-----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, BAJOo1i6tvqDFptBiZj2aDO1QiQ9Apwuygv1G/XA4Zn268WpKZFESOwDUgMRTqxG 6cu0cP4a2XgnStRhW8qakQ== 0001019056-06-000875.txt : 20060817 0001019056-06-000875.hdr.sgml : 20060817 20060816173128 ACCESSION NUMBER: 0001019056-06-000875 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060817 DATE AS OF CHANGE: 20060816 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CELEBRATE EXPRESS, INC. CENTRAL INDEX KEY: 0001100124 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISC GENERAL MERCHANDISE STORES [5399] IRS NUMBER: 911644428 FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-80362 FILM NUMBER: 061039058 BUSINESS ADDRESS: STREET 1: 11220 120TH AVENUE NORTHEAST CITY: KIRKLAND STATE: WA ZIP: 98033 BUSINESS PHONE: 4262501057 MAIL ADDRESS: STREET 1: 11220 120TH AVENUE NORTHEAST CITY: KIRKLAND STATE: WA ZIP: 98033 FORMER COMPANY: FORMER CONFORMED NAME: CELEBRATEEXPRESS COM INC DATE OF NAME CHANGE: 20000111 FORMER COMPANY: FORMER CONFORMED NAME: BIRTHDAY EXPRESS COM INC DATE OF NAME CHANGE: 19991130 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: TILSON GROWTH FUND LP CENTRAL INDEX KEY: 0001119281 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 175 EAST 62ND ST STREET 2: STE 11A CITY: NEW YORK STATE: NY ZIP: 10021 BUSINESS PHONE: 2127553554 MAIL ADDRESS: STREET 1: 175 EAST 62ND ST STREET 2: STE 11A CITY: NEW YORK STATE: NY ZIP: 10021 SC 13D 1 celebrate_13d.txt SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) (Amendment No. _________)* Celebrate Express, Inc. ----------------------- (Name of Issuer) Common Stock, par value $.001 per share --------------------------------------- (Title of Class of Securities) 15100A104 -------------- (CUSIP Number) T2 Partners Management, LP 145 East 57th Street, Tenth Floor New York, New York 10022 Attention: Whitney R. Tilson Telephone: (212) 386-7160 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 7, 2006 ------------------------------------------------------- (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 is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [ ]. Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) 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 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.: 15100A104 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Whitney R. Tilson - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES ----------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER - 463,009 OWNED BY ----------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING ----------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER - 463,009 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 463,009 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- Page 2 of 20 Pages CUSIP No.: 15100A104 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Glenn H. Tongue - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES ----------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER - 463,009 OWNED BY ----------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING ----------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER - 463,009 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 463,009 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- Page 3 of 20 Pages CUSIP No.: 15100A104 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON T2 Partners Management, LP - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES ----------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER - 463,009 OWNED BY ----------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING ----------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER - 463,009 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 463,009 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- Page 4 of 20 Pages CUSIP No.: 15100A104 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON T2 Partners Management, LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES ----------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER - 463,009 OWNED BY ----------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING ----------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER - 463,009 