SC 13G/A 1 b59006a1sc13gza.txt HLM MANAGEMENT, CO. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 1)* DrugMax, Inc. -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, $0.001 par value per share -------------------------------------------------------------------------------- (Title of Class of Securities) 262240104 --------- (CUSIP Number) December 31, 2005 -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [x] Rule 13d-1(c) [ ] Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("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. 262240104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) Validus Partners, L.P. -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware -------------------------------------------------------------------------------- Number of Shares 5. Sole Voting Power -- Beneficially ------------------------------------------------- Owned by Each Reporting Person 6. Shared Voting Power 803,182(1) With: ------------------------------------------------- 7. Sole Dispositive Power -- ------------------------------------------------- 8. Shared Dispositive Power 803,182(1) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 803,182(1) -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 1.2%(2) -------------------------------------------------------------------------------- 12. Type of Reporting Person PN -------------------------------------------------------------------------------- (1) Includes 203,622 shares of Common Stock of DrugMax, Inc. subject to warrants which are currently exercisable. (2) Based on an aggregate of 65,545,415 shares outstanding as reported by the Issuer on its Form 10Q for the quarter ended October 1, 2005. Page 2 of 19 pages CUSIP No. 262240104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) Validus Partners, LLC -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware -------------------------------------------------------------------------------- Number of Shares 5. Sole Voting Power -- Beneficially ------------------------------------------------- Owned by Each Reporting Person 6. Shared Voting Power 803,182(1) With: ------------------------------------------------- 7. Sole Dispositive Power -- ------------------------------------------------- 8. Shared Dispositive Power 803,182(1) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 803,182(1) -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 1.2%(2) -------------------------------------------------------------------------------- 12. Type of Reporting Person OO -------------------------------------------------------------------------------- (1) Includes 203,622 shares of Common Stock of DrugMax, Inc. subject to warrants which are currently exercisable. (2) Based on an aggregate of 65,545,415 shares outstanding as reported by the Issuer on its Form 10Q for the quarter ended October 1, 2005. Page 3 of 19 pages CUSIP No. 262240104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) HLM/UH Fund, L.P. -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware -------------------------------------------------------------------------------- Number of Shares 5. Sole Voting Power -- Beneficially ------------------------------------------------- Owned by Each Reporting Person 6. Shared Voting Power 443,919(1) With: ------------------------------------------------- 7. Sole Dispositive Power -- ------------------------------------------------- 8. Shared Dispositive Power 443,919(1) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 443,919(1) -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) Less than 1%(2) -------------------------------------------------------------------------------- 12. Type of Reporting Person PN -------------------------------------------------------------------------------- (1) Includes 112,123 shares of Common Stock of DrugMax, Inc. subject to warrants which are currently exercisable. (2) Based on an aggregate of 65,545,415 shares outstanding as reported by the Issuer on its Form 10Q for the quarter ended October 1, 2005. Page 4 of 19 pages CUSIP No. 262240104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) HLM/UH Associates, LLC -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware -------------------------------------------------------------------------------- Number of Shares 5. Sole Voting Power -- Beneficially ------------------------------------------------- Owned by Each Reporting Person 6. Shared Voting Power 443,919(1) With: ------------------------------------------------- 7. Sole Dispositive Power -- ------------------------------------------------- 8. Shared Dispositive Power 443,919(1) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 443,919(1) -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) Less than 1%(2) -------------------------------------------------------------------------------- 12. Type of Reporting Person OO -------------------------------------------------------------------------------- (1) Includes 112,123 shares of Common Stock of DrugMax, Inc. subject to warrants which are currently exercisable. (2) Based on an aggregate of 65,545,415 shares outstanding as reported by the Issuer on its Form 10Q for the quarter ended October 1, 2005. Page 5 of 19 pages CUSIP No. 262240104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) HLM/CB Fund, L.P. -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware -------------------------------------------------------------------------------- Number of Shares 5. Sole Voting Power -- Beneficially ------------------------------------------------- Owned by Each Reporting Person 6. Shared Voting Power 323,514(1) With: ------------------------------------------------- 7. Sole Dispositive Power -- ------------------------------------------------- 8. Shared Dispositive Power 323,514(1) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 323,514(1) -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) Less than 1%(2) -------------------------------------------------------------------------------- 12. Type of Reporting Person PN -------------------------------------------------------------------------------- (1) Includes 81,712 shares of Common Stock of DrugMax, Inc. subject to warrants which are currently exercisable. (2) Based on an aggregate of 65,545,415 shares outstanding as reported by the Issuer on its Form 10Q for the quarter ended October 1, 2005. Page 6 of 19 pages CUSIP No. 262240104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) HLM/CB Associates, LLC -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware -------------------------------------------------------------------------------- Number of Shares 5. Sole Voting Power -- Beneficially ------------------------------------------------- Owned by Each Reporting Person 6. Shared Voting Power 323,514(1) With: ------------------------------------------------- 7. Sole Dispositive Power -- ------------------------------------------------- 8. Shared Dispositive Power 323,514(1) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 323,514(1) -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) Less than 1%(2) -------------------------------------------------------------------------------- 12. Type of Reporting Person OO -------------------------------------------------------------------------------- (1) Includes 81,712 shares of Common Stock of DrugMax, Inc. subject to warrants which are currently exercisable. (2) Based on an aggregate of 65,545,415 shares outstanding as reported by the Issuer on its Form 10Q for the quarter ended October 1, 2005. Page 7 of 19 pages CUSIP No. 262240104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) HLM Management Co., Inc. -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Massachusetts -------------------------------------------------------------------------------- Number of Shares 5. Sole Voting Power -- Beneficially ------------------------------------------------- Owned by Each Reporting Person 6. Shared Voting Power 1,573,615(1) With: ------------------------------------------------- 7. Sole Dispositive Power -- ------------------------------------------------- 8. Shared Dispositive Power 1,573,615(1) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,573,615(1) -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 2.4%(2) -------------------------------------------------------------------------------- 12. Type of Reporting Person CO -------------------------------------------------------------------------------- (1) Includes 397,457 shares of Common Stock of DrugMax, Inc. subject to warrants which are currently exercisable. (2) Based on an aggregate of 65,545,415 shares outstanding as reported by the Issuer on its Form 10Q for the quarter ended October 1, 2005. Page 8 of 19 pages CUSIP No. 262240104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) Peter J. Grua -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization United States -------------------------------------------------------------------------------- Number of Shares 5. Sole Voting Power 44,260(1) Beneficially ------------------------------------------------- Owned by Each Reporting Person 6. Shared Voting Power 1,573,615(2) With: ------------------------------------------------- 7. Sole Dispositive Power 44,260(1) ------------------------------------------------- 8. Shared Dispositive Power 1,573,615(2) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,573,615(2) -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 2.5%(3) -------------------------------------------------------------------------------- 12. Type of Reporting Person IN -------------------------------------------------------------------------------- (1) Includes 5,252 shares of Common Stock of DrugMax, Inc. subject to options which are currently exercisable. (2) Includes 393,167 shares of Common Stock of DrugMax, Inc. subject to warrants which are currently exercisable. (3) Based on an aggregate of 65,545,415 shares outstanding as reported by the Issuer on its Form 10Q for the quarter ended October 1, 2005. Page 9 of 19 pages CUSIP No. 262240104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) Edward L. Cahill -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization United States -------------------------------------------------------------------------------- Number of Shares 5. Sole Voting Power -- Beneficially ------------------------------------------------- Owned by Each Reporting Person 6. Shared Voting Power 1,573,615(1) With: ------------------------------------------------- 7. Sole Dispositive Power -- ------------------------------------------------- 8. Shared Dispositive Power 1,573,615(1) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,573,615(1) -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 