-----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, DVB0eXfNsI6DhwKlMj+osr6Fz9hsXfLBVQPQ/TCbI9QuX/e5PVcdDUCrAG4BNBPl z3Bdlil3nltHQDUNIJzZRA== 0001169232-02-001482.txt : 20020906 0001169232-02-001482.hdr.sgml : 20020906 20020906162851 ACCESSION NUMBER: 0001169232-02-001482 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20020906 GROUP MEMBERS: BARRY FINGERHUT GROUP MEMBERS: BARRY RUBENSTEIN GROUP MEMBERS: BRIAN RUBENSTEIN GROUP MEMBERS: BROOKWOOD PARTNERS, L.P. GROUP MEMBERS: IRWIN LIEBER GROUP MEMBERS: JONATHAN LIEBER GROUP MEMBERS: MARILYN RUBENSTEIN GROUP MEMBERS: NANCY CASEY GROUP MEMBERS: REBECCA ALTMAN GROUP MEMBERS: SENECA VENTURES GROUP MEMBERS: SETH LIEBER GROUP MEMBERS: THE MARILYN AND BARRY RUBENSTEIN FAMILY FOUNDATION GROUP MEMBERS: WHEATLEY ASSOCIATES III, L.P. GROUP MEMBERS: WHEATLEY FOREIGN PARTNERS III, L.P. GROUP MEMBERS: WHEATLEY PARTNERS III, L.P. GROUP MEMBERS: WOODLAND VENTURE FUND SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: VIDEO NETWORK COMMUNICATIONS INC CENTRAL INDEX KEY: 0000944310 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 541707962 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-53297 FILM NUMBER: 02758714 BUSINESS ADDRESS: STREET 1: 50 INTERNATIONAL DRIVE CITY: PORTSMOUTH STATE: NH ZIP: 03801 BUSINESS PHONE: 6033346700 MAIL ADDRESS: STREET 1: 50 INTERNATIONAL DRIVE CITY: PORTSMOUTH STATE: NH ZIP: 03801 FORMER COMPANY: FORMER CONFORMED NAME: OBJECTIVE COMMUNICATIONS INC DATE OF NAME CHANGE: 19970122 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WOODLAND PARTNERS CENTRAL INDEX KEY: 0000936898 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 39 WOODLAND ROAD CITY: ROSLY STATE: NY ZIP: 11576 BUSINESS PHONE: 5166271032 MAIL ADDRESS: STREET 1: 68 WHEATLEY RD CITY: BROOKVILLE STATE: NY ZIP: 11545 SC 13G/A 1 d51730_sc13ga.txt AMENDMENT TO SCHEDULE 13G UNITED STATES SECURITIES & EXCHANGE COMMISSION Washington D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 3)* Video Network Communications, Inc. (Name of Issuer) Common Stock, $0.01 Par Value (Title of Class of Securities) 674421201 (CUSIP Number) May 17, 2002 Date of Event Which Requires Filing of this Statement Check the appropriate box to designate the rule pursuant to which this Schedule is filed: |_| Rule 13d-1(b) |X| Rule 13d-1(c) |_| Rule 13d-1(d) *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 disclosures 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). Page 1 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Wheatley Partners III, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 1,164,925 shares 2.4% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 501,742 shares 1.0% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 1,164,925 shares 2.4% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 501,742 shares 1.0% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,666,667 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.4% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - -------------------------------------------------------------------------------- Page 2 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Wheatley Associates III, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 249,122 shares 0.5% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 1,417,545 shares 2.9% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 249,122 shares 0.5% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 1,417,545 shares 2.9% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,666,667 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.4% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - -------------------------------------------------------------------------------- Page 3 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Wheatley Foreign Partners III, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 252,620 shares 0.5% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 1,414,047 shares 2.9% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 252,620 shares 0.5% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 1,414,047 shares 2.9% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,666,667 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.4% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - -------------------------------------------------------------------------------- Page 4 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Barry Rubenstein - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 120,517 shares 0.2% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 6,928,803 shares 