UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | SEC 1473 (7-02) | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. |
1. Title of Derivative Security (Instr. 4) |
2. Date Exercisable and Expiration Date (Month/Day/Year) |
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) |
4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5) |
6. Nature of Indirect Beneficial Ownership (Instr. 5) |
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Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||
A Warrants (4) | 11/14/2011 | 11/13/2012 | Common Stock | 50,000 | $ 1 (1) | I | Fund manager and investor |
B Warrants (4) | Â (2) | 11/13/2014 | Common Stock | 50,000 | $ 1 (3) | I | Fund manager and investor. |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Sloyer Elliot 35 TOILSOME BROOK ROAD STAMFORD, CT 06905 |
 X |  |  |  |
/s/ Elliot S. Sloyer | 03/16/2012 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | Each "A" Warrant entitles the holder to purchase one share of Common Stock at an exercise price of $1.00 per share, subject to adjustment to $0.20 per share at such time as the Certificate of Incorporation of the Company is amended to reduce the par value of the Common Stock to an amount less than $0.10. |
(2) | The "B" Warrant is exercisable upon the holder's exercise of the "A" Warrant, pursuant to which the "B" Warrant is issued, and is exercisable for three years from date of the transaction. |
(3) | Each "B" Warrant entitles the holder to purchase one share of Common Stock at an exercise price of $1.00 per share, subject to adjustment to $0.50 per share at such time as the Certificate of Incorporation of the Company is amended to reduce the par value of the Common Stock to an amount less than $0.10. |
(4) | Owned by WestLane Equity Income Fund LP, of which I exercise voting and investment control as the fund manager and investor. |