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 463,009 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- Page 5 of 20 Pages CUSIP No.: 15100A104 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON T2 Accredited Fund, LP - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES ----------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER - 212,337 OWNED BY ----------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING ----------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER - 212,337 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 212,337 - -------------------------------------------------------------------------------- 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 PN - -------------------------------------------------------------------------------- Page 6 of 20 Pages CUSIP No.: 15100A104 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON T2 Qualified Fund, LP - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES ----------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER - 140,105 OWNED BY ----------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING ----------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER - 140,105 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 140,105 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.8% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- Page 7 of 20 Pages CUSIP No.: 15100A104 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Tilson Offshore Fund, Ltd. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES ----------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER - 78,567 OWNED BY ----------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING ----------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER - 78,567 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 78,567 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO - -------------------------------------------------------------------------------- Page 8 of 20 Pages CUSIP No.: 15100A104 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Tilson Focus Fund - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES ----------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER - 32,000 OWNED BY ----------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING ----------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER - 32,000 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 32,000 - -------------------------------------------------------------------------------- 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% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- Page 9 of 20 Pages Item 1. Security and Issuer. The class of equity securities to which this Statement on Schedule 13D (this "Statement") relates is the common stock, par value $0.001 per share (the "Common Stock"), of Celebrate Express, Inc., a Washington corporation (the "Company"), with its principal executive offices located at 11220 120th Avenue Northeast, Kirkland, Washington 98033. Item 2. Identity and Background. (a) The names of the persons filing this statement (the "Statement") are Whitney R. Tilson, Glenn H. Tongue, T2 Partners Management, LP, a Delaware limited partnership ("T2 IM"), T2 Partners Management, LLC, a Delaware limited liability company ("T2 GP"), T2 Accredited Fund, LP, a Delaware limited partnership ("T2 Accredited"), T2 Qualified Fund, LP, a Delaware limited partnership ("T2 Qualified"), Tilson Offshore Fund Ltd., a Cayman Islands exempted company ("Tilson Offshore"), and Tilson Focus Fund, a series of the Tilson Investment Trust, a Delaware statutory trust ("Tilson Focus") (collectively, the "Filers"). (b)-(c) T2 IM is an investment management firm and is the investment manager of T2 Accredited, T2 Qualified, Tilson Offshore and Tilson Focus. The address of T2 IM's principal business and principal office is 145 East 57th Street, Tenth Floor, New York, New York 10022. T2 Accredited is a private investment partnership engaged in the purchase and sale of securities for its own account. The address of T2 Accredited's principal business and principal office is 145 East 57th Street, Tenth Floor, New York, New York 10022. T2 Qualified is a private investment partnership