14.0% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 120,517 shares 0.2% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 6,928,803 shares 14.0% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,049,320 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 14.2% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - -------------------------------------------------------------------------------- Page 5 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Irwin Lieber - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 287,184 shares 0.6% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 1,666,667 shares 3.4% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 287,184 shares 0.6% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 1,666,667 shares 3.4% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,953,851 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.0% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - -------------------------------------------------------------------------------- Page 6 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Barry Fingerhut - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 125,000 shares 0.3% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 1,666,667 shares 3.4% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 125,000 shares 0.3% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 1,666,667 shares 3.4% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,791,667 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.7% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - -------------------------------------------------------------------------------- Page 7 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Seth Lieber - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 41,667 shares 0.1% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 1,666,667 shares 3.4% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 41,667 shares 0.1% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 1,666,667 shares 3.4% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,708,334 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.5% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - -------------------------------------------------------------------------------- Page 8 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Jonathan Lieber - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 shares 0% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 1,666,667 shares 3.4% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 0 shares 0% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 1,666,667 shares 3.4% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,666,667 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.4% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - -------------------------------------------------------------------------------- Page 9 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Nancy Casey - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 shares 0% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 1,666,667 shares 3.4% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 0 shares 0% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 1,666,667 shares 3.4% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,666,667 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.4% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - -------------------------------------------------------------------------------- Page 10 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Woodland Venture Fund - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 2,020,379 shares 4.1% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 0 shares 0% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 2,020,379 shares 4.1% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 0 shares 0% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,020,379 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.1% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - -------------------------------------------------------------------------------- Page 11 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Seneca Ventures - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 1,805,866 shares 3.7% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 0 shares 0% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 1,805,866 shares 3.7% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 0 shares 0% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,805,866 