-----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, Jk643wLPpNwsv4oObak0Ui4osMPqEyo6BFlzmp+pl7c+RKZ1kTsbhIJGqyyAtSxa 9X/ky8cz1P9+1Aio1783kg== 0001005477-96-000556.txt : 19961126 0001005477-96-000556.hdr.sgml : 19961126 ACCESSION NUMBER: 0001005477-96-000556 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 19961125 SROS: NONE GROUP MEMBERS: BARRY RUBENSTEIN GROUP MEMBERS: BRIAN RUBENSTEIN GROUP MEMBERS: MARILYN RUBENSTEIN GROUP MEMBERS: SENECA VENTURES GROUP MEMBERS: THE MARILYN AND BARRY RUBENSTEIN FAMILY FOUNDATION GROUP MEMBERS: WOODLAND PARTNERS GROUP MEMBERS: WOODLAND SERVICES CORP. GROUP MEMBERS: WOODLAND VENTURE FUND SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: UNITY FIRST ACQUISITION CORP CENTRAL INDEX KEY: 0001021435 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 133899021 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-47429 FILM NUMBER: 96671814 BUSINESS ADDRESS: STREET 1: 245 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 2126964282 MAIL ADDRESS: STREET 1: 245 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10016 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SENECA VENTURES CENTRAL INDEX KEY: 0001014876 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 68 WHEATLEY RD CITY: BROOKVILLE STATE: NY ZIP: 11545 BUSINESS PHONE: 2127358600 SC 13D 1 FORM SC 13D SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 S C H E D U L E 13D Under the Securities Exchange Act of 1934 (Amendment No.___)* UNITY FIRST ACQUISITION CORP. - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, $0.0001 PAR VALUE - -------------------------------------------------------------------------------- (Title of Class of Securities) 912908100 ------------------ (CUSIP Number) Copy to: Stephen A. Cohen, Esq. Seneca Ventures Morrison Cohen Singer & Weinstein, LLP 68 Wheatley Road 750 Lexington Avenue Brookville, New York 11545 New York, New York 10022 Telephone (516) 626-3070 Telephone (212) 735-8600 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications) November 13, 1996 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following space ________. NOTE: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. *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 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). (Continued on following page(s)) CUSIP No. 912908100 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Woodland Partners - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* WC, OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization New York - -------------------------------------------------------------------------------- 7 Sole Voting Power 100,000 shares 5.3% Number of ----------------------------------------------------------------- Shares 8 Shared Voting Power Beneficially 252,500 shares 13.5% Owned By ----------------------------------------------------------------- Each 9 Sole Dispositive Power Reporting 100,000 shares 5.3% Person ----------------------------------------------------------------- With 10 Shared Dispositive Power 252,500 shares 13.5% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 352,500 shares - -------------------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ / - -------------------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 18.8% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 2 of 23 - CUSIP No. 912908100 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Barry Rubenstein - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* PF, OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization United States - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 150,000 shares 8.0% Shares ----------------------------------------------------------------- Beneficially 8 Shared Voting Power Owned By 202,500 shares 10.8% Each ----------------------------------------------------------------- Reporting 9 Sole Dispositive Power Person 150,000 shares 8.0% With ----------------------------------------------------------------- 10 Shared Dispositive Power 202,500 shares 10.8% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 352,500 shares - -------------------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ / - -------------------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 18.8% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 3 of 23 - CUSIP No. 912908100 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Marilyn Rubenstein - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* PF, OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization United States - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 0 shares 0% Shares ----------------------------------------------------------------- Beneficially 8 Shared Voting Power Owned By 352,500 shares 18.8% Each ----------------------------------------------------------------- Reporting 9 Sole Dispositive Power Person 0 shares 0 With ----------------------------------------------------------------- 