-----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, KogkHEEWiJWuWWV4jTo2udnrfQzkgHe0hyJVrFBbWow7KidQd4GhnyXB03LJFQ51 YIGtruHCuAy7o9kXLL58Qg== 0000950123-03-014064.txt : 20031222 0000950123-03-014064.hdr.sgml : 20031222 20031222171443 ACCESSION NUMBER: 0000950123-03-014064 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20031222 GROUP MEMBERS: DELTA OPPORTUNITY FUND (INSTITUTIONAL) LLC GROUP MEMBERS: DELTA OPPORTUNITY FUND LTD GROUP MEMBERS: DIAZ & ALTSCHUL ADVISORS LLC GROUP MEMBERS: DIAZ & ALTSCHUL CAPITAL MANAGEMENT LLC GROUP MEMBERS: DIAZ & ALTSCHUL MANAGEMENT LLC GROUP MEMBERS: REINALDO M DIAZ FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ALTSCHUL ARTHUR G JR CENTRAL INDEX KEY: 0001173479 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 950 THIRD AVENUE STREET 2: 16TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2127511011 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: VALENTIS INC CENTRAL INDEX KEY: 0000932352 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 943156660 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-53479 FILM NUMBER: 031068271 BUSINESS ADDRESS: STREET 1: 863A MITTEN RD CITY: BURLINGAME STATE: CA ZIP: 94010 BUSINESS PHONE: 6506971900 MAIL ADDRESS: STREET 1: 863A MITTEN ROAD CITY: BURLINGAME STATE: CA ZIP: 94010 FORMER COMPANY: FORMER CONFORMED NAME: MEGABIOS CORP DATE OF NAME CHANGE: 19960716 SC 13D/A 1 y92748sc13dza.txt AMENDMENT NO 1 TO SCHEDULE 13D Page 1 of 15 Pages UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1)* Valentis, Inc. ------------------------------------------------------------------------------ (Name of the Issuer) Common Stock, par value $.001 per share - ------------------------------------------------------------------------------ (Title of Class of Securities) 91913E302 - ------------------------------------------------------------------------------ (CUSIP Number) Arthur G. Altschul, Jr. Diaz & Altschul Capital Management, LLC 950 Third Avenue New York, New York 10022 212-751-1011 - ------------------------------------------------------------------------------ (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) December 2, 2003 ------------------------------------------------------------------------------ (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 which 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 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 ("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). SCHEDULE 13D CUSIP No. 91913E302 Page 2 of 15 Pages - ----------- ------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Arthur G. Altschul, Jr. (in the capacity described herein) - ----------- ------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ----------- ------------------------------------------------------------------ 3 SEC USE ONLY - ----------- ------------------------------------------------------------------ 4 SOURCE OF FUNDS* Not Applicable - ----------- ------------------------------------------------------------------ 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 - ----------- ------------------------------------------------------------------ 7 SOLE VOTING POWER -0- NUMBER OF ------- ---------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 1,439,905 shares of Common Stock (see Item 5) OWNED BY ------- ---------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- PERSON WITH: ------- ---------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,439,905 shares of Common Stock (see Item 5) - ------------------------------ ---------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,439,905 shares of Common Stock (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) 24.9% - ----------- ------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* IN - ---------- ------------------------------------------------------------------- SCHEDULE 13D CUSIP No. 91913E302 Page 3 of 15 Pages - ----------- ------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Reinaldo M. Diaz (in the capacity described herein) - ----------- ------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ----------- ------------------------------------------------------------------ 3 SEC USE ONLY - ----------- ------------------------------------------------------------------ 4 SOURCE OF FUNDS* Not Applicable - ----------- ------------------------------------------------------------------ 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 - ----------- ------------------------------------------------------------------ 7 SOLE VOTING POWER -0- NUMBER OF ------- ---------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 1,439,905 shares of Common Stock (see Item 5) OWNED BY ------- ---------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- PERSON