SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
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Data Systems and Software, Inc.
(Name of Issuer)
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Common Stock, $0.001, per share
(Title of Class of Securities)
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237887 10 4
(CUSIP Number)
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Scott Rosenblatt, Esq.
c/o Reitler Brown & Rosenblatt, LLC
800 Third Avenue, 21st Floor
New York, NY 10022
(212) 209-3050
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
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June 30, 2005
(Date of Event which Requires Filing of this Statement)
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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 ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-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 ss. 240.13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13D
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CUSIP NO. 237887 10 4
PAGE 2 OF 16 PAGES------
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Howard Gutzmer
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[X]
(SEE INSTRUCTIONS) (B)[ ]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
NUMBER OF SHARES BENEFICIALLY 59,985
OWNED BY EACH REPORTING
PERSON WITH
8 SHARED VOTING POWER
587,643(1)
9 SOLE DISPOSITIVE POWER
59,985
10 SHARED DISPOSITIVE POWER
587,643(1)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
647,628
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.0 %
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
----------
(1) Mr. Gutzmer has shared voting and dispositive power over a total of
587,643 with the following people/entities: (1) Gutzmer Family Trust U/AD/11296,
Howard and Doreen Gutzmer Trustees, which holds 550,317 shares; (2) Doreen
Gutzmer SSB/IRA Rollover, Howard Gutzmer Custodian, which holds 73,450 shares;
and (3) Unlimited Systems Corporation Inc., a California corporation, of which
Mr. Gutzmer is the majority shareholder, in addition to being an officer and
director of the company, which holds 13,876 shares.
SCHEDULE 13D
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CUSIP NO. 237887 10 4
PAGE 3 OF 16 PAGES------
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hank Wolfert
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[X]
(SEE INSTRUCTIONS) (B)[ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
NUMBER OF SHARES BENEFICIALLY 378,425
OWNED BY EACH REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
9 SOLE DISPOSITIVE POWER
378,425
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
378,425
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7 %
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
SCHEDULE 13D
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CUSIP NO. 237887 10 4
PAGE 4 OF 16 PAGES------
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
John A. Moore
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[X]
(SEE INSTRUCTIONS) (B)[ ]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES BENEFICIALLY 354,000
OWNED BY EACH REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
9 SOLE DISPOSITIVE POWER
354,000
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
354,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4 %
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
SCHEDULE 13D
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CUSIP NO. 237887 10 4
PAGE 5 OF 16 PAGES------
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Joel Sklar
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[X]
(SEE INSTRUCTIONS) (B)[ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES BENEFICIALLY 178,000
OWNED BY EACH REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
9 SOLE DISPOSITIVE POWER
178,000
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
178,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2 %
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
SCHEDULE 13D
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CUSIP NO. 237887 10 4
PAGE 6 OF 16 PAGE------
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Nathan Steinberg
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[X]
(SEE INSTRUCTIONS) (B)[ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES BENEFICIALLY 150,000
OWNED BY EACH REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
9 SOLE DISPOSITIVE POWER
150,000
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
150,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8 %
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
SCHEDULE 13D
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CUSIP NO. 237887 10 4
PAGE 7 OF 16 PAGES------
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael J. Tobin
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[X]
(SEE INSTRUCTIONS) (B)[ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES BENEFICIALLY 125,000
OWNED BY EACH REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
9 SOLE DISPOSITIVE POWER
125,000
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
125,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5 %
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
SCHEDULE 13D
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CUSIP NO. 237887 10 4
PAGE 8 OF 16 PAGES------
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Harvey Bibicoff
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[X]
(SEE INSTRUCTIONS) (B)[ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES BENEFICIALLY 100,000
OWNED BY EACH REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
9 SOLE DISPOSITIVE POWER
100,000
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2 %
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
SCHEDULE 13D
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CUSIP NO. 237887 10 4
PAGE 9 OF 16 PAGES------
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Justin Ort
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[X]
(SEE INSTRUCTIONS) (B)[ ]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES BENEFICIALLY 91,707
OWNED BY EACH REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
9 SOLE DISPOSITIVE POWER
91,707
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
91,707
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1 %
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
SCHEDULE 13D
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CUSIP NO. 237887 10 4
PAGE 10 OF 16 PAGES------
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Peter De Neufville
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[X]
(SEE INSTRUCTIONS) (B)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES BENEFICIALLY 39,200
OWNED BY EACH REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
9 SOLE DISPOSITIVE POWER
39,200
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
39,200 (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5 %
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
----------
(1) 29,200 of the shares of common stock are beneficially owned by Wilmington
Value & Biotech Partners, LLC, of which Mr. DeNeufville is the managing member
of such entity and has sole voting and dispositive power with respect to such
shares.