10 Shared Dispositive Power 352,500 shares 18.8% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 352,500 shares - -------------------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ / - -------------------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 18.8% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 4 of 23 - CUSIP No. 912908100 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person The Marilyn and Barry Rubenstein Family Foundation - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization New York - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 50,000 shares 2.7% Shares ----------------------------------------------------------------- Beneficially 8 Shared Voting Power Owned By 302,500 shares 16.1% Each ----------------------------------------------------------------- Reporting 9 Sole Dispositive Power Person 50,000 shares 2.7% With ----------------------------------------------------------------- 10 Shared Dispositive Power 302,500 shares 16.1% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 352,500 shares - -------------------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ / - -------------------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 18.8% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* OO ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 5 of 23 - CUSIP No. 912908100 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Woodland Venture Fund - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* WC, OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization New York - -------------------------------------------------------------------------------- 7 Sole Voting Power 27,500 shares 1.5% Number of ----------------------------------------------------------------- Shares 8 Shared Voting Power Beneficially 325,000 shares 17.3% Owned By ----------------------------------------------------------------- Each 9 Sole Dispositive Power Reporting 27,500 shares 1.5% Person ----------------------------------------------------------------- With 10 Shared Dispositive Power 325,000 shares 17.3% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 352,500 shares - -------------------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ / - -------------------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 18.8% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 6 of 23 - CUSIP No. 912908100 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Seneca Ventures - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* WC, OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization New York - -------------------------------------------------------------------------------- 7 Sole Voting Power 25,000 shares 1.3% Number of ----------------------------------------------------------------- Shares 8 Shared Voting Power Beneficially 327,500 shares 17.5% Owned By ----------------------------------------------------------------- Each 9 Sole Dispositive Power Reporting 25,000 shares 1.3% Person ----------------------------------------------------------------- With 10 Shared Dispositive Power 327,500 shares 17.5% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 352,500 shares - -------------------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ / - -------------------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 18.8% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 7 of 23 - CUSIP No. 912908100 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Woodland Services Corp. - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization New York - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 0 shares 0% Shares ----------------------------------------------------------------- Beneficially 8 Shared Voting Power Owned By 352,500 shares 18.8% Each ----------------------------------------------------------------- Reporting 9 Sole Dispositive Power Person 0 shares 0% With ----------------------------------------------------------------- 10 Shared Dispositive Power 352,500 shares 18.8% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 352,500 shares - -------------------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ / - -------------------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 18.8% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* CO ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 8 of 23 - CUSIP No. 912908100 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Brian Rubenstein - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization United States - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 0 shares 0% Shares ----------------------------------------------------------------- Beneficially 8 Shared Voting Power Owned By 50,000 shares 2.7% Each ----------------------------------------------------------------- Reporting 9 Sole Dispositive Power Person 0 shares 0% With ----------------------------------------------------------------- 