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.7% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - -------------------------------------------------------------------------------- Page 12 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Woodland Partners - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 1,162,620 shares 2.4% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 0 shares 0% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 1,162,620 shares 2.4% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 0 shares 0% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,162,620 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.4% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - -------------------------------------------------------------------------------- Page 13 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Brookwood Partners, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 251,771 shares 0.5% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 0 shares 0% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 251,771 shares 0.5% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 0 shares 0% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 251,771 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - -------------------------------------------------------------------------------- Page 14 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) The Marilyn and Barry Rubenstein Family Foundation - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 21,500 shares 0.04% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 0 shares 0% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 21,500 shares 0.04% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 0 shares 0% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 21,500 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.04% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO - -------------------------------------------------------------------------------- Page 15 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Marilyn Rubenstein - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 shares 0% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 5,382,653 shares 10.8% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 0 shares 0% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 5,382,653 shares 10.8% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,382,653 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 10.8% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - -------------------------------------------------------------------------------- Page 16 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Brian Rubenstein - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 95,982 shares 0.2% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 21,500 shares 0.04% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 95,982 shares 0.2% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 21,500 shares 0.04% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 117,482 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.2% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - -------------------------------------------------------------------------------- Page 17 of 31 CUSIP No. 674421201 13G - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Rebecca Altman - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 95,982 shares 0.2% Number of ------------------------------------------------------- Shares 6 SHARED VOTING POWER Beneficially 21,500 shares 0.04% Owned By ------------------------------------------------------- Each 7 SOLE DISPOSITIVE POWER Reporting 95,982 shares 0.2% Person ------------------------------------------------------- With 8 SHARED DISPOSITIVE POWER 21,500 shares 0.04% - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 117,482 shares - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.2% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - -------------------------------------------------------------------------------- Page 18 of 31 The following statement, dated May 17, 2002, constitutes Amendment No. 3 to the Schedule 13G, filed by the undersigned (the "Schedule 13G"). ITEM 1. (a) Name of Issuer: Video Network Communications, Inc. (b) Address of Issuer's Principal Executive Offices: 50 International Drive Portsmouth, New Hampshire 03801 The following warrants are held by the reporting persons: "June 04 Warrants" - each warrant entitles the holder to purchase one share of Common Stock for the period ending on June 15, 2004, for an exercise price of $20.00 per share. "January 05 Warrants" - each warrant entitles the holder