UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )
Castelle
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(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
147905103
--------------------------------------------------------------------------------
(CUSIP Number)
Elliot Press, Esq.
Katten Muchin Rosenman LLP
575 Madison Avenue
New York, NY 10022
(212) 940-6348
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
June 29, 2005
--------------------------------------------------------------------------------
(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 (b)(3) or (4), check the following box.
Note: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) 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 (the "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).
CUSIP No. 147905103 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Daniel Zeff
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
816,247 shares
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 816,247 shares
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
816,247 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.20%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 15
CUSIP No. 147905103 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Spectrum Galaxy Fund Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
467,765 shares
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 467,765 shares
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
467,765 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.15%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 15
CUSIP No. 147905103 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Zeff Capital Partners I, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
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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
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7 SOLE VOTING POWER
348,482 shares
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 348,482 shares
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
348,482 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.05%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 15
CUSIP No. 147905103 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Zeff Holding Company, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
--------------------------------------------------------------------------------
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
348,482 shares
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 348,482 shares
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
348,482 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.05%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 15
SCHEDULE 13D
Item 1. Security and Issuer
This Statement on Schedule 13D relates to the Common Stock, no par value (the
"Common Stock") of Castelle (the "Company"), a company organized and existing
under the laws of the State of California. The address of the Company's
principal executive offices is 855 Jarvis Drive, Suite 100, Morgan Hill, CA
95037.
Item 2. Identity and Background
(a) This Statement is filed as a joint statement pursuant to Rule 13d-1(k)
promulgated under the Securities Exchange Act of 1934 (the "Exchange Act")
by Daniel Zeff, Spectrum Galaxy Fund Ltd. ("Spectrum"), Zeff Capital
Partners I, L.P. ("Capital") and Zeff Holding Company, LLC ("Holding")
(Mr. Zeff, Spectrum, Capital and Holding are hereinafter collectively
referred to as the Reporting Persons). Mr. Zeff provides discretionary
investment management services to Zeff Capital Offshore Fund, a class of
shares of Spectrum. Mr. Zeff is the sole manager and member of Holding,
which in turn serves as the general partner for Capital. Accordingly, the
Reporting Persons are making a group filing because, due to the
relationship between them, the Reporting Persons may be deemed to
constitute a "group" for purposes of Section 13(d)(3) of the Exchange Act.
(b) The address of the principal business and principal office of each of the
Reporting Persons is 50 California Street, Suite 1500, San Francisco, CA
94111.
(c) The principal business of Mr. Zeff is that of investing in securities in
his capacity as investment manager for Zeff Capital Offshore Fund and as
sole manager of Holding. The principal business of Spectrum is that of
investing in securities. The principal business of Capital is that of an
investment partnership. The principal business of Holding is acting as
general partner for Capital.
(d) None of the Reporting Persons has during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
(e) None of the Reporting Persons has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and, as a result of such proceeding, was or is
subject to a judgment, decree or final order enjoining future violations
of or prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect thereto.
(f) Mr. Zeff is a citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
The aggregate amount of funds used to purchase the shares of Common Stock held
by Spectrum was $1,546,560.70, which reflects the incurrence of brokerage
commissions. The source of funds used to purchase such shares was working
capital of Spectrum.
Page 6 of 15
The aggregate amount of funds used to purchase the shares of Common Stock held
by Capital was $1,222,387.35, which reflects the incurrence of brokerage
commissions. The source of funds used to purchase such shares was working
capital of Capital.
Item 4. Purpose of Transaction.
The Reporting Persons acquired the shares of Common Stock reported herein,
and continue to hold such shares, for investment purposes, with no intention to
influence or change the management or other affairs of the Company.
The Reporting Persons reserve the right to dispose of and acquire shares,
in their sole discretion, subject to applicable securities laws and market
conditions.
Except as otherwise indicated in this report, the Reporting Persons
currently have no plans or proposals that relate to any of the matters described
in subparagraphs (a) through (j) of Item 4 to Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) The aggregate percentage of the outstanding shares of Common Stock
reported owned by each Reporting Person is based upon 3,849,319 shares of Common
Stock outstanding as of April 30, 2005, as reported in the Company's Form 10-Q
for quarterly period ended March 31, 2005.