10 Shared Dispositive Power 50,000 shares 2.7% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 50,000 shares - -------------------------------------------------------------------------------- 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*/ / - -------------------------------------------------------------------------------- 13 Percent of Class Represented by Amount in Row (11) 2.7% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 9 of 23 - This statement, dated November 13, 1996, relates to the reporting persons ownership of certain securities of Unity First Acquisition Corp. (the "Issuer"). On November 13, 1996, the Issuer offered 1,250,000 Units to the public in an initial public offering (the "IPO"), each Unit consisting of one (1) share of common stock, $0.0001 par value per share (the "Common Stock"), one (1) class A redeemable Common Stock purchase warrant and one (1) class B redeemable Common Stock purchase warrant. ITEM 1. Security and Issuer (a) Common Stock, $0.0001 par value per share (CUSIP No. 912908100). (b) Class A Redeemable Common Stock Purchase Warrant (the "Class A Warrant"), exercisable as of the later of (i) the consummation of a business combination by the Issuer, or (ii) November 12, 1997, entitling the holder thereof to purchase one share of Common Stock at $5.50 per share, subject to adjustment in certain circumstances (CUSIP No. 912908118). (c) Class B Redeemable Common Stock Purchase Warrant (the "Class B Warrant"), exercisable as of the later of (i) the consummation of a business combination by the Issuer, or (ii) November 12, 1997, entitling the holder thereof to purchase one share of Common Stock at $7.50 per share, subject to adjustment in certain circumstances (CUSIP No. 912908126). (d) Unit, consisting of one (1) share of Common Stock, one (1) Class A Warrant and one (1) Class B Warrant (CUSIP No. 912908209). Unity First Acquisition Corp. 245 Fifth Avenue, Suite 1500 New York, New York 10016 ITEM 2. Identity and Background 1. (a) Woodland Partners, a general partnership organized under the laws of the State of New York ("Partners"). (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Business: Investments. (d) No. (e) No. - 10 of 23 - The general partners of Partners are Barry Rubenstein and Marilyn Rubenstein (husband and wife). 2. (a) Barry Rubenstein, a general partner of Seneca Ventures, Woodland Venture Fund, and Partners, the sole shareholder, an officer and director of Woodland Services Corp., and one of the trustees of The Marilyn and Barry Rubenstein Family Foundation. (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Occupation: General Partner of partnerships and limited partnerships engaged in the investment business. (d) No. (e) No. (f) Citizenship: United States. Barry Rubenstein is the husband of Marilyn Rubenstein and the father of Brian Rubenstein. 3. (a) Marilyn Rubenstein, a general partner of Partners and one of the trustees of The Marilyn and Barry Rubenstein Family Foundation. (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal occupation: Housewife (d) No. (e) No. (f) Citizenship: United States. Marilyn Rubenstein is the wife of Barry Rubenstein and the mother of Brian Rubenstein. - 11 of 23 - 4. (a) The Marilyn and Barry Rubenstein Family Foundation, an organization which is exempt from federal income taxation pursuant to Section 501(a) of the Internal Revenue Code of 1986, as amended (the "Foundation"). (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Business: Charitable Foundation (d) No. (e) No. Barry Rubenstein, Marilyn Rubenstein, and Brian Rubenstein are the trustees of the Foundation. 5. (a) Woodland Venture Fund, a limited partnership organized under the laws of the State of New York (the "Fund"). (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Business: Investments. (d) No. (e) No. Woodland Services Corp. and Barry Rubenstein are the general partners of the Fund. The limited partners of the Fund include certain other investors. 6. (a) Seneca Ventures, a limited partnership organized under the laws of the State of New York (the "Fund"). (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Business: Investments. (d) No. - 12 of 23 - (e) No. Woodland Services Corp. and Barry Rubenstein are the general partners of the Fund. The limited partners of the Fund include certain other investors. 7. (a) Woodland Services Corp., a corporation organized under the laws of the State of New York ("Services"). (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Business: Investments. (d) No. (e) No. Mr. Rubenstein is the President and sole director of Services, and Marilyn Rubenstein, his wife, is the Secretary and Treasurer of Services. Mr. Rubenstein owns all of Service's outstanding shares of common stock, no par value. 