Insider filing report for Changes in Beneficial Ownership
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STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Amendment No. 3)
OMNICOMM SYSTEMS, INC.
(Name of Issuer)
Common Stock, par value $.001
(Title of Class of Securities)
68212 U 10 4
(CUSIP Number)
Michael S. Falk
Comvest Venture Partners, L.P.
830 Third Avenue
New York, New York 10022
(212) 829-5839
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
Copy to:
Alan I. Annex, Esq.
Greenberg Traurig, LLP
200 Park Avenue
New York, New York 10166
March 19, 2007
(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.
(Page 1 of 12)
CUSIP No. 68212 U 10 4 13D/A Page 2 of 12 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
ComVest Venture Partners, L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
13-4124841
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
2,177,747
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
2,177,747
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,177,747
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.9%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 68212 U 10 4 13D/A Page 3 of 12 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
ComVest Management, LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
06-1588650
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
AF
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
2,177,747
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
2,177,747
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,177,747
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.9%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
OO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 68212 U 10 4 13D/A Page 4 of 12 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
ComVest Group Holdings, LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
01-0622406
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
AF
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
2,177,747
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
2,177,747
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,177,747
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.9%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
OO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 68212 U 10 4 13D/A Page 5 of 12 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Commonwealth Associates Liquidation, LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
82-0541574
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
OO
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
369,905
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
369,905
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
369,905
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
OO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 68212 U 10 4 13D/A Page 6 of 12 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Commonwealth Associates Management Company, Inc.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
13-3468747
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
AF
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
369,905
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
369,905
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
369,905
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 68212 U 10 4 13D/A Page 7 of 12 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
Michael S. Falk
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
AF
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 140,014
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
2,547,652
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 140,014
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
2,547,652
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,687,666
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.8%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 68212 U 10 4 13D/A Page 8 of 12 Pages
This Amendment No. 3 ("Amendment No. 3") amends the Statement of
Beneficial Ownership on Schedule 13D, originally filed with the Securities and
Exchange Commission (the "Commission") on April 10, 2002, Amendment No. 1
thereto filed with the Commission on October 1, 2004 and Amendment No. 2 thereto
filed with the Commission on September 6, 2006 (together, the "Schedule 13D"),
by ComVest Venture Partners, ComVest Management, LLC, ComVest Group Holdings,
LLC, Commonwealth Associates Liquidation, LLC, Commonwealth Associates
Management Company. Inc and Michael S. Falk (collectively the "Reporting
Persons"), with respect to the shares of common stock, par value $0.001 per
shares (the "Common Stock"), of OmniComm Systems, Inc., a Delaware corporation
with its principal executive offices located at 2101 W. Commercial Blvd., Suite
4000, Fort Lauderdale, Florida 33309. Unless specifically amended hereby, the
disclosures set forth in the Schedule 13D shall remain unchanged.
Item 5. Interest in Securities of the Issuer.
The response to Item 5 is hereby amended and restated in its entirety
as follows:
(a) ComVest beneficially owns an aggregate of 2,177,747 shares of
Common Stock, representing approximately 3.9% of the issued and outstanding
shares of Common Stock of the Issuer.
ComVest Management, as the general partner of ComVest, may be deemed to
beneficially own the 2,177,747 shares of Common Stock, representing
approximately 3.9% of the issued and outstanding shares of Common Stock of the
Issuer, directly beneficially owned by ComVest.
CGH, as the sole member of ComVest Management, may be deemed to
beneficially own the 2,177,747 shares of Common Stock, representing
approximately 3.9% of the issued and outstanding shares of Common Stock of the
Issuer, directly beneficially owned by ComVest.
CAL beneficially owns an aggregate of 369,905 shares of Common Stock,
representing approximately 0.7% of the issued and outstanding shares of Common
Stock of the Issuer.
CAMC, as the managing member of CAL, may be deemed to beneficially own
the 369,905 shares of Common Stock, representing approximately 0.7% of the
issued and outstanding shares of Common Stock of the Issuer, directly
beneficially owned by CAL.
Falk may be deemed to be the beneficial owner of an aggregate of
2,687,666 shares of Common Stock, representing approximately 4.8% of the issued
and outstanding shares of Common Stock of the Issuer consisting of: (a)
2,177,747 shares of Common Stock beneficially owned by ComVest; (b) 369,905
shares of Common Stock beneficially owned by CAL; and (c) 140,014 shares of
Common Stock which he directly beneficially owns. In his capacity as controlling
equity owner of CAMC, which is the managing member of CAL, the owner of all the
interests in ComVest Management (the general partner of ComVest), Mr. Falk may
be deemed to share indirect voting and dispositive power with respect to such
entities' shares and may therefore be deemed to be the beneficial owner of such
securities.
(b) Number of shares as to which each such person has:
(1) Sole power to vote or to direct the vote, and sole power to dispose or
direct the disposition of:
Name Number of Shares
---- ----------------
Michael Falk 140,014
CUSIP No. 68212 U 10 4 13D/A Page 9 of 12 Pages
(2) Shared power to vote or to direct the vote, and shared power to dispose or
direct the disposition of:
(i) CAL, CAMC and Mr. Falk may be deemed to share such voting and disposition
powers with respect to the 369,905 shares of Common Stock beneficially owned by
CAL.
