-----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, R3xZpaOFgtdP+Y5kH9wuCq2ckvtpB+6eKnacYYkZovSgxZc7tZQG5uDnHdxIfnXi AgFlnn92vW1Sb32vpXCcYw== 0001029869-97-000242.txt : 19970222 0001029869-97-000242.hdr.sgml : 19970222 ACCESSION NUMBER: 0001029869-97-000242 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19970214 SROS: NONE GROUP MEMBERS: CORNELIUS T. RYAN GROUP MEMBERS: KENNETH W. RIND GROUP MEMBERS: OXFORD OFFSHORE VENTURE FUND LIMITED PARTNERSHIP GROUP MEMBERS: OXFORD PARTNERS GROUP MEMBERS: OXFORD PARTNERS II GROUP MEMBERS: OXFORD VENTURE FUND II LIMITED PARTNERSHIP GROUP MEMBERS: OXFORD VENTURE FUND LP GROUP MEMBERS: STEVEN A. BIRNBAUM SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ZITEL CORP CENTRAL INDEX KEY: 0000731647 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 942566313 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-36007 FILM NUMBER: 97535262 BUSINESS ADDRESS: STREET 1: 47211 BAYSIDE PARKWAY CITY: FREMONT STATE: CA ZIP: 94538-6517 BUSINESS PHONE: 5104409600 MAIL ADDRESS: STREET 1: 47211 BAYSIDE PARKWAY CITY: FREMONT STATE: CA ZIP: 94538 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: OXFORD VENTURE FUND LP CENTRAL INDEX KEY: 0001005956 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 061053202 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: C/O OXFORD PARTNERS STREET 2: 315 POST ROAD WEST CITY: WESTPORT STATE: CT ZIP: 06880 BUSINESS PHONE: 2033413300 MAIL ADDRESS: STREET 1: 315 POST ROAD WEST CITY: WESTPORT STATE: CT ZIP: 06880 SC 13G/A 1 --------------------------- OMB APPROVAL --------------------------- OMB Number: 3235-0145 Expires: October 31, 1997 Estimated average burden hours per response...14.90 --------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 2)* Zitel Corporation (Name of Issuer) Common Stock, no par value (Title of Class of Securities) 989913-10-8 (CUSIP Number) *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 ("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). CUSIP No. 989913-10-8 13G Page 2 of 19 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Oxford Venture Fund Limited Partnership - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] Not applicable - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Connecticut - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES Less than 5% BENEFICIALLY -------------------------------------------------------------- OWNED BY 6 SHARED VOTING POWER EACH Less than 5% REPORTING -------------------------------------------------------------- PERSON 7 SOLE DISPOSITIVE POWER WITH Less than 5% -------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER Less than 5% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Less than 5% - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* Not applicable - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) Less than 5% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT CUSIP No. 989913-10-8 13G Page 3 of 19 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Oxford Offshore Venture Fund Limited Partnership - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] Not applicable - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Connecticut - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES Less than 5% BENEFICIALLY -------------------------------------------------------------- OWNED BY 6 SHARED VOTING POWER EACH Less than 5% REPORTING -------------------------------------------------------------- PERSON 7 SOLE DISPOSITIVE POWER WITH Less than 5% -------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER Less than 5% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Less than 5% - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* Not applicable - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) Less than 5% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT CUSIP No. 989913-10-8 13G Page 4 of 19 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Oxford Venture Fund II Limited Partnership - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] Not applicable - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Connecticut - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES Less than 5% BENEFICIALLY -------------------------------------------------------------- OWNED BY 6 SHARED VOTING POWER EACH Less than 5% REPORTING -------------------------------------------------------------- PERSON 7 SOLE DISPOSITIVE POWER WITH Less than 5% -------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER Less than 5% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Less than 5% - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* Not applicable - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) Less than 5% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT CUSIP No. 989913-10-8 13G Page 5 of 19 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Oxford Partners - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] Not applicable - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Connecticut - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES Less than 5% BENEFICIALLY -------------------------------------------------------------- OWNED BY 6 SHARED VOTING POWER EACH Less than 5% REPORTING -------------------------------------------------------------- PERSON 7 SOLE DISPOSITIVE POWER WITH Less than 5% -------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER Less than 5% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Less than 5% - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* Not applicable - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) Less than 5% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT CUSIP No. 989913-10-8 13G Page 6 of 19 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Oxford Partners II - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] Not applicable - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Connecticut - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES Less than 5% BENEFICIALLY -------------------------------------------------------------- OWNED BY 6 SHARED VOTING POWER EACH Less than 5% REPORTING -------------------------------------------------------------- PERSON 7 SOLE DISPOSITIVE POWER WITH Less than 5% -------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER Less than 5% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Less than 5% - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* Not applicable - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) Less than 5% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT CUSIP No. 989913-10-8 13G Page 7 of 19 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Kenneth W. Rind - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] Not applicable - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES Less than 5% BENEFICIALLY -------------------------------------------------------------- OWNED BY 6 SHARED VOTING POWER EACH Less than 5% REPORTING -------------------------------------------------------------- PERSON 7 SOLE DISPOSITIVE POWER WITH Less than 5% -------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER Less than 5% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Less than 5% - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* Not applicable - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) Less than 5% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT CUSIP No. 989913-10-8 13G Page 8 of 19 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Cornelius T. Ryan - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] Not applicable - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES Less than 5% BENEFICIALLY -------------------------------------------------------------- OWNED BY 6 SHARED VOTING POWER EACH Less than 5% REPORTING -------------------------------------------------------------- PERSON 7 SOLE DISPOSITIVE POWER WITH Less than 5% -------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER Less than 5% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Less than 5% - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* Not applicable - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) Less than 5% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT CUSIP No. 989913-10-8 13G Page 9 of 19 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Stevan A. Birnbaum - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] Not applicable - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES Less than 5% BENEFICIALLY -------------------------------------------------------------- OWNED BY 6 SHARED VOTING POWER EACH Less than 5% REPORTING -------------------------------------------------------------- PERSON 7 SOLE DISPOSITIVE POWER WITH Less than 5% -------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER Less than 5% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Less than 5% - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* Not applicable - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) Less than 5% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT Item 1(a). Name of Issuer: Zitel Corporation (the "Issuer"). Item 1(b). Address of Issuer's Principal Executive Offices: 47211 Bayside Parkway, Freemont, California 94538-6517. Item 2(a) Names of Persons Filing: Oxford Venture Fund Limited Partnership ("Oxford Fund I"); Oxford Offshore Venture Fund Limited Partnership ("Oxford Offshore"); Oxford Venture Fund II Limited Partnership ("Oxford Fund II"); Oxford Partners, a Connecticut general partnership which is the general partner of Oxford Fund I and Oxford Offshore; Oxford Partners II, a Connecticut general partnership which is the general partner of Oxford Fund II; and Kenneth W. Rind, Cornelius T. Ryan; and Stevan A. Birnbaum, who are each partners in Oxford Partners and Oxford Partners II. Each of the foregoing persons or entities is referred to herein individually as a "Reporting Person" or collectively as the "Reporting Persons." Item 