to purchase one share of Common Stock for the period ending on January 10, 2005, for the exercise price of $3.94348 per share. "March 06 Warrants" - each warrant entitles the holder to purchase one share of Common Stock for the period ending on March 30, 2006, for an exercise price of $5.93005 per share. "First October 06 Warrants" - each warrant entitles the holder to purchase one share of Common Stock for the period ending on October 2, 2006, for an exercise price of $0.60 per share. "Second October 06 Warrants" - each warrant entitles the holder to purchase one share of Common Stock for the period ending on October 2, 2006, for an exercise price of $0.60 per share. "March 07 Warrants" - each warrant entitles the holder to purchase one share of Common Stock for the period ending on March 24, 2007, for an exercise price of $2.00 per share. "August 07 Warrants" - each warrant entitles the holder to purchase one share of Common Stock for the period ending on August 26, 2007, for an exercise price of $1.30 per share. "May11 Warrants" - each warrant entitles the holder to purchase one share of Common Stock for the period ending on May 25, 2011, for an exercise price of $5.93005 per share. ITEM 2. 1. (a) Name of Person Filing: Wheatley Partners III, L.P. (b) Address of Principal Business Office, or, if none, Residence: 80 Cuttermill Road Great Neck, New York 11021 (c) Place of Organization: Delaware 2. (a) Name of Person Filing: Wheatley Associates III, L.P. (b) Address of Principal Business Office, or, if none, Residence: 80 Cuttermill Road Great Neck, New York 11021 (c) Place of Organization: Delaware Page 19 of 31 3. (a) Name of Person Filing: Wheatley Foreign Partners III, L.P. (b) Address of Principal Business Office, or, if none, Residence: 80 Cuttermill Road Great Neck, New York 11021 (c) Place of Organization: Delaware 4. (a) Name of Person Filing: Barry Rubenstein (b) Address of Principal Business Office, or, if none, Residence: 68 Wheatley Road Brookville, New York 11545 (c) Citizenship: United States 5. (a) Name of Person Filing: Irwin Lieber (b) Address of Principal Business Office, or, if none, Residence: 80 Cuttermill Road Great Neck, New York 11021 (c) Citizenship: United States 6. (a) Name of Person Filing: Barry Fingerhut (b) Address of Principal Business Office, or, if none, Residence: 80 Cuttermill Road Great Neck, New York 11021 (c) Citizenship: United States 7. (a) Name of Person Filing: Seth Lieber (b) Address of Principal Business Office, or, if none, Residence: 80 Cuttermill Road Great Neck, New York 11021 (c) Citizenship: United States 8. (a) Name of Person Filing: Jonathan Lieber (b) Address of Principal Business Office, or, if none, Residence: 80 Cuttermill Road Great Neck, New York 11021 (c) Citizenship: United States 9. (a) Name of Person Filing: Nancy Casey (b)Address of Principal Business Office, or, if none, Residence: 80 Cuttermill Road Great Neck, New York 11021 (c) Citizenship: United States 10. (a) Name of Person Filing: Seneca Ventures (b) Address of Principal Business Office, or, if none, Residence: 68 Wheatley Road Brookville, New York 11545 (c) Place of Organization: New York 11. (a) Name of Person Filing: Woodland Venture Fund (b) Address of Principal Business Office, or, if none, Residence: 68 Wheatley Road Brookville, New York 11545 (c) Place of Organization: New York Page 20 of 31 12. (a) Name of Person Filing: Woodland Partners (b) Address of Principal Business Office, or, if none, Residence: 68 Wheatley Road Brookville, New York 11545 (c) Place of Organization: New York 13. (a) Name of Person Filing: The Marilyn and Barry Rubenstein Family Foundation (b) Address of Principal Business Office, or, if none, Residence: 68 Wheatley Road Brookville, New York 11545 (c) Place of Organization: New York 14. (a) Name of Person Filing: Marilyn Rubenstein (b) Address of Principal Business Office, or, if none, Residence: 68 Wheatley Road Brookville, New York 11545 (c) Citizenship: United States 15. (a) Name of Person Filing: Brookwood Partners, L.P. (b) Address of Principal Business Office, or, if none, Residence: 68 Wheatley Road Brookville, New York 11545 (c) Place of Organization: New York 16. (a) Name of Person Filing: Woodland Services Corp. (b) Address of Principal Business Office, or, if none, Residence: 68 Wheatley Road Brookville, New York 11545 (c) Place of Organization: New York 17. (a) Name of Person Filing: Brian Rubenstein (b) Address of Principal Business Office, or, if none, Residence: 36 Barstow Road Great Neck, New York 11021 (c) Citizenship: United States 