8. (a) Brian Rubenstein, one of the trustees of The Marilyn and Barry Rubenstein Family Foundation. (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Occupation: Corporate Finance Staff Analyst (d) No. (e) No. (f) Citizenship: United States Brian Rubenstein is the son of Barry Rubenstein and Marilyn Rubenstein. - 13 of 23 - ITEM 3. Source and Amounts of Funds or Other Consideration The individual reporting persons obtained funds for the purchase of the shares of Common Stock from their respective personal funds and/or other funds, the partnerships obtained funds for the purchase of the shares of Common Stock from their respective working capital and others funds, and the Foundation obtained funds for the purchase of the shares of Common Stock from its other funds. The amount of funds used in making the purchases of the Units in connection with the IPO and in the over-the-counter market are set forth below: Name Amount of Consideration ---- ----------------------- Woodland Partners $600,000 Barry Rubenstein R/O IRA $900,000 The Marilyn and Barry Rubenstein Family Foundation $300,000 Woodland Venture Fund $166,719 Seneca Ventures $151,563 ITEM 4. Purpose of Transaction. The reporting persons acquired their shares for purposes of investment. The reporting persons do not have any plans or proposals which relate to or would result in any of the actions set forth in subparagraphs (a) through (j) of item 4 of Schedule 13D. ITEM 5. Interests in Securities of the Issuer. (a) The following list sets forth the aggregate number and percentage (based on 1,875,000 shares of Common Stock outstanding as reported in the Issuer's prospectus (the "Prospectus") dated November 12, 1996) of outstanding shares of Common Stock owned beneficially by each reporting person named in Item 2, as of November 13, 1996: - 14 of 23 - Shares of Percentage of Shares Common Stock of Common Stock Name Beneficially Owned(1) Beneficially Owned(1) - ---- ------------------- ------------------- Woodland Partners 352,500(2) 18.8% Barry Rubenstein 352,500(3) 18.8% Marilyn Rubenstein 352,500(4) 18.8% The Marilyn and Barry Rubenstein Family Foundation 352,500(5) 18.8% Woodland Venture Fund 352,500(6) 18.8% Seneca Ventures 352,500(7) 18.8% Woodland Services Corp. 352,500(8) 18.8% Brian Rubenstein 50,000(9) 2.7% - ---------- (1) Does not include shares of Common Stock issuable upon the exercise of the Class A Warrants or the Class B Warrants. (2) Partners disclaims beneficial ownership of 150,000 shares of Common Stock held in Barry Rubenstein's Rollover IRA account, 50,000 shares of Common Stock owned by the Foundation, 27,500 shares of Common Stock owned by the Fund, and 25,000 shares of Common Stock owned by Seneca. (3) 90,000 shares of Common Stock beneficially owned by Barry Rubenstein represents his equity interest in Partners. Mr. Rubenstein disclaims beneficial ownership of 10,000 shares of Common Stock held by Partners (which represents his wife's equity interest in Partners), 16,339 shares of Common Stock owned by the Fund, and 19,461 shares of Common Stock owned by Seneca. (4) 10,000 shares of Common Stock represents Mrs. Rubenstein's equity interest in Partners and 2,240 shares of Common Stock represents Mrs. Rubenstein's equity interest as a limited partner of Seneca. Mrs. Rubenstein disclaims beneficial ownership of 90,000 shares of Common Stock held by Partners (which represents her husband's equity interest in Partners), 150,000 shares of Common Stock held in her husband, Barry Rubenstein's Rollover IRA account, 27,500 shares of Common Stock owned by the Fund, and 22,760 shares of Common Stock owned by Seneca. (5) The Foundation disclaims beneficial ownership of 100,000 shares of Common Stock owned by Partners, 150,000 shares of Common Stock held in Barry Rubenstein's Rollover IRA account, 25,000 shares of Common Stock owned by Seneca, and 27,500 shares of Common Stock owned by the Fund. (6) The Fund disclaims beneficial ownership of 100,000 shares of Common Stock owned by Partners, 150,000 shares of Common Stock held in Barry Rubenstein's Rollover IRA account, 50,000 shares of Common Stock owned by the Foundation, and 25,000 shares of Common Stock owned by Seneca. (7) Seneca disclaims beneficial ownership of 100,000 shares of Common Stock owned by Partners, 150,000 shares of Common Stock held in Barry Rubenstein's Rollover IRA account, 50,000 shares of Common Stock owned by the Foundation, and 27,500 shares of Common Stock owned by the Fund. (8) 38 shares of Common Stock beneficially owned by Services represents its equity interest in the Fund, and 39 shares of Common Stock represents its equity interest in Seneca. Services disclaims beneficial ownership of 100,000 shares of Common Stock owned by Partners, 150,000 shares of Common Stock held in Barry Rubenstein's Rollover IRA account, 50,000 shares of Common Stock owned by the Foundation, 27,462 shares of Common Stock owned by the Fund, and 24,961 shares of Common Stock owned by Seneca. (9) Consists of 50,000 shares of Common Stock owned by the Foundation. - 