WITH: ------- ---------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,439,905 shares of Common Stock (see Item 5) - ------------------------------ ---------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,439,905 shares of Common Stock (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) 24.9% - ----------- ------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* IN - ----------- ------------------------------------------------------------------ Schedule 13D CUSIP No. 91913E302 SCHEDULE 13D Page 4 of 15 Pages - ----------- ------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Diaz & Altschul Capital Management, LLC - ----------- ------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ----------- ------------------------------------------------------------------ 3 SEC USE ONLY - ----------- ------------------------------------------------------------------ 4 SOURCE OF FUNDS* Not Applicable - ----------- ------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ----------- ------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - ----------- ------------------------------------------------------------------ 7 SOLE VOTING POWER -0- NUMBER OF ------- ---------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 1,439,905 shares of Common Stock (see Item 5) OWNED BY ------- ---------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- PERSON WITH: ------- ---------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,439,905 shares of Common Stock (see Item 5) - ------------------------------ ---------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,439,905 shares of Common Stock (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) 24.9% - ----------- ------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* OO - ----------- ------------------------------------------------------------------ Schedule 13D CUSIP No. 91913E302 SCHEDULE 13D Page 5 of 15 Pages - ----------- ------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Diaz & Altschul Advisors, LLC - ----------- ------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ----------- ------------------------------------------------------------------ 3 SEC USE ONLY - ----------- ------------------------------------------------------------------ 4 SOURCE OF FUNDS* Not Applicable - ----------- ------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ----------- ------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York - ----------- ------------------------------------------------------------------ 7 SOLE VOTING POWER -0- NUMBER OF ------- ---------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 1,439,905 shares of Common Stock (see Item 5) OWNED BY ------- ---------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- PERSON WITH: ------- ---------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,439,905 shares of Common Stock (see Item 5) - ------------------------------ ---------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,439,905 shares of Common Stock (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) 24.9% - ----------- ------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* OO - ----------- ------------------------------------------------------------------ Schedule 13D CUSIP No. 91913E302 SCHEDULE 13D Page 6 of 15 Pages - ----------- ------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Diaz & Altschul Management, LLC - ----------- ------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ----------- ------------------------------------------------------------------ 3 SEC USE ONLY - ----------- ------------------------------------------------------------------ 4 SOURCE OF FUNDS* Not Applicable - ----------- ------------------------------------------------------------------ 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 - ----------- ------------------------------------------------------------------ 7 SOLE VOTING POWER -0- NUMBER OF ------- ---------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 533,260 shares of Common Stock (see Item 5) OWNED BY ------- ---------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- PERSON WITH: ------- ---------------------------------------------- 10 SHARED DISPOSITIVE POWER 533,260 shares of Common Stock (see Item 5) - ------------------------------ ---------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 533,260 shares of Common Stock (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) 9.2% - ----------- ------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* OO - ----------- ------------------------------------------------------------------ Schedule 13D CUSIP No. 91913E302 SCHEDULE 13D Page 7 of 15 Pages - ----------- ------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Delta