UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | SEC 1473 (7-02) | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. |
1. Title of Derivative Security (Instr. 4) |
2. Date Exercisable and Expiration Date (Month/Day/Year) |
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) |
4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5) |
6. Nature of Indirect Beneficial Ownership (Instr. 5) |
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Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||
Series B Convertible Non-Redeemable Preferred Shares | 11/24/2006 | Â (1) | Common Stock | 15,773,613 | $ (2) | I | By Valley VC (3) |
Warrants | 11/24/2006 | 08/17/2009 | Common Stock | 1,752,624 | $ 0.2 | I | By Valley VC (3) |
Warrants | 11/24/2006 | 08/17/2009 | Common Stock | 1,752,624 | $ 0.22 | I | By Valley VC (3) |
Warrants | 11/24/2006 | 08/17/2009 | Common Stock | 1,752,623 | $ 0.27 | I | By Valley VC (3) |
Warrants | 11/24/2006 | 08/17/2009 | Common Stock | 1,752,624 | $ 0.3 | I | By Valley VC (3) |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Goldschmidt David C/O STAR VENTURES 11 GALGALEY HAPLADA ST. HERZELIYA PITUACH, L3 46733 |
 X |  X |  |  |
Valley Venture Capital Limited Partnership 11 GALGALEY HAPLADA STREET POB 12893 HERZLIYA, L3 46733 |
 |  X |  |  |
Blue Rose Management Services Ltd. 11 GALGALEY HAPLADA ST,C/O STAR VENTURES POB 12893 HERZLIYA, L3 46733 |
 |  X |  |  |
/s/ David Goldschmidt, David Goldschmidt | 12/04/2006 | |
**Signature of Reporting Person | Date | |
/s/ David Goldschmidt, Valley Venture Capital Limited Partnership | 12/04/2006 | |
**Signature of Reporting Person | Date | |
/s/ David Goldschmidt, Blue Rose Management Services Ltd. | 12/04/2006 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | Not applicable. |
(2) | Each of the Series B Convertible Non-Redeemable Preferred Shares, par value $0.001 per share, is currently convertible into 1,000 shares of Common Stock, par value $0.001 per share. |
(3) | Valley Venture Capital Limited Partnership ("Valley VC") holds the securities directly. Valley VC's general partner is Blue Rose Management Services Ltd. , which is controlled by David Goldschmidt. |
 Remarks: Each of the reporting person and the joint filers disclaims beneficial ownership of the reported securities except to the  extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that the reporting person  or any joint filer is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of  1934, as amended or for any other purpose. |