.*
(iii) sole power to dispose or direct the
disposition of: 0 shares.
(iv) shared power to dispose or direct the
disposition of: 699,508 shares.*
5. Barry Fingerhut:
(a) Amount Beneficially Owned: 808,254 shares. Reporting
person is a director of the Issuer, a member and
Executive Vice President of Wheatley Partners, LLC,
the general partner of Wheatley Partners, L.P. and a
general partner of Wheatley Foreign Partners, L.P.
(b) Percent of Class: 18.8%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
112,746 shares.
(ii) shared power to vote or direct the vote:
699,508 shares.*
(iii) sole power to dispose or direct the
disposition of: 112,746 shares.
(iv) shared power to dispose or direct the
disposition of: 699,508 shares.*
6. Barry Rubenstein:
(a) Amount Beneficially Owned: 781,168 shares. Reporting
person is a member and Chief Executive Officer of
Wheatley Partners, LLC, the general partner of
Wheatley Partners, L.P. and a general partner of
Wheatley Foreign Partners, L.P., a general partner of
Woodland Partners, Seneca Ventures and Woodland
Venture Fund and the President and sole shareholder
of Woodland Services Corp.
(b) Percent of Class: 18.2%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 0
shares.
(ii) shared power to vote or direct the vote:
781,168 shares.*
(iii) sole power to dispose or direct the
disposition of: 0 shares.
(iv) shared power to dispose or direct the
disposition of: 781,168 shares.*
7. Woodland Partners:
(a) Amount Beneficially Owned: 55,522 shares.
(b) Percent of Class: 1.4%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
55,522 shares.
(ii) shared power to vote or direct the vote: 0
shares.
________________
* The reporting person disclaims beneficial ownership of these
securities, except to the extent of his or its equity interest therein.
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 25 of 32 Pages
- ----------------------------- --------------------------
(iii) sole power to dispose or direct the
disposition of: 55,522 shares.
(iv) shared power to dispose or direct the
disposition of: 0 shares.
8. Seneca Ventures:
(a) Amount Beneficially Owned: 13,069 shares.
(b) Percent of Class: .3%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
13,069 shares.
(ii) shared power to vote or direct the vote: 0
shares.
(iii) sole power to dispose or direct the
disposition of: 13,069 shares.
(iv) shared power to dispose or direct the
disposition of: 0 shares.
9. Woodland Venture Fund:
(a) Amount Beneficially Owned: 13,069 shares.
(b) Percent of Class: .3%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
13,069 shares.
(ii) shared power to vote or direct the vote: 0
shares.
(iii) sole power to dispose or direct the
disposition of: 13,069 shares.
(iv) shared power to dispose or direct the
disposition of: 0 shares.
10. Woodland Services Corp.:
(a) Amount Beneficially Owned: 26,138 shares. Reporting
person is a general partner of Seneca Ventures and
Woodland Venture Fund.
(b) Percent of Class: .7%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 0
shares.
(ii) shared power to vote or direct the vote:
26,138 shares.*
(iii) sole power to dispose or direct the
disposition of: 0 shares.
(iv) shared power to dispose or direct the
disposition of: 26,138 shares.*
11. Marilyn Rubenstein:
(a) Amount Beneficially Owned: 81,660 shares. Reporting
person is a general partner of Woodland Partners and
is the Secretary and Treasurer of Woodland Services
Corp., a general partner of Seneca Ventures and
Woodland Venture Fund.
(b) Percent of Class: 2.1%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 0
shares.
(ii) shared power to vote or direct the vote:
81,660 shares.*
(iii) sole power to dispose or direct the
disposition of: 0 shares.
(iv) shared power to dispose or direct the
disposition of: 81,660 shares.*
12. Irwin Lieber:
(a) Amount Beneficially Owned: 756,337 shares. Reporting
person is a member and President, Secretary and
Treasurer of Wheatley Partners, LLC, the general
partner of Wheatley Partners, L.P. and a general
partner of Wheatley Foreign Partners, L.P., and
President and a Director of Wheatley Management Ltd.,
a general partner of Wheatley Foreign Partners, L.P.
(b) Percent of Class: 17.7%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
48,988 shares.
(ii) shared power to vote or direct the vote:
707,349 shares.*
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 26 of 32 Pages
- ----------------------------- --------------------------
(iii) sole power to dispose or direct the
disposition of: 48,988 shares.
(iv) shared power to dispose or direct the
disposition of: 707,349 shares.*
13. Matthew Smith:
(a) Amount Beneficially Owned: 701,758 shares. Reporting
person is a member and Vice President of Wheatley
Partners, LLC, the general partner of Wheatley
Partners, L.P. and a general partner of Wheatley
Foreign Partners, L.P.
(b) Percent of Class: 16.6%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 2,250
shares.
(ii) shared power to vote or direct the vote:
699,508 shares.*
(iii) sole power to dispose or direct the
disposition of: 2,250 shares.
(iv) shared power to dispose or direct the
disposition of: 699,508 shares.*
14. Jonathan Lieber:
(a) Amount Beneficially Owned: 706,042 shares. Reporting
person is a member and Vice President of Wheatley
Partners, LLC, the general partner of Wheatley
Partners, L.P. and a general partner of Wheatley
Foreign Partners, L.P.
(b) Percent of Class: 16.6%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 6,534
shares.
(ii) shared power to vote or direct the vote:
699,508 shares.*
(iii) sole power to dispose or direct the
disposition of: 6,534 shares.
(iv) shared power to dispose or direct the
disposition of: 699,508 shares.*
15. Seth Lieber:
(a) Amount Beneficially Owned: 708,854 shares. Reporting
person is a member and Vice President of Wheatley
Partners, LLC, the general partner of Wheatley
Partners, L.P. and a general partner of Wheatley
Foreign Partners, L.P.
(b) Percent of Class: 16.7%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 9,346
shares.
(ii) shared power to vote or direct the vote:
699,508 shares.*
(iii) sole power to dispose or direct the
disposition of: 9,346 shares.
(iv) shared power to dispose or direct the
disposition of: 699,508 shares.*
_________________
* The reporting person disclaims beneficial ownership of these
securities, except to the extent of his or its equity interest therein.
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 27 of 32 Pages
- ----------------------------- --------------------------
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
Not Applicable.
Item 8. Identification and Classification of Members of the Group.
Not Applicable.
Item 9. Notice of Dissolution of Group.
Not Applicable.
Item 10. Certification.
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were not
acquired and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the securities
and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 28 of 32 Pages
- ----------------------------- --------------------------
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: April 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/ Matthew Smith
---------------------------------------
Matthew Smith
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 29 of 32 Pages
- ----------------------------- --------------------------
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>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 30 of 32 Pages
- ----------------------------- --------------------------
EXHIBIT INDEX
Exhibit Page
- ------- ----
A. Joint Filing Agreement 31
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 31 of 32 Pages
- ----------------------------- --------------------------
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 an amendment to a Statement on Schedule 13G
dated April 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: April 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/ Matthew A. Smith
--------------------------------------
Matthew A. Smith
<PAGE>
- ----------------------------- --------------------------
CUSIP No. 903196103 13G Page 32 of 32 Pages
- ----------------------------- --------------------------
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
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Marilyn Rubenstein
WOODLAND SERVICES CORP.
By: /s/ Barry Rubenstein
------------------------------------
Barry Rubenstein, President