Opportunity Fund, Ltd. - ----------- ------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ----------- ------------------------------------------------------------------ 3 SEC USE ONLY - ----------- ------------------------------------------------------------------ 4 SOURCE OF FUNDS* OO - ----------- ------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ----------- ------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - ----------- ------------------------------------------------------------------ 7 SOLE VOTING POWER -0- NUMBER OF ------- ---------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 906,644 shares of Common Stock (see Item 5) OWNED BY ------- ---------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- PERSON WITH: ------- ---------------------------------------------- 10 SHARED DISPOSITIVE POWER 906,644 shares of Common Stock (see Item 5) - ------------------------------ ---------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 906,644 shares of Common Stock (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) 15.7% - ----------- ------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* CO - ----------- ------------------------------------------------------------------ Schedule 13D CUSIP No. 91913E302 SCHEDULE 13D Page 8 of 15 Pages - ----------- ------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Delta Opportunity Fund (Institutional), LLC - ----------- ------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ----------- ------------------------------------------------------------------ 3 SEC USE ONLY - ----------- ------------------------------------------------------------------ 4 SOURCE OF FUNDS* OO - ----------- ------------------------------------------------------------------ 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 - ----------- ------------------------------------------------------------------ 7 SOLE VOTING POWER -0- NUMBER OF ------- ---------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 533,260 shares of Common Stock (see Item 5) OWNED BY ------- ---------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- PERSON WITH: ------- ---------------------------------------------- 10 SHARED DISPOSITIVE POWER 533,260 shares of Common Stock (see Item 5) - ------------------------------ ---------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 533,260 shares of Common Stock (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) 9.2% - ----------- ------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* OO - ----------- ------------------------------------------------------------------ SCHEDULE 13D CUSIP No. 91913E302 Page 9 of 15 Pages This Amendment No. 1 on Schedule 13D amends Item 5, Item 6 and Item 7 of the initial statement on Schedule 13D dated February 3, 2003 filed by the Reporting Persons (as defined herein) (such initial statement on Schedule 13D is referred to herein as the "Schedule 13D"). This Amendment No. 1 relates to the Common Stock, $.001 par value ("Common Stock"), of Valentis, Inc., a Delaware corporation, (the "Issuer"). The Issuer's principal executive offices are located at 863A Mitten Road, Burlingame, California 94010. This Amendment No. 1 is being filed on behalf of each of the following persons: (i) Diaz & Altschul Capital Management, LLC, a New York limited liability company ("D&A") ; (ii) Diaz & Altschul Advisors, LLC, a New York limited liability company ("D&A Advisors"); (iii) Diaz & Altschul Management, LLC, a Delaware limited liability company ("D&A Management"); (iv) Delta Opportunity Fund, Ltd., a British Virgin Islands company ("Delta"); (v) Delta Opportunity Fund (Institutional), LLC, a Delaware limited liability company ("Institutional"); (vi) Arthur G. Altschul, Jr. ("Mr. Altschul"); and (vii) Reinaldo M. Diaz ("Mr. Diaz"). The foregoing persons are hereinafter sometimes collectively referred to as "Reporting Persons." Information as to each Reporting Person set forth in this Amendment No. 1 has been provided by such Reporting Person. Capitalized terms used in this Amendment No. 1 without definition have the respective meanings given such terms in the Schedule 13D. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) Delta has entered into a Securities Purchase Agreement, dated as of December 1, 2003, by and between the Issuer and the purchasers named therein (the "Purchase Agreement") pursuant to which Delta has agreed to purchase 121,951 shares of Common Stock and warrants (the "Warrants") to purchase 48,780 shares of Common Stock. The closing of the sale of shares of Common Stock and Warrants under the Purchase Agreement is subject to conditions precedent, including, without limitation, approval of the transactions contemplated by the Purchase Agreement by the stockholders of the Issuer. If the purchase of such shares of Common Stock and Warrants occurs, the number of shares of Common Stock which the Reporting Persons may be deemed to beneficially own and the percent of the class which may be represented by such amounts would be as follows: SCHEDULE 13D CUSIP No. 91913E302 Page 10 of 15 Pages Reporting Person Shares of Common Stock Percent of Class ---------------- ---------------------- ---------------- Mr. Altschul 1,610,636 27.0%* Mr. Diaz 1,610,636 27.0%* D&A 1,610,636 27.0%* D&A Advisors 1,610,636 27.0%* D&A Management 533,260 9.2%* Delta 1,077,376 18.1%* Institutional 533,260 9.2%* (*Based on 5,777,210 shares of Common Stock outstanding, as of September 30, 2003, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended September 30, 2002.) (b) If Delta's purchase of shares of Common Stock and Warrants pursuant to the Purchase Agreement occurs, the number of Shares as to which the Person has: Mr. Altschul, Mr. Diaz, D&A and D&A Advisors: -------------------------------------------- (i) sole power to vote or to direct the vote -0- (ii) shared power to vote or to direct the vote: 1,610,636 shares of Common Stock* (iii) sole power to dispose or to direct the disposition of -0- (iv) shared power to dispose or to direct the disposition of 1,610,636 shares of Common Stock* Delta: ----- (i) sole power to vote or to direct the vote -0- SCHEDULE 13D CUSIP No. 91913E302 Page 11 of 15 Pages (ii) shared power to vote or to direct the vote: 1,077,376 shares of Common Stock* (iii) sole power to dispose or to direct the disposition of -0- (iv) shared power to dispose or to direct the disposition of 1,077,376 shares of Common Stock* Institutional and D&A Management: --------------------------------- (i) sole power to vote or to direct the vote -0- (ii) shared power to vote or to direct the vote: 533,260 shares of Common Stock* (iii) sole power to dispose or to direct the disposition of -0- (iv) shared power to dispose or to direct the disposition of 533,260 shares of Common Stock* * D&A is the parent company of D&A Advisors and D&A Management. By reason of its control of D&A Advisors and D&A Management, D&A may be deemed to share dispositive power over the shares of Common Stock listed as beneficially owned by D&A Advisors and D&A Management. The amount listed as beneficially owned by D&A includes the amounts listed as beneficially owned by D&A Advisors and D&A Management. D&A disclaims beneficial ownership of such shares of Common Stock. D&A Advisors serves as investment advisor to Delta and Institutional. By reason of such relationships, D&A Advisors may be deemed to share voting and dispositive power over the shares of Common Stock owned by Delta and Institutional. D&A Advisors disclaims beneficial ownership of such shares of Common Stock. D&A Management serves as investment manager to and managing member of Institutional. By reason of such relationships, D&A Management may be deemed to share voting and dispositive power over the shares of Common Stock listed SCHEDULE 13D CUSIP No. 91913E302 Page 12 of 15 Pages as beneficially owned by Institutional. D&A Management disclaims beneficial ownership of such shares of Common Stock. Mr. Altschul is a member of D&A, the parent company of D&A Advisors, and is a member of D&A Management. By reason of such relationships, Mr. Altschul may be deemed to share voting and dispositive power over the shares of Common Stock listed as beneficially owned by D&A Advisors and D&A Management. Mr. Altschul disclaims beneficial ownership of such shares of Common Stock listed as beneficially owned by D&A Advisors and D&A Management. Mr. Diaz is a member of D&A, the parent company of D&A Advisors, and is a member of D&A Management. By reason of such relationships, Mr. Diaz may be deemed to share voting and dispositive power over the shares of Common Stock listed as beneficially owned by D&A Advisors and D&A Management. Mr.Diaz disclaims beneficial ownership of such shares of Common Stock listed as beneficially owned by D&A Advisors and D&A Management. The shares of Common Stock reported as beneficially owned are held by Delta and Institutional. Mr. Altschul, Mr. Diaz, D&A, D&A Advisors and D&A Management disclaim beneficial ownership of such shares of Common Stock. Delta and Institutional each disclaims beneficial ownership of shares of Common Stock reported on this Schedule as beneficially owned by any other person identified on this Schedule. (c) Except for Delta entering into the Purchase Agreement as described in Item 5, none of the D&A Reporting Persons has effected any transaction in the Shares during the past 60 days, and, to the best of the D&A Reporting Persons' knowledge, no person named