18. (a) Name of Person Filing: Rebecca Altman (b) Address of Principal Business Office, or, if none, Residence: 46 Peacock Drive Roslyn, New York 11576 (c) Citizenship: United States (d) Title of Class of Securities: Common Stock, $0.01 par value per share (e) CUSIP Number: 674421201 ITEM 3. If this statement is filed pursuant to ss.240.13d-1(b) or 240.13d-2(b) or (c), check whether the person is a: (a) |_| Broker or dealer registered under section 15 of the Act (15 U.S.C.78o). (b) |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) |_| Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). Page 21 of 31 (d) |_| Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) |_| An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E); (f) |_| An employee benefit plan or endowment fund in accordance with ss.240.13d-1(b)(1)(ii)(F). (g) |_| A parent holding company or control person in accordance with ss.240.13d-1(b)(1)(ii)(G). (h) |_| A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). (i) |_| A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3). (j) |_| Group, in accordance with ss.240.13d-1(b)(1)(ii)(J). ITEM 4. Ownership. 1. Wheatley Partners III, L.P. ("Wheatley Partners III"): (a) Amount Beneficially Owned: 1,666,667(1,2,3,4) shares. (b) Percent of Class: 3.4% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 1,164,925(1) shares. (ii) shared power to vote or to direct the vote: 501,742(2,3,4) shares. (iii) sole power to dispose or to direct the disposition of: 1,164,925(1) shares. (iv) shared power to dispose or to direct the disposition of: 501,742(2,3,4) shares. 2. Wheatley Associates III, L.P. ("Wheatley Associates") (a) Amount Beneficially Owned: 1,666,667(1,2,3,4) shares. (b) Percent of Class: 3.4% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 249,122(3) shares. (ii) shared power to vote or to direct the vote: 1,417,545(1,2,4) shares. (iii) sole power to dispose or to direct the disposition of: 249,122(3) shares. (iv) shared power to dispose or to direct the disposition of: 1,417,545(1,2,4) shares. 3. Wheatley Foreign Partners III, L.P. ("Wheatley Foreign III") (a) Amount Beneficially Owned: 1,666,667(1,2,3,4) shares. (b) Percent of Class: 3.4% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 252,620(4) shares. (ii) shared power to vote or to direct the vote: 1,414,047(1,2,3) shares. (iii) sole power to dispose or to direct the disposition of: 252,620(4) shares. (iv) shared power to dispose or to direct the disposition of: 1,414,047(1,2,3) shares. Page 22 of 31 4. Barry Rubenstein: (a) Amount Beneficially Owned: 7,049,320(1,2,3,4,5,6,7,8,9,10,11,12,13,14,15) shares. (b) Percent of Class: 14.2% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 120,517(5) shares. (ii) shared power to vote or to direct the vote: 6,928,803(1,2,3,4, 6,7,8,9,10,11,12,13,14,15) shares. (iii) sole power to dispose or to direct the disposition of: 120,517(5) shares. (iv) shared power to dispose or to direct the disposition of: 6,928,803(1,2,3,4,6,7,8,9,10,11,12,13,14,15) shares. 5. Irwin Lieber: (a) Amount Beneficially Owned: 1,953,851(1,2,3,4,16,17) shares. (b) Percent of Class: 4.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 287,184(16,17) shares. (ii) shared power to vote or to direct the vote: 1,666,667(1,2,3,4) shares. (iii) sole power to dispose or to direct the disposition of: 287,184(16,17) shares. (iv) shared power to dispose or to direct the disposition of: 1,666,667(1,2,3,4) shares. 6. Barry Fingerhut: (a) Amount Beneficially Owned: 1,791,667(1,2,3,4,18) shares. (b) Percent of Class: 3.7% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 125,000(18) shares. (ii) shared power to vote or to direct the vote: 1,666,667(1,2,3,4) shares. (iii) sole power to dispose or to direct the disposition of: 125,000(18) shares. (iv) shared power to dispose or to direct the disposition of: 1,666,667(1,2,3,4) shares. 7. Seth Lieber: Amount Beneficially Owned: 1,708,334(1,2,3,4,19) shares. (b) Percent of Class: 3.5% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 41,667(19) shares. (ii) shared power to vote or to direct the vote: 1,666,667(1,2,3,4) shares. (iii) sole power to dispose or to direct the disposition of: 41,667(19) shares. (iv) shared power to dispose or to direct the disposition of: 1,666,667(1,2,3,4) shares. 8. Jonathan Lieber: (a) Amount Beneficially Owned: 1,666,667(1,2,3,4) shares. (b) Percent of Class: 3.4% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 shares. (ii) shared power to vote or to direct the vote: 1,666,667(1,2,3,4) shares. (iii) sole power to dispose or to direct the disposition of: 0 shares. (iv) shared power to dispose or to direct the disposition of: 1,666,667(1,2,3,4) shares. 