UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 3)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO RULE 13d-2(a)
Telos Corporation
-----------------
(Name of Issuer)
12% Cumulative Exchangeable Preferred Stock, Par Value $0.01 Per Share
----------------------------------------------------------------------
(Title of Class of Securities)
87969B200
---------
(CUSIP Number of Class of Securities)
Wynnefield Partners Small Cap Value, L.P.
450 Seventh Avenue, Suite 509
New York, New York 10123
Attention: Mr. Nelson Obus
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
Copy to:
Shahe Sinanian, Esq.
Greenberg Traurig, LLP
200 Park Avenue
New York, New York 10166
(212) 801-9200
April 19, 2004
--------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a Statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D and if filing this
Schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ]
(continued on following pages)
(Page 1 of 13 Pages)
CUSIP No.87969B200 13D/A Page 2 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Wynnefield Partners Small Cap Value, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 13-3688497
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC (SEE ITEM 3)
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 163,000 shares (See Item 5)
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
-0- (See Item 5)
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 163,000 shares (See Item 5)
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
-0- (See Item 5)
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
163,000 shares (See Item 5)
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.1% (See Item 5)
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No.87969B200 13D/A Page 3 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Wynnefield Small Cap Value Offshore Fund, Ltd.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Not Applicable
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC (SEE ITEM 3)
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 113,200 shares (See Item 5)
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
-0- (See Item 5)
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 113,200 shares (See Item 5)
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
-0- (See Item 5)
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
113,200 shares (See Item 5)
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.6% (See Item 5)
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No.87969B200 13D/A Page 4 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Wynnefield Partners Small Cap Value, L.P. I
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 13-3953291
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC (SEE ITEM 3)
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 176,500 shares (See Item 5)
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
-0- (See Item 5)
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 176,500 shares (See Item 5)
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
-0- (See Item 5)
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
176,500 shares (See Item 5)
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5% (See Item 5)
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No.87969B200 13D/A Page 5 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Channel Partnership II, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 22-3215653
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC (SEE ITEM 3)
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 13,500 shares (See Item 5)
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
-0- (See Item 5)
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 13,500 shares (See Item 5)
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
-0- (See Item 5)
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,500 shares (See Item 5)
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4% (See Item 5)
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No.87969B200 13D/A Page 6 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Nelson Obus
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
AF (SEE ITEM 3)
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 13,500 shares (See Item 5)
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
-0- (See Item 5)
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 13,500 shares (See Item 5)
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
-0- (See Item 5)
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,500 shares (See Item 5)
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4% (See Item 5)
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No.87969B200 13D/A Page 7 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Wynnefield Capital Management LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 13-4018186
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
AF (SEE ITEM 3)
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 339,500 shares (See Item 5)
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
-0- (See Item 5)
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 339,500 shares (See Item 5)
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
-0- (See Item 5)
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
339,500 shares (See Item 5)
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.7% (See Item 5)
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
OO (Limited LIability Company)
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No.87969B200 13D/A Page 8 of 13 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Wynnefield Capital, Inc.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) N/A
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
AF (SEE ITEM 3)
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 113,200 shares (See Item 5)
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
-0- (See Item 5)
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 113,200 shares (See Item 5)
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
-0- (See Item 5)
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
113,200 shares (See Item 5)
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.6% (See Item 5)
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
This Amendment No. 3 (the "Amendment") amends the Statement of
Beneficial Ownership on Schedule 13D, filed with the Securities and Exchange
Commission (the "Commission") on June 24, 1997, as amended by Amendment No. 1,
filed on June 22, 1998 (together, the "Schedule 13D"), by Wynnefield Partners
Small Cap Value, L.P. (the "Partnership"), Wynnefield Small Cap Value Offshore
Fund, Ltd. (the "Fund") and Channel Partnership II, L.P. ("Channel" and,
collectively with the Partnership, the Fund and Channel, the "Original Reporting
Persons"), with respect to the shares of 12% Cumulative Exchangeable Redeemable
Preferred Stock, par value $0.01 per share (the "Preferred Stock"), of Telos
Corporation, a Maryland corporation with its principal executive offices located
at 19886 Ashburn Road, Ashburn, Virginia 20147-2358 (the "Issuer"). In addition
to the Original Reporting Persons, Amendment No. 2, filed on December 18, 2003
(also considered part of the "Schedule 13D" for purposes hereof) has been and
this Amendment is filed by and on behalf of Wynnefield Partners Small Cap Value,
L.P. I (the "Partnership-I"), Wynnefield Capital Management, LLC ("WCM"),
Wynnefield Capital, Inc. ("WCI") and Nelson Obus ("Mr. Obus"). The Original
Reporting Persons, Partnership-I WCM, WCI and Mr. Obus are sometimes referred to
collectively herein as the "Wynnefield Group." Unless specifically amended
hereby, the disclosures set forth in the Schedule 13D shall remain unchanged.