in Exhibit A has effected any transactions in the Shares during the past 60 days. (d) Each of the D&A Reporting Persons affirms that except as described below, no other person has the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, any Shares. The shareholders of Delta have the right to participate in the receipt of dividend from, or the proceeds from the sale of, the Shares and Warrants beneficially owned by Delta in accordance with their ownership interests in Delta. The members of Institutional have the right to participate in the receipt of dividends from, or the proceeds from the sale of, the Shares and Warrants beneficially owned by Institutional in accordance with their ownership interests in Institutional. (e) Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. Item 6 is hereby amended to add the following: As described above, Delta entered into a Securities Purchase Agreement with the Issuer, dated as of December 1, 2003 pursuant to which Delta has agreed to purchase 121,951 shares of Common Stock and Warrants to purchase 48,780 shares of Common Stock. The closing of the purchase of such sale of Common Stock and Warrants is subject to conditions precedent, including, without limitation, stockholder approval. The Issuer has filed a definitive proxy statement for an annual meeting of stockholders to be held on SCHEDULE 13D CUSIP No. 91913E302 Page 13 of 15 Pages December 30, 2003. Pursuant to a Registration Rights Agreement, dated as of December 1, 2003, by and among the Issuer and the Investors named therein (the "Registration Rights Agreement"), the Issuer has agreed to file within 45 days of the Closing a Registration Statement covering the shares of Common Stock issuable pursuant to the Purchase Agreement and upon exercise of the Warrants. Except as described herein, there is no agreement, understanding, contract, arrangement or relationship between any of the D&A Reporting Persons and the Issuer. The summary of the Securities Purchase Agreement, the Warrants and the Registration Rights Agreement contained in this statement is not intended to be complete and are qualified by reference to the form of Securities Purchase Agreement, form of Registration Rights Agreement and form of Warrant, included as Exhibits 99.6, 99.7 and 99.8 respectively, which are incorporated herein by reference. Item 7. Material to be Filed as Exhibits. Item 7 is hereby amended to add the following as additional exhibits: Exhibit 99.6 Form of Securities Purchase Agreement, dated as of December 1, 2003 (incorporated herein by reference to Exhibit C to the Issuer's definitive proxy statement filed with the Securities and Exchange Commission on December 15, 2003). Exhibit 99.7 Form of Registration Rights Agreement, dated as of December 1, 2003 (incorporated herein by reference to Exhibit D to the Issuer's definitive proxy statement filed with the Securities and Exchange Commission on December 15, 2003) Exhibit 99.8 Form of Common Stock Purchase Warrant (incorporated herein by reference to Exhibit E to the Issuer's definitive proxy statement filed with the Securities and Exchange Commission on December 15, 2003) SCHEDULE 13D CUSIP No. 91913E302 Page 14 of 15 Pages SIGNATURE After reasonable inquiry and to the best of the undersigned's knowledge and belief, each of the undersigned certifies as to itself that the information set forth in this statement is true, complete and correct. Dated: December 22, 2003 Date: December 22, 2003 DIAZ & ALTSCHUL CAPITAL MANAGEMENT, LLC By: /s/ Christopher S. Mooney ------------------------------- Name: Christopher S. Mooney Title: Chief Financial Officer Date: December 22, 2003 DIAZ & ALTSCHUL ADVISORS, LLC By: /s/ Christopher S. Mooney ------------------------------- Name: Christopher S. Mooney Title: Chief Financial Officer Date: December 22, 2003 DIAZ & ALTSCHUL MANAGEMENT, LLC By: /s/ Christopher S. Mooney ------------------------------- Name: Christopher S. Mooney Title: Chief Financial Officer Date: December 22, 2003 DELTA OPPORTUNITY FUND, LTD. By: DIAZ & ALTSCHUL ADVISOR, LLC as investment advisor By: /s/ Christopher S. Mooney ------------------------------- Name: Christopher S. Mooney Title: Chief Financial Officer Date: December 22, 2003 DELTA OPPORTUNITY FUND (INSTITUTIONAL), LLC By: DIAZ & ALTSCHUL MANAGEMENT, LLC as managing member By: /s/ Christopher S. Mooney ------------------------------- Name: Christopher S. Mooney Title: Chief Financial Officer Date: December 22, 2003 /s/ Arthur G. Altschul, Jr. ------------------------------------- Arthur G. Altschul, Jr. SCHEDULE 13D CUSIP No. 91913E302 Page 15 of 15 Pages Date: December 22, 2003 /s/ Reinaldo M. Diaz ------------------------------------- Reinaldo M. Diaz -----END PRIVACY-ENHANCED MESSAGE-----