-----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, VxOjneEvv2vpYEO1WVHxN+GZBzbwXGaqvKQH8+LwWASVySebRY8UIKFSwj5Np9NE Cm6WedN+ZThlTW7T+KKSEg== 0001058854-02-000103.txt : 20020414 0001058854-02-000103.hdr.sgml : 20020414 ACCESSION NUMBER: 0001058854-02-000103 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20020226 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SI TECHNOLOGIES INC CENTRAL INDEX KEY: 0000719582 STANDARD INDUSTRIAL CLASSIFICATION: MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590] IRS NUMBER: 953381440 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-38583 FILM NUMBER: 02558680 BUSINESS ADDRESS: STREET 1: 14192 FRANKLIN AVE CITY: TUSTIN STATE: CA ZIP: 92780 BUSINESS PHONE: 7145056483 MAIL ADDRESS: STREET 1: 14192 FRANKLIN AVE CITY: TUSTIN STATE: CA ZIP: 92780 FORMER COMPANY: FORMER CONFORMED NAME: STRUCTURAL INSTRUMENTATION INC DATE OF NAME CHANGE: 19950607 FORMER COMPANY: FORMER CONFORMED NAME: INVENTION DESIGN ENGINEERING ASSOCIATES INC DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CANNELL CAPITAL LLC CENTRAL INDEX KEY: 0001058854 IRS NUMBER: 943366999 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 150 CALIFORNIA STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4158358300 MAIL ADDRESS: STREET 1: 150 CALIFORNIA STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94111 FORMER COMPANY: FORMER CONFORMED NAME: CANNELL J CARLO DBA CANNELL CAPITAL MGMT DATE OF NAME CHANGE: 19980330 SC 13D/A 1 sitech13d01-02.txt SEC 1746 (2-98) SF/209418.2 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. __)* SI Technologies Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class Securities) 783978109 ------------------------------------ (CUSIP Number) Kenneth D. Heller Cannell Capital, LLC, 150 California Street, 5th Floor, San Francisco, CA 94111 (415) 395-3330 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications January 2, 2002 - -------------------------------------------------------------------------------- (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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-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. Seess.240.13d-7 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 the disclosure 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). Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a current valid OMB control number. SF/209418.2 CUSIP No. 783978109 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Cannell Capital, LLC 94-3366999 - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) ................................................................. ------------------------------------------------------------------ (b) ................................................................. ------------------------------------------------------------------ - -------------------------------------------------------------------------------- 3. SEC Use Only.......................................................... ----------------------------------------------------------- - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) OO................................. ------------------------------------ - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)................................................................ ----------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization California................... --------------------------------- - -------------------------------------------------------------------------------- Number of 7. Sole Voting Power 0.................................. ---------------------------------------- Shares Beneficially Owned by Each Reporting Person With: ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 8. Shared Voting Power 404,300......................... -------------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9. Sole Dispositive Power 0 ............................ ----------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10. Shared Dispositive Power 404,300..................... ---------------------------------- ------------------------------------------------------------------- - -------------------------------------------------------------------------------- 11.Aggregate Amount Beneficially Owned by Each Reporting Person 404,300 ------------ 12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13............Percent of Class Represented by Amount in Row (11) 11.3% ---------- - -------------------------------------------------------------------------------- 14............................Type of Reporting Person (See Instructions) - -------------------------------------------------------------------------------- IA....................................................................... - ----------------------------------------------------------------------------- ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... SF/209418.2 CUSIP No. 783978109 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). J. Carlo Cannell - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) ................................................................. ------------------------------------------------------------------ (b) ................................................................. ------------------------------------------------------------------ - -------------------------------------------------------------------------------- 3. SEC Use Only.......................................................... ----------------------------------------------------------- - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) OO................................. ------------------------------------ - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)................................................................ ----------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization USA.......................... --------------------------------- - -------------------------------------------------------------------------------- Number of 7. Sole Voting Power 0 .................................. ---------------------------------------- Shares Beneficially Owned by Each Reporting Person With: ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 8. Shared Voting Power 404,300......................... -------------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9. Sole Dispositive Power 0 ............................ ----------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10. Shared Dispositive Power 404,300..................... ---------------------------------- ------------------------------------------------------------------- - -------------------------------------------------------------------------------- 11.Aggregate Amount Beneficially Owned by Each Reporting Person 404,300 ------------ 12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13............Percent of Class Represented by Amount in Row (11) 11.3% ---------- - -------------------------------------------------------------------------------- 14............................Type of Reporting Person (See Instructions) - -------------------------------------------------------------------------------- IN/HC.................................................................... - ----------------------------------------------------------------------------- ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... SF/209418.2 CUSIP No. 783978109 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). The Cuttyhunk Fund Limited - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) ................................................................. ------------------------------------------------------------------ (b) ................................................................. ------------------------------------------------------------------ - -------------------------------------------------------------------------------- 3. SEC Use Only.......................................................... ----------------------------------------------------------- - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) WC................................. ------------------------------------ - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)................................................................ ----------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Bermuda...................... --------------------------------- - -------------------------------------------------------------------------------- Number of 7. Sole Voting Power 0 .................................. ---------------------------------------- Shares Beneficially Owned by Each Reporting Person With: ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 8. Shared Voting Power ................................ -------------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9. Sole Dispositive Power 0 ............................ ----------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10. Shared Dispositive Power 321,660..................... ---------------------------------- ------------------------------------------------------------------- - -------------------------------------------------------------------------------- 11.Aggregate Amount Beneficially Owned by Each Reporting Person 321,660 ------------ 12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13.............Percent of Class Represented by Amount in Row (11) 9.0% --------- - -------------------------------------------------------------------------------- 14............................Type of Reporting Person (See Instructions) - -------------------------------------------------------------------------------- CO....................................................................... - ----------------------------------------------------------------------------- ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... SF/209418.2 CUSIP No. 783978109 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). The Anegada Fund Limited - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) ................................................................. ------------------------------------------------------------------ (b) ................................................................. ------------------------------------------------------------------ - -------------------------------------------------------------------------------- 3. SEC Use Only.......................................................... ----------------------------------------------------------- - -------------------------------------------------------------------------------- 4. Source of Funds (See Instructions) WC................................. ------------------------------------ - -------------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)................................................................ ----------------------------------------------------------------- - -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Cayman Islands............... --------------------------------- - -------------------------------------------------------------------------------- Number of 7. Sole Voting Power 0 ................................. ---------------------------------------- Shares Beneficially Owned by Each Reporting Person With: ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 8. Shared Voting Power 82,640.......................... -------------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9. Sole Dispositive Power 0 ............................ ----------------------------------- ------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10. Shared Dispositive Power 82,640...................... ---------------------------------- ------------------------------------------------------------------- - -------------------------------------------------------------------------------- 11.Aggregate Amount Beneficially Owned by Each Reporting Person 82,640 ----------- 12.Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) 13.............Percent of Class Represented by Amount in Row (11) 2.3% --------- - -------------------------------------------------------------------------------- 14............................Type of Reporting Person (See Instructions) - -------------------------------------------------------------------------------- CO....................................................................... - ----------------------------------------------------------------------------- ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... ......................................................................... SF/209418.2 Item 1 Security and Issuer This statement relates to Common Stock ("Common Stock"), issued by SI Technologies Inc.. The address of the principal executive offices of SI Technologies Inc. is 14192 Franklin Ave., Tustin, CA 92780 Item 2 Identity and Background Name: Cannell Capital, LLC ("Adviser") Place of Organization: California Principal Business: Investment Adviser Address: 150 California Street, 5th Floor, San Francisco, CA 94111 Criminal Proceedings: None Applicable Civil, Judicial or Administrative Proceedings: None Name: The Cuttyhunk Fund Limited ("Cuttyhunk") Place of Organization: Bermuda Principal Business: Investment Address: 73 Front Street, Hamilton, Bermuda HM 12 Criminal Proceedings: None Applicable Civil, Judicial or Administrative Proceedings: None Name: The Anegada Fund Limited ("Anegada") Place of Organization: Cayman Islands Principal Business: Investment Address: c/o Goldman Sachs (Cayman) Trust, Limited, 2nd Floor, Harbour Centre, George Town, Cayman Islands, BWI Criminal Proceedings: None Applicable Civil, Judicial or Administrative Proceedings: None J Carlo Cannell is the controlling and managing member of Adviser. Adviser serves as investment adviser to Cuttyhunk and Anegada. Item 3 Source and amount of Funds or other Consideration The aggregate amount of funds used by Cuttyhunk to purchase 321,660 shares of Common Stock owned by it was approximately $1,347,140. Such amount was derived from working capital. The aggregate amount of funds used by Anegada to purchase 82,640 shares of Common Stock owned by it was approximately $227,359. Such amount was derived from working capital. Item 4 Purpose of Transaction The Common Stock was originally purchased by the Reporting Persons for passive investment purposes. The Adviser has concerns regarding the business prospects of SI and is reviewing the alternatives, on behalf of all Reporting Persons. The Advisor intends to closely monitor developments relating to and affecting SI. Subject to availability at prices deemed favorable, the Reporting Persons may acquire additional shares of Common Stock of the Company from time to time in the open market, in privately negotiated transactions or otherwise. The Reporting Persons may dispose of shares of Common Stock of the Company from time to time in the open market, in privately negotiated transactions or otherwise. Except as set forth above, the Reporting Persons has no present plans or intentions that relate to or that would result in any of the transactions described in clauses (a) through (j) of Item 4 of Schedule 13D. Item 5 Interest in Securities of the Issuer (a) As of January 2, 2002, the Reporting Persons directly or indirectly beneficially owned 404,300 shares, or 9.0%, of Common Stock of SI Technologies Inc. (the approximate of the shares of Common Stock owned is based on 3,579,935 shares of common stock outstanding by SI Technologies on December 14, 2001). (1) Cuttyhunk owned 321,660 shares (9.0%) (2) Anegada owned 82,640 shares (2.3%) (b) The responses of the Reporting Persons to Items 7 through 11 of the portions of the cover page of this Schedule D which relate to beneficial ownership of shares of the Common Stock are incorporated herein by reference. (c) A list of transactions in the past 60 days. - ------------------------------------------------------ Amount Price Bought/ Per Where & How Party Date (Sold) Share Effected - ------------------------------------------------------ Anegada 12/26/01 (12,800) 2.405 Open Market Anegada 12/27/01 (18,800) 2.320 Open Market Anegada 12/28/01 (1,500) 2.220 Open Market Anegada 12/31/01 (3,100) 1.920 Open Market Anegada 1/2/02 (600) 2.050 Open Market Cuttyhunk 12/26/01 (28,900) 2.405 Open Market Cuttyhunk 12/27/01 (42,200) 2.320 Open Market Cuttyhunk 12/28/01 (3,500) 2.220 Open Market Cuttyhunk 12/31/01 (6,900) 1.920 Open Market Cuttyhunk 1/2/02 (1,400) 2.050 Open Market (d) Not Applicable (e) Not Applicable Item 6 Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer J. Carlo Cannell controls and manages the Adviser who makes voting and dispositive decisions for the Cuttyhunk and Anegada. Item 7 Material to Be Filed as Exhibits N/A After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: January 2, 2002 J. Carlo Cannell /s/ J. Carlo Cannell --------------------------------- J. Carlo Cannell Cannell Capital, LLC /s/ J. Carlo Cannell -------------------------------- J. Carlo Cannell, Managing Member Then Anegada Fund, Limited /s/ J. Carlo Cannell -------------------------------- J. Carlo Cannell, Managing Member Cannell Capital, LLC, Investment Adviser The Cuttyhunk Fund Limited /s/ J. Carlo Cannell -------------------------------- J. Carlo Cannell, Managing Member Cannell Capital, LLC, Investment Adviser -----END PRIVACY-ENHANCED MESSAGE-----