ITEM 3 IS HEREBY AMENDED BY ADDING THERETO THE FOLLOWING:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The following Wynnefield Group entities made the following intergroup
purchases and sales of Preferred Stock, for the consideration shown in the
following table:
Date of Type of Consideration Paid
Name Transaction Transaction Number of Shares or Received
- ---- ----------- ----------- ---------------- -----------
Partnership* April 19, 2004 Purchase 94,000 $286,700
Partnership-I* April 19, 2004 Purchase 82,000 $250,100
Fund** April 19, 2004 Sale 94,000 $286,700
Fund** April 19, 2004 Sale 82,000 $250,100
* WCM has an indirect beneficial ownership interest in these shares of
Preferred Stock.
** WCI has an indirect beneficial ownership interest in these shares of
Preferred Stock.
Channel has not made any purchases or sales of Preferred Stock since
the filing date of the original Schedule 13D, filed with the Commission on June
24, 1997.
Such shares of Preferred Stock were paid for from the working capital
of each entity in the Wynnefield Group who directly beneficially owns. Each
entity in the Wynnefield Group maintains a separate investment fund, consisting
of capital contributions from their respective partners and investors and
capital appreciation derived therefrom for the principal purpose of buying and
selling securities (including financial and money market instruments) and
interests in domestic and foreign securities, including, without limitation,
convertible securities, stock index futures contracts, options, puts and calls
on stock and warrants.
(Page 9 of 13 Pages)
ITEM 5 IS HEREBY AMENDED AND RESTATED IN ITS ENTIRETY BY THE FOLLOWING:
ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER.
(A) - (C) As of April 19, 2004, the Wynnefield Group beneficially owned in the
aggregate 466,200 shares of Preferred Stock, constituting approximately 14.6% of
the outstanding shares of Preferred Stock (the percentage of shares owned being
based upon 3,185,586 shares outstanding on December 31, 2003, as set forth in
the Issuer's most recent report on Form 10-K for the period ended December 31,
2003 filed with the Commission on April 15, 2004). The following table sets
forth certain information with respect to shares of Preferred Stock directly
beneficially owned by the Wynnefield Group members listed:
APPROXIMATE
NUMBER OF PERCENTAGE OF
NAME SHARES OUTSTANDING SHARES
---- ------ ------------------
Partnership * 163,000 5.1%
Partnership-I * 176,500 5.5%
Fund ** 113,200 3.6%
Channel II *** 13,500 0.4%
* WCM has an indirect beneficial ownership interest in these shares of
Preferred Stock.
** WCI has an indirect beneficial ownership interest in these shares of
Preferred Stock.
*** Mr. Obus has an indirect beneficial ownership interest in these shares of
Preferred Stock.
WCM is the sole general partner of the Partnership and Partnership-I
and, accordingly, may be deemed to be the indirect beneficial owner (as that
term is defined under Rule 13d-3 under the Exchange Act) of the shares of
Preferred Stock that the Partnership and Partnership-I beneficially own. WCM, as
the sole general partner of the Partnership and Partnership-I, has the sole
power to direct the voting and disposition of the shares of Preferred Stock that
the Partnership and Partnership-I beneficially own.
Messrs. Obus and Landes are the co-managing members of WCM and,
accordingly, each of Messrs. Obus and Landes may be deemed to be the indirect
beneficial owner (as that term is defined under Rule 13d-3 under the Exchange
Act) of the shares of Preferred Stock that WCM may be deemed to beneficially
own. Each of Messrs. Obus and Landes, as a co-managing member of WCM, shares
with the other the power to direct the voting and disposition of the shares of
Preferred Stock that WCM may be deemed to beneficially own.
WCI is the sole investment manager of the Fund and, accordingly, may be
deemed to be the indirect beneficial owner (as that term is defined under Rule
13d-3 under the Exchange Act) of the shares of Preferred Stock that the Fund
beneficially owns. WCI , as the sole investment manager of the Fund, has the
sole power to direct the voting and disposition of the shares of Preferred Stock
that the Fund beneficially owns. Messrs. Obus and Landes are the principal
executive officers of WCI and, accordingly, each of Messrs. Obus and Landes may
be deemed to be the indirect beneficial owner (as that term is defined under
Rule 13d-3 under the Exchange Act) of the shares of Preferred Stock that WCI may
be deemed to beneficially own. Each of Messrs. Obus and Landes, as a principal
executive officer of WCI, shares with the other the power to direct the voting
and disposition of the shares of Preferred Stock that WCI may be deemed to
beneficially own.