2.4%(2) -------------------------------------------------------------------------------- 12. Type of Reporting Person IN -------------------------------------------------------------------------------- (1) Includes 393,167 shares of Common Stock of DrugMax, Inc. subject to warrants which are currently exercisable. (2) Based on an aggregate of 65,545,415 shares outstanding as reported by the Issuer on its Form 10Q for the quarter ended October 1, 2005. Page 10 of 19 pages CUSIP No. 262240104 -------------------------------------------------------------------------------- 1. Names of Reporting Persons I.R.S. Identification Nos. of above persons (entities only) Vincent J. Fabiani -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (a) [ ] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization United States -------------------------------------------------------------------------------- Number of Shares 5. Sole Voting Power -- Beneficially ------------------------------------------------- Owned by Each Reporting Person 6. Shared Voting Power 1,573,615(1) With: ------------------------------------------------- 7. Sole Dispositive Power -- ------------------------------------------------- 8. Shared Dispositive Power 1,573,615(1) -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,573,615(1) -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 2.4%(2) -------------------------------------------------------------------------------- 12. Type of Reporting Person IN -------------------------------------------------------------------------------- (1) Includes 393,167 shares of Common Stock of DrugMax, Inc. subject to warrants which are currently exercisable. (2) Based on an aggregate of 65,545,415 shares outstanding as reported by the Issuer on its Form 10Q for the quarter ended October 1, 2005. Page 11 of 19 pages CUSIP No. 262240104 Item 1(a) Name of Issuer: DrugMax, Inc. Item 1(b) Address of Issuer's Principal Executive Offices: 312 Farmington Avenue Farmington, CT 06032 Item 2(a) Name of Person Filing: (i) Validus Partners, L.P., a Delaware limited partnership ("Validus LP"); (ii) Validus Partners, LLC, a Delaware limited liability company and general partner of Validus LP ("Validus LLC"); (iii) HLM/UH Fund, L.P., a Delaware limited partnership ("UH LP"); (iv) HLM/UH Associates, LLC, a Delaware limited liability company and general partner of UH LP ("UH LLC"); (v) HLM/CB Fund, L.P., a Delaware limited partnership ("CB LP"); (vi) HLM/CB Associates, LLC, a Delaware limited liability company, the general partner of CB LP ("CB LLC"); (vii) HLM Management Co., Inc., a Massachusetts corporation, the manager of Validus LLC and the managing member of UH LLC and CB LLC ("HLM Management"); (viii) Peter J. Grua, a director of DrugMax, Inc. and an officer of HLM Management; (ix) Edward L. Cahill, an officer of HLM Management; and (x) Vincent J. Fabiani, an officer of HLM Management. Item 2(b) Address of Principal Business Office or, if None, Residence: The address of the reporting persons is: 222 Berkeley St. Boston, MA 02116 Item 2(c) Citizenship: Each of the entities identified in (i)-(vi) above is a limited partnership or limited liability company, as applicable, organized under the laws of the State of Delaware. HLM Management is a corporation organized under the laws of the Commonwealth of Massachusetts. Each of Messrs. Grua, Cahill and Fabiani is a citizen of the United States. Item 2(d) Title of Class of Securities: Common Stock, par value $0.001 per share (the "Common Stock"). Item 2(e) CUSIP Number: 262240104 Page 12 of 19 pages CUSIP No. 262240104 Item 3 Description of Person Filing: Not applicable Item 4 Ownership: (a) Amount Beneficially Owned: (i) Validus LP is the record holder of 803,182 shares of Common Stock (includes 203,622 shares of Common Stock subject to warrants which are currently exercisable); (ii) Validus LLC, as general partner of Validus LP, may be deemed to beneficially own 803,182 shares of Common Stock (includes 203,622 shares of Common Stock subject to warrants which are currently exercisable); (iii) UH LP is the record holder of 443,919 shares of Common Stock (includes 112,123 shares of Common Stock subject to warrants which are currently exercisable); (iv) UH LLC, as general partner of UH LP, may be deemed to beneficially own 443,919 shares of Common Stock (includes 112,123 shares of Common Stock subject to warrants which are currently exercisable); (v) CB LP is the record holder of 323,514 shares of Common Stock (includes 81,712 shares of Common Stock subject to warrants which are currently exercisable); (vi) CB LLC, as general partner of CB LP, may be deemed to beneficially own 323,514 shares of Common Stock (includes 81,712 shares of Common Stock subject to warrants which are currently exercisable); (vii) HLM Management, as the manager of Validus LLC and the managing member of UH LLC and CB LLC, may be deemed to beneficially own 1,573,615 shares of Common Stock (includes 397,457 shares of Common Stock subject to warrants which are currently exercisable); (viii) Peter J. Grua is the record holder of 39,008 shares of Common Stock and options to purchase 5,252 shares of Common Stock which are currently exercisable. In addition, as an officer of HLM Management, Mr. Grua may be deemed to beneficially own an additional 1,573,615 shares of Common Stock (includes 397,457 shares of Common Stock subject to warrants which are currently exercisable); (ix) Edward L. Cahill, as an officer of HLM Management, may be deemed to beneficially own 1,573,615 shares of Common Stock (includes 397,457 shares of Common Stock subject to warrants which are currently exercisable); and (x) Vincent J. Fabiani, as an officer of HLM Management, may be deemed to beneficially own 1,573,615 shares of Common Stock (includes 397,457 shares of Common Stock subject to warrants which are currently exercisable). (b) Percent of Class: Page 13 of 19 pages CUSIP No. 262240104 Validus LP: 1.2% Validus LLC: 1.2% UH LP: * UH LLC * CB LP: * CB LLC: * HLM Management: 2.4% Mr. Grua: 2.5% Mr. Cahill: 2.4% Mr. Fabiani: 2.4%