As of the close of business on June 29, 2005:
(i) Mr. Zeff beneficially owns 816,247 shares of Common Stock,
comprised of 467,765 shares of Common Stock held by Spectrum (Mr. Zeff
provides discretionary investment management services to Zeff Capital
Offshore Fund, a class of shares of Spectrum) and 348,482 shares of Common
Stock held by Capital (Mr. Zeff is the sole manager of Capital's general
partner), in total constituting approximately 21.20% of the shares of
Common Stock outstanding;
(ii) Spectrum beneficially owns 467,765 shares of Common Stock
constituting approximately 12.15% of the shares of Common Stock
outstanding;
(iii) Capital beneficially owns 348,482 shares of Common Stock
constituting approximately 9.05% of the shares of Common Stock
outstanding; and
(iv) Holding beneficially owns 348,482 shares of Common Stock held
by Capital, of which Holding is the general partner, constituting
approximately 9.05% of the shares of Common Stock outstanding.
(b) Spectrum has the sole power to vote or to direct the vote and to
dispose or to direct the disposition of the 467,765 shares of Common Stock
reported herein as being beneficially owned by it, which power is exercisable by
Mr. Zeff as investment manager. Capital has the sole power to vote or to direct
the vote and to dispose or to direct the disposition of the 348,482 shares of
Common Stock reported herein as being beneficially owned by it, which power is
exercisable by Mr. Zeff as the sole manager of Holding, Capital's general
partner.
Page 7 of 15
(c) Set forth below is a description of all reportable transactions in
shares of Common Stock that have been effected by the Reporting Persons during
the past 60 days.
The following purchases were made by Spectrum:
--------------------------------------------------------------------------------
Date Price per share Number of Shares
--------------------------------------------------------------------------------
5/24/2005 $ 3.05 800
--------------------------------------------------------------------------------
5/24/2005 $ 3.05 200
--------------------------------------------------------------------------------
5/24/2005 $ 3.07 1,000
--------------------------------------------------------------------------------
5/24/2005 $ 3.09 215
--------------------------------------------------------------------------------
5/24/2005 $ 3.05 500
--------------------------------------------------------------------------------
5/24/2005 $ 3.05 500
--------------------------------------------------------------------------------
5/24/2005 $ 3.07 1,000
--------------------------------------------------------------------------------
5/24/2005 $ 3.07 500
--------------------------------------------------------------------------------
5/24/2005 $ 3.05 1,000
--------------------------------------------------------------------------------
5/24/2005 $ 2.91 100
--------------------------------------------------------------------------------
5/24/2005 $ 2.97 100
--------------------------------------------------------------------------------
5/24/2005 $ 3.05 100
--------------------------------------------------------------------------------
5/24/2005 $ 3.07 100
--------------------------------------------------------------------------------
5/24/2005 $ 3.07 100
--------------------------------------------------------------------------------
5/24/2005 $ 2.90 100
--------------------------------------------------------------------------------
5/24/2005 $ 2.91 100
--------------------------------------------------------------------------------
5/24/2005 $ 2.96 200
--------------------------------------------------------------------------------
5/24/2005 $ 2.99 100
--------------------------------------------------------------------------------
5/24/2005 $ 3.00 500
--------------------------------------------------------------------------------
5/24/2005 $ 3.00 100
--------------------------------------------------------------------------------
5/24/2005 $ 3.00 300
--------------------------------------------------------------------------------
5/24/2005 $ 3.00 1,000
--------------------------------------------------------------------------------
5/24/2005 $ 3.00 1,000
--------------------------------------------------------------------------------
5/24/2005 $ 3.00 900
--------------------------------------------------------------------------------
5/24/2005 $ 3.10 100
--------------------------------------------------------------------------------
5/24/2005 $ 3.15 100
--------------------------------------------------------------------------------
5/24/2005 $ 3.15 500
--------------------------------------------------------------------------------
5/24/2005 $ 3.14 200
--------------------------------------------------------------------------------
5/24/2005 $ 3.17 1,000
--------------------------------------------------------------------------------
5/24/2005 $ 3.17 890
--------------------------------------------------------------------------------
5/24/2005 $ 3.10 1,000
--------------------------------------------------------------------------------
5/24/2005 $ 3.05 200
--------------------------------------------------------------------------------
5/24/2005 $ 3.07 200
--------------------------------------------------------------------------------
5/24/2005 $ 3.10 100
--------------------------------------------------------------------------------
5/24/2005 $ 3.10 400
--------------------------------------------------------------------------------
5/24/2005 $ 3.07 1,000
--------------------------------------------------------------------------------
5/24/2005 $ 3.07 500
--------------------------------------------------------------------------------
6/2/2005 $ 3.00 456
--------------------------------------------------------------------------------
6/2/2005 $ 3.00 116
--------------------------------------------------------------------------------
6/2/2005 $ 3.00 58
--------------------------------------------------------------------------------
6/2/2005 $ 3.04 58
--------------------------------------------------------------------------------
6/2/2005 $ 3.10 58
--------------------------------------------------------------------------------
6/2/2005 $ 3.10 29
--------------------------------------------------------------------------------
6/2/2005 $ 3.10 58
--------------------------------------------------------------------------------
6/2/2005 $ 3.12 57
--------------------------------------------------------------------------------
6/2/2005 $ 3.12 57
--------------------------------------------------------------------------------
6/2/2005 $ 3.10 57
--------------------------------------------------------------------------------
Page 8 of 15
--------------------------------------------------------------------------------
6/2/2005 $ 3.10 57
--------------------------------------------------------------------------------
6/2/2005 $ 3.10 57
--------------------------------------------------------------------------------
6/2/2005 $ 3.12 114
--------------------------------------------------------------------------------