2(b). Address of Principal Business Office or, if None, Residence: The address of the principal business office of Oxford Fund I, Oxford Offshore, Oxford Fund II, Oxford Partners, Oxford Partners II and Messrs. Rind and Ryan is 315 Post Road West, Westport, CT 06880. The address of the principal business office of Mr. Birnbaum is 17308 Avenida De La Herradura, Pacific Palisades, CA 90272-4224. Item 2(c). Citizenship: Oxford Fund I, Oxford Offshore, Oxford Fund II, Oxford Partners, and Oxford Partners II are limited partnerships organized under the laws of the State of Connecticut. Each of Messrs. Rind, Ryan and Birnbaum is a United States citizen. Item 2(d). Title of Class of Securities: Common Stock, no par value ("Common Stock"). Item 2(e). CUSIP Number: 989913-10-8. Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b), check whether the person filing is a: (a) [ ] Broker or Dealer registered under Section 15 of the Securities Exchange Act of 1934 (the "Act"). (b) [ ] Bank as defined in Section 3(a)(6) of the Act. (c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act. (d) [ ] Investment Company registered under Section 8 of the Investment Company Act of 1940. Page 10 of 19 Pages (e) [ ] Investment Adviser registered under Section 203 of the Investment Advisers Act of 1940. (f) [ ] Employee Benefit Plan, Pension Fund which is subject to the provisions of the Employee Retirement Income Security Act of 1974 or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F) of the Act. (g) [ ] Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G) of the Act. (h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H) of the Act. Not applicable. Item 4. Ownership. (a) Amount Beneficially Owned: Less than 5%. By virtue of their relationship as affiliated limited partnerships whose sole general partners share individual general partners, Oxford Fund I and Oxford Offshore may be deemed to share voting power and the power to direct the disposition of the shares of Common Stock that each of them owns of record. As sole general partner of Oxford Fund I and Oxford Offshore, Oxford Partners I may be deemed to own beneficially all of the shares of Common Stock owned beneficially by both Oxford Fund I and Oxford Offshore. As sole general partner of Oxford Fund II , Oxford Partners II may be deemed to own beneficially all of the shares of Common Stock owned beneficially by Oxford Fund II. As individual general partners of both Oxford Fund I and Oxford Fund II, each of Messrs. Rind, Ryan and Birnbaum may be deemed to own beneficially the shares owned beneficially by both Oxford Fund I and Oxford Fund II. (b) Percent of Class: Less than 5%. The foregoing percentage is calculated based on the 14,906,678 shares of Common Stock reported to be outstanding in the Annual Report on Form 10-K of Zitel Corporation for the year ended September 30, 1996. (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: Less than 5%. (ii) shared power to vote or to direct the vote: Less than 5%. (iii) sole power to dispose or to direct the disposition of: Less than 5%. (iv) shared power to dispose or to direct the disposition of: Less than 5%. Page 11 of 19 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 Reportedon by the Parent Holding Company. Not applicable. Item 8. Identification and Classification of Members of the Group. Not applicable. Oxford Fund I, Oxford Offshore, Oxford Partners I, Oxford Fund II, Oxford Partners II and Messrs. Rind, Ryan and Birnbaum expressly disclaim membership in a "group" as defined in Rule 13d-1(b)(ii)(H). Item 9. Notice of Dissolution of Group. Not applicable. Item 10. Certification. Not applicable. Page 12 of 19 Pages SIGNATURE After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true, complete and correct. We also hereby agree to file this statement jointly pursuant to the agreement set forth as Exhibit 1 hereto. Dated: February 12, 1997 OXFORD VENTURE FUND LIMITED PARTNERSHIP By: Oxford Partners, its general partner By: /s/ Cornelius T. Ryan --------------------------- Cornelius T. Ryan General Partner OXFORD OFFSHORE VENTURE FUND LIMITED PARTNERSHIP By: Oxford Partners, its general partner By: /s/ Cornelius T. Ryan --------------------------- Cornelius T. Ryan General Partner OXFORD VENTURE FUND II LIMITED PARTNERSHIP By: Oxford Partners II, its general partner By: /s/ Cornelius T. Ryan --------------------------- Cornelius T. Ryan General Partner Page 13 of 19 Pages OXFORD PARTNERS By: /s/ Cornelius T. Ryan -------------------------- Cornelius T. Ryan General Partner OXFORD PARTNERS II By: /s/ Cornelius T. Ryan -------------------------- Cornelius T. Ryan General Partner /s/ Cornelius T. Ryan - ------------------------------------ Cornelius T. Ryan * - ------------------------------------ Kenneth W. Rind * - ------------------------------------ Stevan A. Birnbaum *By: /s/ Cornelius T. Ryan --------------------------- Cornelius T. Ryan Attorney-in-Fact *This Schedule 13G was executed by Cornelius T. Ryan pursuant to a Power of Attorney which was previously filed with the Securities and Exchange Commission as Exhibit 2 to a Schedule 13G for Genetic Therapy, Inc. on February 11, 1992, a copy of which is attached hereto as Exhibit 2. Page 14 of 19 Pages Exhibit 1 AGREEMENT Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of 1934, the undersigned hereby agree that only one statement containing the information required by Schedule 13G need be filed with respect to the ownership by each of the undersigned of shares of Common Stock of Zitel Corporation. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original. EXECUTED this 12th day of February, 1997. OXFORD VENTURE FUND LIMITED PARTNERSHIP By: Oxford Partners, its general partner By: /s/ Cornelius T. Ryan ------------------------------- Cornelius T. Ryan General Partner OXFORD OFFSHORE VENTURE FUND LIMITED PARTNERSHIP By: Oxford Partners, its general partner By: /s/ Cornelius T. Ryan ------------------------------- Cornelius T. Ryan General Partner OXFORD VENTURE FUND II LIMITED PARTNERSHIP By: Oxford Partners II, its general partner By: /s/ Cornelius T. Ryan ------------------------------- Cornelius T. Ryan General Partner Page 15 of 19 Pages OXFORD PARTNERS By: /s/ Cornelius T. Ryan ----------------------------- Cornelius T. Ryan General Partner OXFORD PARTNERS II By: /s/ Cornelius T. Ryan ----------------------------- Cornelius T. Ryan General Partner /s/ Cornelius T. Ryan - -------------------------------------- Cornelius T. Ryan * - -------------------------------------- Kenneth W. Rind * - -------------------------------------- Stevan A. Birnbaum *By: /s/ Cornelius T. Ryan ------------------------ Cornelius T. Ryan Attorney-in-Fact *This Schedule 13G was executed by Cornelius T. Ryan pursuant to a Power of Attorney which was previously filed with the Securities and Exchange Commission as Exhibit 2 to a Schedule 13G for Genetic Therapy, Inc. on February 11, 1992, a copy of which is attached hereto as Exhibit 2. Page 16 of 19 Pages Exhibit 2 POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Cornelius T. Ryan 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 (until revoked in writing) to sign any and all instruments, certificates and documents required to be executed on behalf of himself as an individual or, in his capacity as a general partner, on behalf of each or any of Oxford Partners, Oxford Partners II, Oxford Partners III, Limited Partnership and Oxford Partners III-A, Limited Partnership pursuant to Section 13(d) and Section 13(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and any and all regulations promulgated thereunder, and to file the same, with all exhibits thereto, and any other documents in connection therewith, with the Securities and Exchange Commission, and with any other entity when and if such is mandated by the Exchange Act, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary fully to all intents and purposes as he might or could do in person thereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 7th day of February, 1992. /s/ Kenneth W. Rind --------------------------------- Kenneth W. Rind State of CT ) ) ss: County of Fairfield ) On this 7th day of February, 1992, before me personally came Kenneth W. Rind, known to me to be the person described and who executed the foregoing instrument that he acknowledged that he executed the same. [NOTARY SEAL] /s/ Fredericke Balel --------------------------------- Notary Public My commission expires: March 31, 1995 Page 17 of 19 Pages /s/ Stevan A. Birnbaum --------------------------------- Stevan A. Birnbaum State of CT ) ) ss: County of Fairfield ) On this 5th day of February, 1992, before me personally came Stevan A. Birnbaum, known to me to be the person described and who executed the foregoing instrument that he acknowledged that he executed the same. [NOTARY SEAL] /s/ Fredericke Balel ----------------------------------- Notary Public My commission expires: March 31, 1995 /s/ William R. Lonergan ----------------------------------- William R. Lonergan State of CT ) ) ss: County of Fairfield ) On this 7th day of February, 1992, before me personally came William R. Lonergan, known to me to be the person described and who executed the foregoing instrument that he acknowledged that he executed the same. [NOTARY SEAL] /s/ Fredericke Balel ----------------------------------- Notary Public My commission expires: March 31, 1995 Page 18 of 19 Pages /s/ Alan G. Walton ----------------------------------- Alan G. Walton State of CT ) ) ss: County of Fairfield ) On this 7th day of February, 1992, before me personally came Alan G. Walton, known to me to be the person described and who executed the foregoing instrument that he acknowledged that he executed the same. [NOTARY SEAL] /s/ Fredericke Balel ----------------------------------- Notary Public My commission expires: March 31, 1995 Page 19 of 19 Pages -----END PRIVACY-ENHANCED MESSAGE-----