---------------------- * Represents less than 1 % (c) Number of Shares as to which the Person has: (i) sole voting power; (ii) shared voting power; (iii) sole dispositive power; (iv) shared dispositive power:
NUMBER OF SHARES (1) ----------------------------------------------- REPORTING PERSON (i) (ii) (iii) (iv) ---------------- ----------------------------------------------- Validus LP 0 803,182 0 803,182 Validus LLC 0 803,182 0 803,182 UH LP 0 443,919 0 443,919 UH LLC 0 443,919 0 443,919 CB LP 0 323,514 0 323,514 CB LLC 0 323,514 0 323,514 HLM Management 0 1,573,615 0 1,573,615 Mr. Grua 44,260 1,573,615 44,260 1,573,615 Mr. Cahill 0 1,573,615 0 1,573,615 Mr. Fabiani 0 1,573,615 0 1,573,615
-------------- (1) See responses to Items 5-8 on the cover pages of this Schedule 13G in connection with currently exercisable options and warrants to purchase Common Stock included within this beneficial ownership table. Item 5 Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X]. Item 6 Ownership of More than Five Percent on Behalf of Another Person: Not applicable. Item 7 Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person: Not applicable. Item 8 Identification and Classification of Members of the Group: Page 14 of 19 pages CUSIP No. 262240104 Each of the Reporting Persons expressly disclaims membership in a "Group" as defined in Rule 13d-1 (b)(ii)(J). Item 9 Notice of Dissolution of Group: Not applicable. Item 10 Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Page 15 of 19 pages CUSIP No. 262240104 SIGNATURE After reasonable inquiry and to the best of the undersigned's knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. DATED: February 10, 2006. VALIDUS PARTNERS, L.P. By: Validus Partners, LLC Its: General Partner By: HLM Management Co., Inc. Its: Manager /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President VALIDUS PARTNERS, LLC By: HLM Management Co., Inc. Its: Manager /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President HLM/UH FUND, L.P. By: HLM/UH Associates, LLC Its: General Partner By: HLM Management Co., Inc. Its: Managing Member /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President HLM/UH ASSOCIATES, LLC By: HLM Management Co., Inc. Its: Managing Member /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President Page 16 of 19 pages CUSIP No. 262240104 HLM/CB FUND, L.P. By: HLM/CB Associates, LLC Its: General Partner By: HLM Management Co., Inc. Its: Managing Member /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President HLM/CB ASSOCIATES, LLC By: HLM Management Co., Inc. Its: Managing Member /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President HLM MANAGEMENT CO., INC. /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President /s/ Peter J. Grua -------------------------------- Peter J. Grua /s/ Edward L. Cahill -------------------------------- Edward L. Cahill /s/ Vincent J. Fabiani -------------------------------- Vincent J. Fabiani Page 17 of 19 pages CUSIP No. 262240104 Exhibit I JOINT FILING AGREEMENT Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, 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 the shares of Common Stock of DrugMax, Inc. EXECUTED as a sealed instrument this 14th day of February, 2005. VALIDUS PARTNERS, L.P. By: Validus Partners, LLC Its: General Partner By: HLM Management Co., Inc. Its: Manager /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President VALIDUS PARTNERS, LLC By: HLM Management Co., Inc. Its: Manager /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President HLM/UH FUND, L.P. By: HLM/UH Associates, LLC Its: General Partner By: HLM Management Co., Inc. Its: Managing Member /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President HLM/UH ASSOCIATES, LLC By: HLM Management Co., Inc. Its: Managing Member /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President Page 18 of 19 pages CUSIP No. 262240104 HLM/CB FUND, L.P. By: HLM/CB Associates, LLC Its: General Partner By: HLM Management Co., Inc. Its: Managing Member /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President HLM/CB ASSOCIATES, LLC By: HLM Management Co., Inc. Its: Managing Member /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President HLM MANAGEMENT CO., INC. /s/ Vincent J. Fabiani -------------------------------- By: Vincent J. Fabiani Its: Executive Vice President /s/ Peter J. Grua -------------------------------- Peter J. Grua /s/ Edward L. Cahill -------------------------------- Edward L. Cahill /s/ Vincent J. Fabiani -------------------------------- Vincent J. Fabiani Page 19 of 19 pages