engaged in the purchase and sale of securities for its own account. The address of T2 Qualified's principal business and principal office is 145 East 57th Street, Tenth Floor, New York, New York 10022. Tilson Offshore is a private investment company engaged in the purchase and sale of securities for its own account. The address of Tilson Offshore's principal business and principal office is c/o Walkers SPV Ltd., P.O. Box 908 GT, Walkers House, Mary Street, George Town, Cayman Islands. Tilson Focus is a private investment vehicle engaged in the purchase and sale of securities for its own account. The address of Tilson Focus's principal business and principal office is c/o NC Shareholder Services, 116 South Franklin Street, PO Box 4365, Rocky Mount, NC 27803. T2 GP serves as the general partner of T2 Accredited, T2 Qualified and T2 IM. The address of T2 GP's principal business and principal office is 145 East 57th Street, Tenth Floor, New York, New York 10022. Glenn H. Tongue is a managing member of T2 GP. Mr. Tongue's business address is 145 East 57th Street, Tenth Floor, New York, New York 10022. Page 10 of 20 Pages Whitney R. Tilson is a managing member of T2 GP. Mr. Tilson's business address is 145 East 57th Street, Tenth Floor, New York, New York 10022. Whitney R. Tilson, Glenn H. Tongue, T2 IM and T2 GP may each be deemed to have voting and dispositive power with respect to shares of Common Stock held by T2 Accredited, T2 Qualified, Tilson Offshore and Tilson Focus. The Directors and Executive Officers of Tilson Offshore are set forth on Exhibit A attached hereto, and the Trustees and Executive Officers of Tilson Focus are set forth on Exhibit B attached hereto, each of which is incorporated herein by reference. (d)-(e) During the last five years, none of the Filers or, to the knowledge of the Filers, any other individuals identified on Exhibit A or Exhibit B hereto, has been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) Whitney R. Tilson and Glenn H. Tongue are citizens and residents of the United States. Item 3. Source and Amount of Funds or Other Consideration The source and amount of funds (excluding commissions) used by T2 Accredited in making its purchases of the shares of Common Stock beneficially owned by it are set forth below: SOURCE OF FUNDS AMOUNT OF FUNDS Working Capital $2,564,194 The source and amount of funds (excluding commissions) used by T2 Qualified in making its purchases of the shares of Common Stock beneficially owned by it are set forth below: SOURCE OF FUNDS AMOUNT OF FUNDS Working Capital $1,699,319 The source and amount of funds (excluding commissions) used by Tilson Offshore in making its purchases of the shares of Common Stock beneficially owned by it are set forth below: SOURCE OF FUNDS AMOUNT OF FUNDS Working Capital $951,508 Page 11 of 20 Pages The source and amount of funds (excluding commissions) used by Tilson Focus in making its purchases of the shares of Common Stock beneficially owned by it are set forth below: SOURCE OF FUNDS AMOUNT OF FUNDS Working Capital $385,223 Item 4. Purpose of Transaction. The Filers have reviewed and support the recommendations of The Celebrate Express Shareholder Value Committee ("SVC") as detailed in their Schedule 13D filing on August 9, 2006 in Exhibit 2 thereto. The Filers expressly disclaim the existence of any group with the SVC. All of the shares of Common Stock reported herein as being beneficially owned by the Filers were acquired for investment purposes. Except as set forth herein, none of the Filers or, to their knowledge, any of the persons identified on Exhibit A or Exhibit B hereto, has any plans or proposals that relate to or would result in any of the transactions specified in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D. The Filers reserve the right to acquire, or cause to be acquired, additional securities of the Company, to dispose of, or cause to be disposed, such securities at any time or to formulate other purposes, plans or proposals regarding the Company or any of its securities, or to the extent deemed advisable in light of general investment and trading policies of the Filers, market conditions or other factors. Item 5. Interest in