6/2/2005 $ 3.13 580
--------------------------------------------------------------------------------
6/2/2005 $ 3.13 570
--------------------------------------------------------------------------------
6/13/2005 $ 2.94 200
--------------------------------------------------------------------------------
6/13/2005 $ 2.94 500
--------------------------------------------------------------------------------
6/13/2005 $ 2.97 300
--------------------------------------------------------------------------------
6/13/2005 $ 2.97 200
--------------------------------------------------------------------------------
6/13/2005 $ 2.97 100
--------------------------------------------------------------------------------
6/13/2005 $ 2.94 200
--------------------------------------------------------------------------------
6/13/2005 $ 2.94 800
--------------------------------------------------------------------------------
6/13/2005 $ 2.94 300
--------------------------------------------------------------------------------
6/13/2005 $ 2.94 100
--------------------------------------------------------------------------------
6/13/2005 $ 2.94 200
--------------------------------------------------------------------------------
6/13/2005 $ 2.94 400
--------------------------------------------------------------------------------
6/13/2005 $ 2.97 400
--------------------------------------------------------------------------------
6/13/2005 $ 3.00 300
--------------------------------------------------------------------------------
6/29/2005 $ 3.19 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.22 304
--------------------------------------------------------------------------------
6/29/2005 $ 3.23 225
--------------------------------------------------------------------------------
6/29/2005 $ 3.30 525
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.34 675
--------------------------------------------------------------------------------
6/29/2005 $ 3.36 525
--------------------------------------------------------------------------------
6/29/2005 $ 3.36 150
--------------------------------------------------------------------------------
6/29/2005 $ 3.32 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.37 300
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.09 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.09 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.09 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.10 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.10 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.11 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.22 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.22 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.26 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.34 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.32 75
--------------------------------------------------------------------------------
Page 9 of 15
--------------------------------------------------------------------------------
6/29/2005 $ 3.09 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.10 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.10 225
--------------------------------------------------------------------------------
6/29/2005 $ 3.12 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.12 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.17 150
--------------------------------------------------------------------------------
6/29/2005 $ 3.18 150
--------------------------------------------------------------------------------
6/29/2005 $ 3.19 450
--------------------------------------------------------------------------------
6/29/2005 $ 3.19 300
--------------------------------------------------------------------------------
6/29/2005 $ 3.21 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.22 146
--------------------------------------------------------------------------------
6/29/2005 $ 3.22 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.23 525
--------------------------------------------------------------------------------
6/29/2005 $ 3.22 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.27 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 675
--------------------------------------------------------------------------------
6/29/2005 $ 3.29 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.30 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.33 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.34 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.36 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.37 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.36 600
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 225
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 450
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 675
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 375
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 375
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 375
--------------------------------------------------------------------------------
6/29/2005 $ 3.26 300
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 675
--------------------------------------------------------------------------------
6/29/2005 $ 3.30 675
--------------------------------------------------------------------------------
6/29/2005 $ 3.32 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.32 300
--------------------------------------------------------------------------------
6/29/2005 $ 3.34 750
--------------------------------------------------------------------------------
Page 10 of 15
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6/29/2005 $ 3.28 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.29 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 375
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 300
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.33 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.33 375
--------------------------------------------------------------------------------
6/29/2005 $ 3.33 300
--------------------------------------------------------------------------------
6/29/2005 $ 3.33 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.37 450
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 750
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 750
--------------------------------------------------------------------------------
The following purchases were made by Capital:
--------------------------------------------------------------------------------
Date Price per share Number of Shares
--------------------------------------------------------------------------------
6/2/2005 $ 3.00 344
--------------------------------------------------------------------------------
6/2/2005 $ 3.00 84
--------------------------------------------------------------------------------
6/2/2005 $ 3.00 42
--------------------------------------------------------------------------------
6/2/2005 $ 3.04 42
--------------------------------------------------------------------------------
6/2/2005 $ 3.10 42
