-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GFsEHbBE8eVPWUEfkFy+bKEsWIOYeZxI8WXSO4cjlvDCT1igrg9ab8XXIytIl4pp PTCliWIW+mOxCU9ri5PogQ== 0000921895-98-000927.txt : 19981123 0000921895-98-000927.hdr.sgml : 19981123 ACCESSION NUMBER: 0000921895-98-000927 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19981120 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PARADIGM MEDICAL INDUSTRIES INC CENTRAL INDEX KEY: 0000916444 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 870368981 STATE OF INCORPORATION: UT FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-51167 FILM NUMBER: 98756292 BUSINESS ADDRESS: STREET 1: 1127 WEST 2320 SOUTH STE A CITY: SALT LAKE CITY STATE: UT ZIP: 84119 BUSINESS PHONE: 8019778970 MAIL ADDRESS: STREET 1: 1127 WEST SOUTH STE A CITY: SALT LAKE CITY STATE: UT ZIP: 84119 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BAYERN STEVEN CENTRAL INDEX KEY: 0001032750 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: C/O PARKER CHAPIN FLATTAU & KLIMPL LLP STREET 2: 1211 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2127046393 SC 13D/A 1 SCHEDULE 13D - AMENDMENT NO. 1 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 13D-2(A) (AMENDMENT NO. 1)(1) PARADIGM MEDICAL INDUSTRIES, INC. - -------------------------------------------------------------------------------- (Name of issuer) COMMON STOCK - -------------------------------------------------------------------------------- (Title of class of securities) 69900Q 10 8 - -------------------------------------------------------------------------------- (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) October 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 that 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 / /. 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 14 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). - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 2 of 14 Pages - ------------------------------ ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Win Capital Corp. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC, OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 291,000(1) shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER -0- shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 291,000(1) shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 291,000(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) 6.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of 291,000 shares of Common Stock issuable upon exercise of currently exercisable warrants held by Win Capital Corp. ("Win"). - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 3 of 14 Pages - ------------------------------ ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Steven Bayern - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* 00 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY -0- shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER 291,000 (1)shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER -0- shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 291,000(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 291,000(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) 6.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of 291,000 shares of Common Stock issuable upon exercise of currently exercisable warrants held by Win, to which Mr. Bayern disclaims beneficial ownership, except to the extent of his equity interest therein. - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 4 of 14 Pages - ------------------------------ ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Theodore Kaplan - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY -0- shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER 291,000(1) shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER -0- shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 291,000(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 291,000(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) 6.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of 291,000 shares of Common Stock issuable upon exercise of currently exercisable warrants held by Win, to which Mr. Kaplan disclaims beneficial ownership, except to the extent of his equity interest therein. - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 5 of 14 Pages - ------------------------------ ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Albert Barbara - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY -0- shares OWNED BY EACH REPORTING PERSON WITH -------------------------------------------------------------- 8 SHARED VOTING POWER 291,000(1) shares -------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER -0- shares -------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 291,000(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 291,000(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) 6.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of 291,000 shares of Common Stock issuable upon exercise of currently exercisable warrants held by Win, to which Mr. Barbara disclaims beneficial ownership except to the extent of his equity interest therein. - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 6 of 14 Pages - ------------------------------ ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Pasquale Tullo - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY -0- shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER 291,000(1) shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER -0- shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 291,000(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 291,000(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) 6.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of 291,000 shares of Common Stock issuable upon exercise of currently exercisable warrants held by Win, to which Mr. Tullo disclaims beneficial ownership, except to the extent of his equity interest therein. - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 7 of 14 Pages - ------------------------------ ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Patrick Kolenik - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* PF, OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 133,149(1) shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER -0- shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 133,149(1) shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 133,149(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) 3.3% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Includes (i) 28,571 shares of Common Stock issuable upon conversion of 500 shares of Series C Preferred Stock, all of which is currently convertible, held by an individual retirement account for the benefit of Mr. Kolenik, (ii) 28,571 shares of Common Stock, held by Mr. Kolenik and his wife as joint tenants, and (iii) 75,000 shares of Common Stock issuable upon the exercise of options held by Mr. Kolenik. - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 8 of 14 Pages - ------------------------------ ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Delores Kolenik - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* PF, OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 28,571(1) shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER -0- shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 28,571(1) shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 28,571(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* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of Common Stock held by Mrs. Kolenik and her husband as joint tenants. - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 9 of 14 Pages - ------------------------------ ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) TSP Associates, Inc. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC, OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY -0- shares OWNED BY EACH REPORTING PERSON WITH -------------------------------------------------------------- 8 SHARED VOTING POWER -0- shares -------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER -0- shares -------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -0- 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% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 10 of 14 Pages - ------------------------------ ----------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BCN Associates Corp. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC, OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY -0- shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER -0- shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER -0- shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -0- 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% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 11 of 14 Pages - ------------------------------ ----------------------------- The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned (the "Schedule 13D"). Except as specifically amended by this Amendment No. 1, the Schedule 13D remains in full force and effect. Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned to them in the Schedule 13D. Items 5(a) and (b) are hereby amended to read in their entirety as follows: Item 5. INTEREST IN SECURITIES OF THE ISSUER. (a) The following table sets forth the aggregate number and percentage (based on 3,922,128 shares of Common Stock outstanding as of June 30, 1998, as reported in Amendment No. 2 to Form SB-2 filed by the Issuer on September 11, 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 - ---- ------------------ ------------------ Win Capital Corp.(1) 291,000 6.9% Steven Bayern(2) 291,000 6.9% Theodore Kaplan(3) 291,000 6.9% Albert Barbara(4) 291,000 6.9% Pasquale Tullo(5) 291,000 6.9% Patrick Kolenik(6) 133,149 3.3% Delores Kolenik(7) 28,571 0.7% TSP Associates, Inc. -0- 0.0% BCN Associates Corp. -0- 0.0% - --------------------- (1) Consists of 291,000 shares of Common Stock issuable upon exercise of currently exercisable warrants held by Win. (2) Consists of 291,000 shares of Common Stock issuable upon exercise of currently exercisable warrants held by Win, to which Mr. Bayern disclaims beneficial ownership, except to the extent of his equity interest therein. (3) Consists of 291,000 shares of Common Stock issuable upon exercise of currently exercisable warrants held by Win, to which Mr. Kaplan disclaims beneficial ownership, except to the extent of his equity interest therein. (4) Consists of 291,000 shares of Common Stock issuable upon exercise of currently exercisable warrants held by Win, to which Mr. Barbara disclaims beneficial ownership except to the extent of his equity interest therein. - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 12 of 14 Pages - ------------------------------ ----------------------------- (5) Consists of 291,000 shares of Common Stock issuable upon exercise of currently exercisable warrants held by Win, to which Mr. Tullo disclaims beneficial ownership, except to the extent of his equity interest therein. (6) Includes (i) 28,571 shares of Common Stock issuable upon conversion of 500 shares of Series C Preferred Stock, all of which is currently convertible, held by an individual retirement account for the benefit of Mr. Kolenik, (ii) 28,571 shares of Common Stock, held by Mr. Kolenik and his wife as joint tenants, and (iii) 75,000 shares of Common Stock issuable upon exercise of options held by Mr. Kolenik. (7) Consists of Common Stock held by Mrs. Kolenik with her husband as joint tenants. (b) Win has the sole power to vote and dispose of 291,000 shares of Common Stock issuable upon exercise of warrants, representing approximately 6.9% of the outstanding Common Stock, as adjusted. Patrick Kolenik has sole power to vote and dispose of 29,578 shares of Common Stock, of which 28,571 shares are held in joint tenancy with his wife, and, upon conversion of the 500 shares of Series C Preferred Stock that is held by an individual retirement account for the benefit of Mr. Kolenik, and 75,000 shares of Common Stock issuable upon the exercise of options, Mr. Kolenik will have sole power to vote and dispose of 133,149 shares of Common Stock, representing approximately 3.3% of the outstanding Common Stock, as adjusted. Delores Kolenik has sole power to vote and dispose of 28,571 shares of Common Stock held in joint tenancy with her husband, representing approximately 0.7% of the outstanding Common Stock. By virtue of each being an officer and director of Win, upon the exercise of the warrants held by Win, Albert Barbara, Steven Bayern, Theodore Kaplan and Pasquale Tullo may be deemed to have shared power to vote and dispose of 291,000 shares of Common Stock, representing approximately 6.9% of the outstanding Common Stock, as adjusted. - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 13 of 14 Pages - ------------------------------ ----------------------------- Item 5(c) is amended by adding the following: (c) The following table sets forth a description of all transactions in shares of Common Stock of the Issuer by the Reporting Persons identified in Item 2 of this Schedule 13D effected in the last sixty days. Name of Number of Sale Price/ Stockholder Sale Date Shares Sold Consideration ----------- --------- ----------- ------------- TSP Associates, Inc. 11/19/98 10,000 $2.545 TSP Associates, Inc. 11/18/98 10,000 $2.5625 TSP Associates, Inc. 11/4/98 5,000 $2.78125 TSP Associates, Inc. 10/30/98 32,140 $2.71875 BCN Associates Corp. 10/27/98 28,570 $2.375 TSP Associates, Inc. and BCN Associates Corp. each sold the above shares of Common Stock in open market transactions. - ------------------------------ ----------------------------- CUSIP No. 69900Q 10 8 13D Page 14 of 14 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: November 19, 1998 WIN CAPITAL CORP. By: /S/ ALBERT BARBARA ------------------------------- Albert Barbara, Vice Chairman /S/ STEVEN BAYERN ------------------------------------ Steven Bayern /S/ THEODORE KAPLAN ------------------------------------ Theodore Kaplan /S/ ALBERT BARBARA ------------------------------------ Albert Barbara /S/ PASQUALE TULLO ------------------------------------ Pasquale Tullo /S/ PATRICK KOLENIK ------------------------------------ Patrick Kolenik /S/ DELORES KOLENIK ------------------------------------ Delores Kolenik TSP ASSOCIATES, INC. By: /S/ STEVEN BAYERN -------------------------------- Steven Bayern, President BCN Associates Corp. By: /S/ STEVEN BAYERN -------------------------------- Steven Bayern, President -----END PRIVACY-ENHANCED MESSAGE-----