Securities of the Issuer. (a) As of the close of business on August 7, 2006: (i) T2 Accredited was the beneficial owner of 212,337 shares of Common Stock, which constitute in the aggregate 2.7% of the outstanding shares of Common Stock; (ii) T2 Qualified was the beneficial owner of 140,105 shares of Common Stock, which constitute in the aggregate 1.8% of the outstanding shares of Common Stock; (iii) Tilson Offshore was the beneficial owner of 78,567 shares of Common Stock, which constitute in the aggregate 1.0% of the outstanding shares of Common Stock; and (iv) Tilson Focus was the beneficial owner of 32,000 shares of Common Stock, which constitute in the aggregate 0.4% of the outstanding shares of Common Stock. Whitney R. Tilson, Glenn H. Tongue, T2 IM and T2 GP may each be deemed to be the beneficial owner of the shares of Common Stock beneficially owned directly and of record by each of T2 Accredited, T2 Qualified, Tilson Offshore and Tilson Focus, which constitute in the aggregate 6.0% of the outstanding shares of Common Stock. Each Filer disclaims beneficial ownership with respect to any shares of Common Stock other than the shares owned directly and of record by such Filer. The percentages set forth in response are based on the 7,759,821 shares of Common Stock outstanding as of March 31, 2006, as represented by the Company on its Form 10-Q filed with the Securities and Exchange Commission on April 13, 2006. Page 12 of 20 Pages (b) T2 IM, T2 GP, Whitney R. Tilson and Glenn H. Tongue have shared power to vote or direct the vote of and to dispose of or direct the disposition of (together with the applicable specified entity): (i) the 212,337 shares of Common Stock held by T2 Accredited; (ii) the 140,105 shares of Common Stock held by T2 Qualified; (iii) the 78,567 shares of Common Stock held by Tilson Offshore; and (iv) the 32,000 shares of Common Stock held by Tilson Focus. (c) Transactions in the Common Stock by the Filers effected in the last 60 days, all on the open market, are described in Schedule I hereto, which Schedule is hereby incorporated by reference. (d) Not applicable. (e) Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. None of the Filers or, to the knowledge of the Filers, any other individuals identified on Exhibit A or Exhibit B hereto, has any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Company, including, but not limited to, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees or profits, division of profits or loss, or the giving or withholding of proxies. Item 7. Material to be Filed as Exhibits. Exhibit A - Directors and Executive Officers of Tilson Offshore Exhibit B - Trustees and Executive Officers of Tilson Focus Exhibit C - Joint Filing Agreement Page 13 of 20 Pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. Dated: August 16, 2006 /s/ WHITNEY R. TILSON - ------------------------------- Whitney R. Tilson /s/ GLENN H. TONGUE - ------------------------------- Glenn H. Tongue T2 Partners Management, LP By: T2 Partners Management, LLC, General Partner By: /s/ WHITNEY R. TILSON ---------------------------------- Whitney R. Tilson, Managing Member T2 Partners Management, LLC By: /s/ WHITNEY R. TILSON ---------------------------------- Whitney R. Tilson, Managing Member T2 Accredited Fund, LP By: T2 Partners Management, LLC, General Partner By: /s/ WHITNEY R. TILSON ---------------------------------- Whitney R. Tilson, Managing Member Page 14 of 20 Pages T2 Qualified Fund, LP By: T2 Partners Management, LLC, General Partner By: /s/ WHITNEY R. TILSON ---------------------------------- Whitney R. Tilson, Managing Member Tilson Focus Fund By: /s/ WHITNEY R. TILSON ---------------------------------- Whitney R. Tilson, Trustee Tilson Offshore Fund, Ltd. By: /s/ WHITNEY R. TILSON ---------------------------------- Whitney R. Tilson, Director Page 15 of 20 Pages EXHIBIT A DIRECTORS AND EXECUTIVE OFFICERS OF TILSON OFFSHORE FUND, LTD. 1. Francesco Azzollini - Director Cattolica Partecipazioni S.p.A. Piazza Garibaldi 10 70056 Molfetta (BA) Italy Mr. Azzolllini is the CEO of Cattolica Partecipazioni S.p.A, an investment vehicle organized in Italy. He is a citizen of Italy. 