--------------------------------------------------------------------------------
6/2/2005 $ 3.10 21
--------------------------------------------------------------------------------
6/2/2005 $ 3.10 42
--------------------------------------------------------------------------------
6/2/2005 $ 3.12 43
--------------------------------------------------------------------------------
6/2/2005 $ 3.12 43
--------------------------------------------------------------------------------
6/2/2005 $ 3.10 43
--------------------------------------------------------------------------------
6/2/2005 $ 3.10 43
--------------------------------------------------------------------------------
6/2/2005 $ 3.10 43
--------------------------------------------------------------------------------
6/2/2005 $ 3.12 86
--------------------------------------------------------------------------------
6/2/2005 $ 3.13 420
--------------------------------------------------------------------------------
6/2/2005 $ 3.13 430
--------------------------------------------------------------------------------
6/29/2005 $ 3.19 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.22 101
--------------------------------------------------------------------------------
6/29/2005 $ 3.23 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.30 175
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.34 225
--------------------------------------------------------------------------------
6/29/2005 $ 3.36 175
--------------------------------------------------------------------------------
6/29/2005 $ 3.36 50
--------------------------------------------------------------------------------
6/29/2005 $ 3.32 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.37 100
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.09 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.09 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.09 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.10 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.10 25
--------------------------------------------------------------------------------
Page 11 of 15
--------------------------------------------------------------------------------
Date Price per share Number of Shares
--------------------------------------------------------------------------------
6/29/2005 $ 3.11 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.22 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.22 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.26 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.34 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.32 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.09 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.10 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.10 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.12 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.12 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.17 50
--------------------------------------------------------------------------------
6/29/2005 $ 3.18 50
--------------------------------------------------------------------------------
6/29/2005 $ 3.19 150
--------------------------------------------------------------------------------
6/29/2005 $ 3.19 100
--------------------------------------------------------------------------------
6/29/2005 $ 3.21 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.22 49
--------------------------------------------------------------------------------
6/29/2005 $ 3.22 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.23 175
--------------------------------------------------------------------------------
6/29/2005 $ 3.22 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.27 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 225
--------------------------------------------------------------------------------
6/29/2005 $ 3.29 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.30 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.33 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.34 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.36 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.37 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.36 200
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 75
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 150
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 225
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 125
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 125
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 125
--------------------------------------------------------------------------------
6/29/2005 $ 3.26 100
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
Page 12 of 15
--------------------------------------------------------------------------------
Date Price per share Number of Shares
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.25 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 225
--------------------------------------------------------------------------------
6/29/2005 $ 3.30 225
--------------------------------------------------------------------------------
6/29/2005 $ 3.32 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.32 100
--------------------------------------------------------------------------------
6/29/2005 $ 3.34 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.28 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.29 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 125
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 100
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.31 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.33 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.33 125
--------------------------------------------------------------------------------
6/29/2005 $ 3.33 100
--------------------------------------------------------------------------------
6/29/2005 $ 3.33 25
--------------------------------------------------------------------------------
6/29/2005 $ 3.37 150
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 250
--------------------------------------------------------------------------------
6/29/2005 $ 3.38 250
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(d) No other person has the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of, the Common Stock.
Item 6. Contracts, Arrangements, Understandings or Relationships with respect to
Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits.
Exhibit 1: Joint Filing Agreement dated as of July 11, 2005, by and among
the Reporting Persons.
Page 13 of 15
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: July 11, 2005
/s/ Daniel Zeff
------------------------------
Daniel Zeff
ZEFF HOLDING COMPANY, LLC
By: /s/ Daniel Zeff
--------------------------
Name: Daniel Zeff
Title: Manager
ZEFF CAPITAL PARTNERS I, L.P.
By: Zeff Holding Company, LLC,
as general partner
By: /s/ Daniel Zeff
--------------------------
Name: Daniel Zeff
Title: Manager
SPECTRUM GALAXY FUND LTD.
By: /s/ Dion R. Friedland
--------------------------
Name: Dion R. Friedland
Title: Director
Page 14 of 15