15 of 23 - (b) By virtue of being a general partner of Partners, the Fund and Seneca, a trustee of the Foundation, Barry Rubenstein may be deemed to have shared power to vote and to dispose of 202,500 shares of Common Stock representing approximately 10.8% of the outstanding Common Stock. Barry Rubenstein has sole power to vote and dispose of 150,000 shares of Common Stock representing approximately 8.0% of the outstanding Common Stock. Marilyn Rubenstein, by virtue of being a general partner of Partners, a trustee of the Foundation, and the wife of Barry Rubenstein, may be deemed to have shared power to vote and to dispose of 352,500 shares of Common Stock representing approximately 18.8% of the outstanding Common Stock. Partners has sole power to vote and dispose of 100,000 shares of Common Stock, and may be deemed to have shared power to vote and to dispose of 252,500 shares of Common Stock. The Fund has sole power to vote and dispose of 27,500 shares of Common Stock, and may be deemed to have shared power to vote and to dispose of 325,000 shares of Common Stock. Seneca has sole power to vote and dispose of 25,000 shares of Common Stock, and may be deemed to have shared power to vote and to dispose of 327,500 shares of Common Stock. The Foundation has sole power to vote and dispose of 50,000 shares of Common Stock, and may be deemed to have shared power to vote and to dispose of 302,500 shares of Common Stock. Services may be deemed to have shared power to vote and to dispose of 352,500 shares of Common Stock. Brian Rubenstein, by virtue of being a trustee of the Foundation, may be deemed to have shared power to vote and dispose of 50,000 shares of Common Stock. - 16 of 23 - (c) The following is a description of all transactions in Units of the Issuer by the persons identified in Item 2 of this Schedule 13D effected from September 13, 1996 through November 13, 1996, inclusive. Number of Units (U) of Purchase or Purchase or Name of Shareholder Sale Date Purchased or (Sold) Sale Price - ------------------- --------- ------------------- ---------- Woodland Partners 11/13/96 100,000 U $6.00 Barry Rubenstein-Rollover IRA 11/13/96 150,000 U $6.00 Woodland Venture Fund 11/13/96 27,500 U $6.0625 Seneca Ventures 11/13/96 25,000 U $6.0625 The Marilyn and Barry Rubenstein Family Foundation 11/13/96 50,000 U $6.00 Woodland Partners, Barry Rubenstein and the Foundation, acquired the Units, in the IPO. Fund and Seneca acquired the Units in the over-the-counter market. (d) No other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of such securities. (e) Not applicable. ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer (a) Partners is a general partnership established and governed by New York law and a partnership agreement. Pursuant to such agreement, voting and investment power over the shares of Common Stock held by Partners is vested in its general partners - Barry Rubenstein and Marilyn Rubenstein. (b) The Foundation is a charitable trust organized under the laws of the State of New York. It is exempt from federal income taxation pursuant to Section 501(a) of the Internal Revenue Code of 1986, as amended (the "Code"), as an organization described in Section 501(c)(3) of the Code. Pursuant to a trust agreement, voting and investment power over the shares of Common Stock held by the Foundation is vested in its trustees - Barry Rubenstein, Marilyn Rubenstein, and Brian Rubenstein. - 17 of 23 - (c) The Fund is a limited partnership established and governed by New York law and a partnership agreement. Pursuant to such agreement, voting and investment power over the shares of Common Stock held by the Fund is vested in its general partners - Barry Rubenstein and Services. The limited partners have no voting or investment power over the shares of Common Stock held by the Fund. (d) Seneca is a limited partnership established and governed by New York law and a partnership agreement. Pursuant to such agreement, voting and investment power over the shares of Common Stock held by Seneca is vested in its general partners - Barry Rubenstein and Services. The limited partners have no voting or investment power over the shares of Common Stock held by Seneca. (e) Except for the circumstances discussed or referred to in paragraph (a) and (d) above, there are no contracts, arrangements, understandings, or relationships with respect to the securities of the Issuer among any of the persons reporting in this Schedule 13D. ITEM 7. Material to be Filed as Exhibits Exhibit A - Agreement dated November 13, 1996 among the reporting persons by which they have agreed to file this Schedule 13D and all necessary amendments, as required by Rule 13d-1(f). Exhibit B - Power of Attorney, dated November 13, 1996, appointing Barry Rubenstein as attorney-in-fact for Brian Rubenstein. - 18 of 23 - Signature --------- After reasonable inquiry and to the best of their knowledge and belief, each