9. Nancy Casey (a) Amount Beneficially Owned: 1,666,667(1,2,3,4) shares. (b) Percent of Class: 3.4% (c) Number of Shares as to which such person has: (i) sole power to vote or to direct the vote: 0 shares. (ii) shared power to vote or to direct the vote: 1,666,667(1,2,3,4) shares. (iii) sole power to dispose or to direct the disposition of: 0 shares. (iv) shared power to dispose or to direct the disposition of: 1,666,667(1,2,3,4) shares. Page 23 of 31 10. Seneca Ventures: (a) Amount Beneficially Owned: 1,805,866(6,12) shares. (b) Percent of Class: 3.7% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 1,805,866(6,12) shares. (ii) shared power to vote or to direct the vote: 0 shares. (iii) sole power to dispose or to direct the disposition of: 1,805,866(6,12) shares. (iv) shared power to dispose or to direct the disposition of: 0 shares. 11. Woodland Venture Fund ("Woodland Venture"): (a) Amount Beneficially Owned: 2,020,379(7,13) shares. (b) Percent of Class: 4.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 2,020,379(7,13) shares. (ii) shared power to vote or to direct the vote: 0 shares. (iii) sole power to dispose or to direct the disposition of: 2,020,379(7,13) shares. (iv) shared power to dispose or to direct the disposition of: 0 shares. 12. Woodland Partners: (a) Amount Beneficially Owned: 1,162,620(9,14) shares. (b) Percent of Class: 2.4% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 1,162,620(9,14) shares. (ii) shared power to vote or to direct the vote: 0 shares. (iii) sole power to dispose or to direct the disposition of: ' 1,162,620(9,14) shares. (iv) shared power to dispose or to direct the disposition of: 0 shares. 13. The Marilyn and Barry Rubenstein Family Foundation (the "Foundation"): (a) Amount Beneficially Owned: 21,500(10,15) shares. (b) Percent of Class: 0.04% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 21,500(10,15) shares. (ii) shared power to vote or to direct the vote: 0 shares. (iii) sole power to dispose or to direct the disposition of: 21,500(10,15) shares. (iv) shared power to dispose or to direct the disposition of: 0 shares. 14. Brookwood Partners, L.P. ("Brookwood") (a) Amount Beneficially Owned: 251,771(8) shares. (b) Percent of Class: 0.5% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 251,771(8) shares. (ii) shared power to vote or to direct the vote: 0 shares. (iii) sole power to dispose or to direct the disposition of: 251,771(8) shares. (iv) shared power to dispose or to direct the disposition of: 0 shares. Page 24 of 31 15. Marilyn Rubenstein: (a) Amount Beneficially Owned: 5,382,653(2,5,6,7,8,9,10,11,12,13,14,15) shares. (b) Percent of Class: 10.8% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 shares. (ii) shared power to vote or to direct the vote: 5,382,653(2,5,6,7,8,9,10,11,12,13,14,15) shares. (iii) sole power to dispose or to direct the disposition of: 0 shares. (iv) shared power to dispose or to direct the disposition of: 5,382,653(2,5,6,7,8,9,10,11,12,13,14,15) shares. 16. Woodland Services Corp.: (a) Amount Beneficially Owned: 3,826,245(2,6,7,12,13) shares. (b) Percent of Class: 7.7% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 shares. (ii) shared power to vote or to direct the vote: 3,826,245(2,6,7,12,13) shares. (iii) sole power to dispose or to direct the disposition of: 0 shares. (iv) shared power to dispose or to direct the disposition of: 3,826,245(2,6,7,12,13) shares. 17. Brian Rubenstein: (a) Amount Beneficially Owned: 117,482(2,10,15,20) shares. (b) Percent of Class: 0.2% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 95,982(20) shares. (ii) shared power to vote or to direct the vote: 21,500(2,10,15) shares. (iii) sole power to dispose or to direct the disposition of: 95,982(20) shares. (iv) shared power to dispose or to direct the disposition of 21,500(2,10,15) shares. 