(ii) ComVest, ComVest Management, CGH and Mr. Falk may be deemed to share such
voting and disposition powers with respect to the 2,177,747 shares of Common
Stock beneficially owned by ComVest.
(c) Since the filing of Amendment No. 2 to the Schedule 13D on September 6,
2006, ComVest has engaged in the following transactions with respect to the
Common Stock: (i) sold 9,000 shares of Common Stock on April 20, 2007 for $5,445
representing a per share price of $0.605; (ii) sold 9,000 shares of Common Stock
on April 23, 2007 for $5,445 representing a per share price of $0.605; (iii)
sold 18,000 shares of Common Stock on April 24, 2007 for $10,845 representing a
per share price of $0.6025; and (iv) sold 12,195 shares of Common Stock on May
22, 2007 for $7,317 representing a per share price of $0.60.
Since the filing of Amendment No. 2 to the Schedule 13D on September 6, 2006,
CAL has engaged in the following transactions with respect to the Common Stock:
(i) sold 1,400 shares of Common Stock on April 20, 2007 for $847 representing a
per share price of $0.605; (ii) sold 1,400 shares of Common Stock on April 23,
2007 for $847 representing a per share price of $0.605; (iii) sold 2,800 shares
of Common Stock on April 24, 2007 for $1,687 representing a per share price of
$0.6025; and (iv) sold 1,897 shares of Common Stock on May 22, 2007 for
$1,138.20 representing a per share price of $0.60.
Since the filing of Amendment No. 2 to the Schedule 13D on September 6, 2006,
Falk has engaged in the following transactions with respect to the Common Stock:
(i) sold 600 shares of Common Stock on April 20, 2007 for $363 representing a
per share price of $0.605; (ii) sold 600 shares of Common Stock on April 23,
2007 for $363 representing a per share price of $0.605; (iii) sold 1200 shares
of Common Stock on April 24, 2007 for $723 representing a per share price of
$0.6025; and (iv) sold 813 shares of Common Stock on May 22, 2007 for $487.80
representing a per share price of $0.60.
(d) Not applicable.
(e) As of March 19, 2007, the Reporting Persons ceased to be the beneficial
owners of more than five percent of the Issuers Common Stock.
Item 7. Material to be Filed as Exhibits.
1. Joint Filing Agreement, as required by Rule 13d-1 under the Securities
exchange Act of 1934.
CUSIP No. 68212 U 10 4 13D/A Page 10 of 12 Pages
SIGNATURE
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.
Dated: May 24, 2007 Commonwealth Associates Liquidation, LLC
By: Commonwealth Associates Management
Company, Inc., its
managing member
By: /s/ Cecilio M. Rodriguez
--------------------------------------------
Name: Cecilio M. Rodriguez
Title: Chief Financial Officer
Commonwealth Associates Management Company, Inc.
By: /s/ Cecilio M. Rodriguez
----------------------------------------------------
Name: Cecilio M. Rodriguez
Title: Chief Financial Officer
ComVest Group Holdings, LLC
By: /s/ Cecilio M. Rodriguez
----------------------------------------------------
Name: Cecilio M. Rodriguez
Title: Chief Financial Officer
ComVest Venture Partners, LP
By: ComVest Management, LLC, its
general partner
By: /s/ Cecilio M. Rodriguez
--------------------------------------------
Name: Cecilio M. Rodriguez
Title: Chief Financial Officer
CUSIP No. 68212 U 10 4 13D/A Page 11 of 12 Pages
ComVest Management, LLC
By: ComVest Group Holdings, LLC,
its sole member
By: /s/ Cecilio M. Rodriguez
--------------------------------------------
Name: Cecilio M. Rodriguez
Title: Chief Financial Officer
Michael S. Falk
----------------------------------------------------
Michael S. Falk, individually
Exhibit 1
AMENDED JOINT FILING AGREEMENT
The undersigned hereby consent to the joint filing by any of them of a
Statement on Schedule 13D and any amendments thereto, whether heretofore or
hereafter filed, relating to the securities of OmniComm Systems, Inc., and
hereby affirm that this Schedule 13D is being filed on behalf of each of the
undersigned.
Dated: May 24, 2007 Commonwealth Associates Liquidation, LLC
By: Commonwealth Associates Management
Company, Inc., its
managing member
By: /s/ Cecilio M. Rodriguez
--------------------------------------------
Name: Cecilio M. Rodriguez
Title: Chief Financial Officer
Commonwealth Associates Management Company, Inc.
By: /s/ Cecilio M. Rodriguez
----------------------------------------------------
Name: Cecilio M. Rodriguez
Title: Chief Financial Officer
ComVest Group Holdings, LLC
By: /s/ Cecilio M. Rodriguez
----------------------------------------------------
Name: Cecilio M. Rodriguez
Title: Chief Financial Officer
ComVest Venture Partners, LP
By: ComVest Management, LLC, its
general partner
By: /s/ Cecilio M. Rodriguez
--------------------------------------------
Name: Cecilio M. Rodriguez
Title: Chief Financial Officer
ComVest Management, LLC
By: ComVest Group Holdings, LLC,
its sole member
By: /s/ Cecilio M. Rodriguez
--------------------------------------------
Name: Cecilio M. Rodriguez
Title: Chief Financial Officer
Michael S. Falk
----------------------------------------------------
Michael S. Falk, individually