of the undersigned hereby certifies that the information set forth in this Schedule is true, complete, and correct. Date: November 22, 1996 /s/Barry Rubenstein ----------------------------------------------------- Barry Rubenstein, individually, as General Partner on behalf of Woodland Partners, Woodland Venture Fund and Seneca Ventures, as President of Woodland Services Corp., and as Trustee of The Marilyn and Barry Rubenstein Family Foundation /s/Marilyn Rubenstein ----------------------------------------------------- Marilyn Rubenstein * ----------------------------------------------------- Brian Rubenstein * /s/Barry Rubenstein - ---------------------------------- Barry Rubenstein, Attorney-in-Fact ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001). - 19 of 23 - EX-99.A 2 AGREEMENT Exhibit A AGREEMENT PURSUANT TO RULE 13d l(f) OF THE SECURITIES AND EXCHANGE COMMISSION AGREEMENT, to be effective as of November 13, 1996, among WOODLAND PARTNERS, a New York general partnership, with its principal office at 68 Wheatley Road, Brookville, New York 11545, BARRY RUBENSTEIN, residing at 68 Wheatley Road, Brookville, New York 11545, MARILYN RUBENSTEIN, residing at 68 Wheatley Road, Brookville, New York 11545, THE MARILYN AND BARRY RUBENSTEIN FAMILY FOUNDATION, with its principal office at 68 Wheatley Road, Brookville, New York 11545, WOODLAND VENTURE FUND, with its principal office at 68 Wheatley Road, Brookville, New York 11545, SENECA VENTURES, with its principal office at 68 Wheatley Road, Brookville, New York 11545, WOODLAND SERVICES CORP., with its principal office at 68 Wheatley Road, Brookville, New York 11545, and BRIAN RUBENSTEIN, residing at 68 Wheatley Road, Brookville, New York 11545. WHEREAS, for convenience and expediency, each party hereto desires to file the statements required by ss.13(d) of the Securities Exchange Act of 1934, as amended, jointly with all other parties hereto; and WHEREAS, Rule 13D-1(f) promulgated by the Securities and Exchange Commission requires that this Agreement be set forth in writing and filed with the Commission; NOW THEREFORE, it is hereby agreed as follows: - 20 of 23 - 1. Each party hereto agrees that it will file all statements and reports required under ss.13(d) of the Securities Exchange Act of 1934, as amended, including without limitation, Schedule 13D, and all amendments of all such statements and/or reports, jointly with all other parties hereto. 2. Any party hereto may hereafter terminate this Agreement, with respect to itself only, by giving written notice thereof to all other parties hereto, and to UNITY FIRST ACQUISITION CORP. and the Securities and Exchange Commission. The withdrawal of any one or more parties shall not cause the termination of this Agreement with respect to the parties not giving notice of termination as aforesaid. 3. Unless sooner terminated as provided in paragraph 2 above, this Agreement shall be for a period of one (1) year from the date hereof, and shall be automatically renewable for successive one (1) year periods, unless terminated by any party, as to such party, on sixty (60) days notice. 4. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which shall constitute one and the same instrument. - 21 of 23 - EX-24 3 POWER OF ATTORNEY POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS, that the person whose signature appears below constitutes and appoints BARRY RUBENSTEIN, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all statements and reports required under Section 13(d) of the Securities Exchange Act of 1934, as amended, including, without limitation, Schedule 13D, and all amendments of all such statements and/or reports, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission and with such other parties as may be required, granting unto said attorney-in-fact, and agent, and each of them, full power and authority to do and perform each and every act and thing requisite and necesary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue thereof. IN WITNESS WHEREOF, I have hereunto set my hand this 13th day of November, 1996. s/Brian Rubenstein ----------------------------- BRIAN RUBENSTEIN - 22 of 23 - IN WITNESS WHEREOF, we have executed this Agreement with the intention that it shall be binding upon us as of the day and year set forth above. /s/ Barry Rubenstein ----------------------------------------------------- Barry Rubenstein, individually, as General Partner on behalf of Woodland Partners, Woodland Venture Fund and Seneca Ventures, as President of Woodland Services Corp., and as Trustee of The Marilyn and Barry Rubenstein Family Foundation /s/ Marilyn Rubenstein ----------------------------------------------------- Marilyn Rubenstein * ----------------------------------------------------- Brian Rubenstein * /s/ Barry Rubenstein - ----------------------------------- Barry Rubenstein, Attorney-in-Fact - 23 of 23 - -----END PRIVACY-ENHANCED MESSAGE-----