18. Rebecca Altman: (a) Amount Beneficially Owned: 117,482(2,10,15,21) shares. (b) Percent of Class: 0.2% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 95,982(21) shares. (ii) shared power to vote or to direct the vote: 21,500(2,10,15) shares. (iii) sole power to dispose or to direct the disposition of: 95,982(21) shares. (iv) shared power to dispose or to direct the disposition of: 21,500(2,10,15) shares. Wheatley Partners III, LLC ("Wheatley III, LLC") is the general partner in Wheatley III, Wheatley Foreign III and Wheatley Associates. Messrs. Barry Rubenstein, Irwin Lieber, Seth Lieber, Jonathan Lieber, Barry Fingerhut and Nancy Casey are members and officers of Wheatley III, LLC. Barry Rubenstein is a general partner of each of Seneca, Woodland Venture, Woodland Partners and Brookwood and a trustee of the Foundation. Woodland Services Corp., a New York corporation ("Woodland Services"), is a general partner of Seneca and Woodland Venture. Marilyn Rubenstein is a general partner of Woodland Partners, an officer of Woodland Services Corp., a trustee of the Foundation, the spouse of Mr. Rubenstein and the mother of Brian Rubenstein and Rebecca Altman. Brian Rubenstein and Rebecca Altman are also trustees of the Foundation. - ---------- (1) Includes 1,164,925 shares of Common Stock owned by Wheatley III. (2) The reporting person disclaims beneficial ownership of these securities, except to the extent of his/her/its equity interest therein. (3) Includes 249,122 shares of Common Stock owned by Wheatley Associates III. (4) Includes 252,620 shares of Common Stock owned by Wheatley Foreign III. Page 25 of 31 (5) Includes 110,399 shares of Common Stock owned by Barry Rubenstein. (6) Includes 1,420,977 shares of Common Stock owned by Seneca Ventures. (7) Includes 1,546,627 shares of Common Stock owned by Woodland Venture. (8) Includes 251,771 shares of Common Stock owned by Brookwood. (9) Includes 997,207 shares of Common Stock owned by Woodland Partners. (10) Includes 10,000 shares of Common Stock owned by the Foundation. (11) Includes 10,118 shares of Common Stock issuable upon the exercise of the January 05 Warrants owned by Barry Rubenstein. (12) Includes 23,000 shares of Common Stock issuable upon the exercise of the June 04 Warrants, 10,118 shares of Common Stock issuable upon the exercise of the January 05 Warrants, 25,295 shares of Common Stock issuable upon the exercise of the March 06 Warrants, 40,000 shares of Common Stock issuable upon the exercise of the First October 06 Warrants, 59,022 shares of Common Stock issuable upon the exercise of the Second October 06 Warrants, 60,000 shares of Common Stock issuable upon the exercise of the March 07 Warrants, 100,000 shares of Common Stock issuable upon the exercise of the August 07 Warrants and 67,454 shares of Common Stock issuable upon the exercise of the May 11 Warrants owned by Seneca. (13) Includes 46,000 shares of Common Stock issuable upon the exercise of the June 04 Warrants, 10,118 shares of Common Stock issuable upon the exercise of the January 05 Warrants, 33,727 shares of Common Stock issuable upon the exercise of the March 06 Warrants, 40,000 shares of Common Stock issuable upon the exercise of the First October 06 Warrants, 59,022 shares of Common Stock issuable upon the exercise of the Second October 06 Warrants, 60,000 shares of Common Stock issuable upon the exercise of the March 07 Warrants, 149,000 shares of Common Stock issuable upon the exercise of the August 07 Warrants and 75,885 shares of Common Stock issuable upon the exercise of the May 11 Warrants owned by Woodland Venture. (14) Includes 10,118 shares of Common Stock issuable upon the exercise of the June 04 Warrants, 30,000 shares of Common Stock issuable upon the exercise of the March 07 Warrants, 100,000 shares of Common Stock issuable upon the exercise of the August 07 Warrants and 25,295 shares of Common Stock issuable upon the exercise of the May 11 Warrants owed by Woodland Partners. (15) Includes 11,500 shares of Common Stock issuable upon the exercise of the June 04 Warrants owned by the Foundation. (16) Includes 277,066 shares of Common Stock owned by Irwin Lieber. (17) Includes 10,118 shares of Common Stock issuable upon the exercise of the January 05 Warrants owned by Irwin Lieber. (18) Includes 125,000 shares of Common Stock owned by Barry Fingerhut. (19) Includes 41,667 shares of Common Stock owned by Seth Lieber. (20) Includes 95,982 shares of Common Stock owned by Brian Rubenstein. (21) Includes 95,982 shares of Common Stock owned by Rebecca Altman. ITEM 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following. |_| Instruction: Dissolution of a group requires a response to this item. ITEM 6. Ownership of More than Five Percent on Behalf of Another Person. Not Applicable. Page 26 of 31 ITEM 7. Identification and Classification of the Subsidiary, Which Acquired the Security Being Reported on By the Parent Holding Company. Not Applicable. ITEM 8. Identification and Classification of Members of the Group. Exhibit A - Joint Filing Agreement attached hereto. ITEM 9. Notice of Dissolution of Group. Not Applicable. ITEM 10. Certification. The following certification shall be