2. Davide Salvatore Carriero - Director Cattolica Partecipazioni S.p.A. Piazza Garibaldi 10 70056 Molfetta (BA) Italy Mr. Carriero is a Financial Analyst at Cattolica Partecipazioni S.p.A, an investment vehicle organized in Italy. He is a citizen of Italy. 3. Whitney R. Tilson - Director (See Item 2) Page 16 of 20 Pages EXHIBIT B TRUSTEES AND EXECUTIVE OFFICERS OF TILSON FOCUS FUND 1. Jack E. Brinson 1105 Panola Street Tarboro, North Carolina 27886 Mr. Brinson is Trustee and Chairman of the Tilson Focus Fund. Mr. Brinson is retired and acts as the independent trustee of various investment companies. Mr. Brinson is a United States citizen. 2. Theo H. Pitt, Jr. 418 Western Avenue Rocky Mount, North Carolina 27802 Mr. Pitt is a Trustee of the Tilson Focus Fund. He is a Senior Partner at Community Financial Institutions Consulting and an Account Administrator at the Holden Wealth Management Group of Wachovia Securities (money management firm). Mr. Pitt is a United States citizen. 3. Whitney R. Tilson - Trustee and President (See Item 2) 4. Glenn H. Tongue - Vice President and Treasurer (See Item 2) 5. Julian G. Winters 116 South Franklin Street Rocky Mount, North Carolina 27804 Mr. Winters is Secretary and Assistant Treasurer of the Tilson Focus Fund. He also serves as Vice President of Compliance and Administration at The Nottingham Company (provider of investment administration). Mr. Winters is a United States citizen. Page 17 of 20 Pages EXHIBIT C JOINT FILING AGREEMENT The persons named below agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Common Stock, par value $0.001 per share, of Celebrate Express, Inc. and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filing. In evidence thereof, the undersigned hereby execute this Agreement this 16th day of August, 2006. /s/ WHITNEY R. TILSON --------------------------------- Whitney R. Tilson /s/ GLENN H. TONGUE --------------------------------- Glenn H. Tongue T2 Partners Management, LP By: T2 Partners Management, LLC, General Partner By: /s/ WHITNEY R. TILSON ---------------------------------- Whitney R. Tilson, Managing Member T2 Partners Management, LLC By: /s/ WHITNEY R. TILSON ---------------------------------- Whitney R. Tilson, Managing Member T2 Accredited Fund, LP By: T2 Partners Management, LLC, General Partner By: /s/ WHITNEY R. TILSON ---------------------------------- Whitney R. Tilson, Managing Member Page 18 of 20 Pages T2 Qualified Fund, LP By: T2 Partners Management, LLC, General Partner By: /s/ WHITNEY R. TILSON ---------------------------------- Whitney R. Tilson, Managing Member Tilson Focus Fund By: /s/ WHITNEY R. TILSON ---------------------------------- Whitney R. Tilson, Trustee Tilson Offshore Fund, Ltd. By: /s/ WHITNEY R. TILSON ---------------------------------- Whitney R. Tilson, Director Page 19 of 20 Pages SCHEDULE I SCHEDULE OF TRANSACTIONS ------------------------ Filer Trade Date Quantity Price T2 ACCREDITED FUND LP 6-Jul-06 236 $12.16 T2 ACCREDITED FUND LP 20-Jul-06 101 $13.05 T2 ACCREDITED FUND LP 25-Jul-06 70,000 $12.38 T2 ACCREDITED FUND LP 26-Jul-06 5,000 $12.01 T2 ACCREDITED FUND LP 1-Aug-06 3,000 $12.40 T2 ACCREDITED FUND LP 2-Aug-06 2,000 $12.35 T2 ACCREDITED FUND LP 7-Aug-06 42,000 $11.95 T2 ACCREDITED FUND LP 7-Aug-06 90,000 $11.75 T2 QUALIFIED FUND LP 6-Jul-06 118 $12.16 T2 QUALIFIED FUND LP 25-Jul-06 6,453 $12.41 T2 QUALIFIED FUND LP 25-Jul-06 43,800 $12.38 T2 QUALIFIED FUND LP 26-Jul-06 8,000 $12.01 T2 QUALIFIED FUND LP 27-Jul-06 2,100 $12.34 T2 QUALIFIED FUND LP 28-Jul-06 1,200 $12.48 T2 QUALIFIED FUND LP 31-Jul-06 2,800 $12.48 T2 QUALIFIED FUND LP 1-Aug-06 3,134 $12.40 T2 QUALIFIED FUND LP 2-Aug-06 2,500 $12.35 T2 QUALIFIED FUND LP 7-Aug-06 20,000 $11.95 T2 QUALIFIED FUND LP 7-Aug-06 50,000 $11.75 TILSON OFFSHORE FUND LTD 6-Jul-06 118 $12.16 TILSON OFFSHORE FUND LTD 25-Jul-06 28,000 $12.38 TILSON OFFSHORE FUND LTD 26-Jul-06 12,700 $12.01 TILSON OFFSHORE FUND LTD 2-Aug-06 749 $12.35 TILSON OFFSHORE FUND LTD 7-Aug-06 12,397 $11.95 TILSON OFFSHORE FUND LTD 7-Aug-06 24,603 $11.75 TILSON FOCUS FUND 25-Jul-06 12,000 $12.38 TILSON FOCUS FUND 26-Jul-06 2,000 $12.01 TILSON FOCUS FUND 7-Aug-06 5,603 $11.95 TILSON FOCUS FUND 7-Aug-06 12,397 $11.75 Page 20 of 20 Pages -----END PRIVACY-ENHANCED MESSAGE-----