(Page 10 of 13 Pages)
Mr. Obus is the general partner of Channel and accordingly, Mr. Obus
may be deemed to be the indirect beneficial owner (as that term is defined under
Rule 13d-3 under the Exchange Act) of the shares of Preferred Stock that Channel
may be deemed to beneficially own.
Beneficial ownership of shares of Preferred Stock shown on the cover
pages of and set forth elsewhere in this Amendment for each member of the
Wynnefield Group assumes that they have not formed a group for purposes of
Section 13(d)(3) under the Exchange Act, and Rule 13d-5(b)(1) promulgated
thereunder. If the members of the Wynnefield Group were deemed to have formed a
group for purposes of Section 13(d)(3) and Rule 13d-5(b)(1), the group would be
deemed to own beneficially (and may be deemed to have shared voting and
dispositive power over) 466,200 shares of Preferred Stock, constituting
approximately 14.6% of the outstanding shares of Preferred Stock (the percentage
of shares owned being based upon 3,185,586 shares outstanding on December 31,
2003, as set forth in the Issuer's most recent report on Form 10-K for the
period ended December 31, 2003, filed with the Commission on April 15, 2004).
The filing of this Amendment and any future amendment by the Wynnefield
Group, and the inclusion of information herein and therein with respect to
Messrs. Obus and Landes, shall not be considered an admission that any of such
persons, for the purpose of Section 13(d) of the Exchange Act, are the
beneficial owners of any shares in which such persons do not have a pecuniary
interest.
To the best knowledge of the Wynnefield Group, except as described in
this Amendment, none of the Wynnefield Group, any person in control (ultimately
or otherwise) of the Wynnefield Group, any general partner, executive officer or
director thereof, as applicable, beneficially owns any shares of Preferred
Stock, and except as set forth in the table below, there have been no
transactions in shares of Preferred Stock affected during the past 60 days, by
the Wynnefield Group, any person in control of the Wynnefield Group (ultimately
or otherwise), or any general partner, executive officer or director thereof, as
applicable; provided, however, certain investment banking affiliates of the
Wynnefield Group may beneficially own shares of Preferred Stock, including
shares that may be held in discretionary or advisory accounts with the
Wynnefield Group; and the Wynnefield Group, directly or in connection with such
discretionary or advisory accounts, may acquire, hold, vote or dispose of
Preferred Stock, including transactions that may have occurred during the past
60 days.
The members of the Wynnefield Group listed below have made purchases or
sales of shares of Preferred Stock during the past 60 days, as follows:
Number of Price Type of
Name Date Shares Per Share Transaction
- ---- ---- ------ --------- -----------
Partnership April 19, 2004 94,000 $3.05 Purchase
Partnership - I April 19, 2004 82,000 $3.05 Purchase
Fund April 19, 2004 94,000 $3.05 Sale
Fund April 19, 2004 82,000 $3.05 Sale
(Page 11 of 13 Pages)
(d) No person, other than each of the members of the Wynnefield Group
referred to as the direct beneficial owner of the shares of Preferred Stock set
forth in this response to Item 5, has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, such
shares of Preferred Stock.
(e) Not applicable.
(Page 12 of 13 Pages)
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information set forth in this Amendment is
true, complete and correct.
Dated: April 21, 2004
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
By: Wynnefield Capital Management, LLC,
General Partner
By: /s/ Nelson Obus
--------------------------------------------
Nelson Obus, Co-Managing Member
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. I
By: Wynnefield Capital Management, LLC,
General Partner
By: /s/ Nelson Obus
--------------------------------------------
Nelson Obus, Co-Managing Member
WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND, LTD.
By: Wynnefield Capital, Inc.
By: /s/ Nelson Obus
--------------------------------------------
Nelson Obus, President
WYNNEFIELD CAPITAL MANAGEMENT, LLC
By: /s/ Nelson Obus
--------------------------------------------
Nelson Obus, Co-Managing Member
WYNNEFIELD CAPITAL, INC.
By: /s/ Nelson Obus
--------------------------------------------
Nelson Obus, President
CHANNEL PARTNERSHIP II, L.P.
By: /s/ Nelson Obus
--------------------------------------------
Nelson Obus, General Partner
/s/ Nelson Obus
------------------------------------------------
Nelson Obus, Individually
(Page 13 of 13 Pages)