included if the statement is filed pursuant to ss.240.13d-1(c): By signing below each party certifies that, to the best of his/her/its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Page 27 of 31 SIGNATURE After reasonable inquiry and to the best of his/her/its knowledge and belief, each of the undersigned hereby certifies that the information set forth in this statement is true, complete and correct. Dated: September 3, 2002 WHEATLEY PARTNERS III, L.P. By: Wheatley Partners III LLC, the General Partner By: /s/ Irwin Lieber ---------------------------------------- Irwin Lieber, President WHEATLEY FOREIGN PARTNERS III, L.P. By: Wheatley Partners III LLC, the General Partner By: /s/ Irwin Lieber ---------------------------------------- Irwin Lieber, President WHEATLEY ASSOCIATES III, L.P. By: Wheatley Partners III LLC, the General Partner By: /s/ Irwin Lieber ---------------------------------------- Irwin Lieber, President /s/ Barry Rubenstein -------------------------------------------- Barry Rubenstein /s/ Irwin Lieber -------------------------------------------- Irwin Lieber /s/ Barry Fingerhut -------------------------------------------- Barry Fingerhut /s/ Seth Lieber -------------------------------------------- Seth Lieber /s/ Jonathan Lieber -------------------------------------------- Jonathan Lieber /s/ Nancy Casey -------------------------------------------- Nancy Casey Page 28 of 31 SENECA VENTURES By: /s/ Barry Rubenstein ---------------------------------------- Barry Rubenstein, a General Partner WOODLAND VENTURE FUND By: /s/ Barry Rubenstein ---------------------------------------- Barry Rubenstein, a General Partner WOODLAND PARTNERS By: /s/ Barry Rubenstein ---------------------------------------- Barry Rubenstein, a General Partner BROOKWOOD PARTNERS, L.P. By: /s/ Barry Rubenstein ---------------------------------------- Barry Rubenstein, a General Partner THE MARILYN AND BARRY RUBENSTEIN FAMILY FOUNDATION By: /s/ Barry Rubenstein ---------------------------------------- Barry Rubenstein, a Trustee /s/ Marilyn Rubenstein -------------------------------------------- Marilyn Rubenstein /s/ Brian Rubenstein -------------------------------------------- Brian Rubenstein /s/ Rebecca Altman -------------------------------------------- Rebecca Altman Page 29 of 31 JOINT FILING AGREEMENT In accordance with Rule 13d-1 under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the Common Stock, $0.01 par value per share, of Video Network Communications, Inc. and that this Agreement be included as an Exhibit to such joint filing. IN WITNESS WHEREOF, the undersigned hereby execute this Agreement effective as of the 17th day of May, 2002. WHEATLEY PARTNERS III, L.P. By: Wheatley Partners III LLC, the General Partner By: /s/ Irwin Lieber ---------------------------------------- Irwin Lieber, President WHEATLEY FOREIGN PARTNERS III, L.P. By: Wheatley Partners III LLC, the General Partner By: /s/ Irwin Lieber ---------------------------------------- Irwin Lieber, President WHEATLEY ASSOCIATES III, L.P. By: Wheatley Partners III LLC, the General Partner By: /s/ Irwin Lieber ---------------------------------------- Irwin Lieber, President /s/ Barry Rubenstein -------------------------------------------- Barry Rubenstein /s/ Irwin Lieber -------------------------------------------- Irwin Lieber /s/ Barry Fingerhut -------------------------------------------- Barry Fingerhut /s/ Seth Lieber -------------------------------------------- Seth Lieber Page 30 of 31 /s/ Jonathan Lieber -------------------------------------------- Jonathan Lieber /s/ Nancy Casey -------------------------------------------- Nancy Casey SENECA VENTURES By: /s/ Barry Rubenstein ---------------------------------------- Barry Rubenstein, a General Partner WOODLAND VENTURE FUND By: /s/ Barry Rubenstein ---------------------------------------- Barry Rubenstein, a General Partner WOODLAND PARTNERS By: /s/ Barry Rubenstein ---------------------------------------- Barry Rubenstein, a General Partner BROOKWOOD PARTNERS, L.P. By: /s/ Barry Rubenstein ---------------------------------------- Barry Rubenstein, a General Partner THE MARILYN AND BARRY RUBENSTEIN FAMILY FOUNDATION By: /s/ Barry Rubenstein ---------------------------------------- Barry Rubenstein, a Trustee /s/ Marilyn Rubenstein -------------------------------------------- Marilyn Rubenstein /s/ Brian Rubenstein -------------------------------------------- Brian Rubenstein /s/ Rebecca Altman -------------------------------------------- Rebecca Altman -----END PRIVACY-ENHANCED MESSAGE-----