SCHEDULE 13D
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CUSIP NO. 237887 10 4
PAGE 11 OF 16 PAGES------
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Dominic Sforza
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[X]
(SEE INSTRUCTIONS) (B)[ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
--------------------------------------------------------------------------------
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 of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES BENEFICIALLY 26,400
OWNED BY EACH REPORTING
PERSON WITH
8 SHARED VOTING POWER
0
9 SOLE DISPOSITIVE POWER
26,400
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,400
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3 %
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
ITEM 1. SECURITY AND ISSUER.
This statement (the "Statement") relates to 2,090,360 shares of common
stock, par value $0.001 per share ("Common Stock") of DATA SYSTEMS AND
SOFTWARE, INC., a Delaware corporation (the "Issuer" or "DSSI"). The principal
executive offices of DSSI are located at 200 Route 17, Mahwah, New Jersey 07430.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This Schedule 13D is filed by Howard Gutzmer, Hank Wolfert, John A. Moore,
Joel Sklar, Nathan Steinberg, Michael J. Tobin, Harvey Bibicoff, Justin Ort,
Peter De Neufville and Dominic Sforza (each a "Reporting Person" and
collectively, the "Reporting Persons").
(b) The address for each of the Reporting Persons is as follows:
Howard Gutzmer, 4335 Grace Rd., Bonita, CA 91902
Hank Wolfert, 17140 South 169 Highway, Olathe, KS 66062
John A. Moore, 101 Brookmeadow Rd., Wilmington, DE 19807
Joel Sklar, One Lenape Ave., Rockaway, NJ 07866
Nathan Steinberg, 3904 Laguna Vista Cove, Austin, TX 78746
Michael J. Tobin, 151 Haypath Rd., Old Bethpage NY 11804
Harvey Bibicoff, c/o Bibicoff and Associates, 15165 Ventura Blvd.,
Sherman Oaks, CA 91403
Justin Ort, c/o First NY Securities, 850 3rd Ave. 8th Floor, NY, NY
10022
Peter De Neufville, P.O. Box 5359, North Branch, NJ 08876
Dominic Sforza, 352 Darby Lane, Mountainside, New Jersey 07092
(c) No Reporting Person is an officer or director of the Registrant. The
occupation, employer and principal business address for each Reporting Person is
as follows:
Mr. Gutzmer's is presently self-employed with a principal business
address of 5550 Oberlin Dr., San Diego, California 92121.
Mr. Wolfert is owner of Wolfert Landscape LLC and has a principal
business address of 17140 S. 169 Highway, Olathe, Kansas 66062.
Mr. Moore is currently Chairman of ImaRx Therapeutics Inc. and has a
principal business address of 403 Marsh Lane, Wilmington, Delaware
19804.
Mr. Sklar is presently employed by Prudential Financial as an actuary
and his principal business address is 751 Broad Street, Newark, New
Jersey 07102-3714.
Mr. Steinberg is presently self-employed and his principal business
address is 3904 Laguna Vista Cove, Austin, TX 78746.
Mr. Tobin is presently self-employed as owner and president of The
Creative Edge and is also Vice President of Sales of Cherry Lane Litho
and his principal business address for both companies is 15 East
Bethpage Road, Plainview, New York, 11803.
Mr. Bibicoff is a planning and investor relations consultant to public
companies and is employed by Bibicoff & Associates, Inc.; his principal
business address is 15165 Ventura Blvd., Sherman Oaks, California
91403.
Mr. Ort is presently employed by First NY Securities Inc. as a trader
and his principal business address is 850 Third Avenue, 8th Floor, New
York, New York 10022.
Mr. De Neufville is currently chairman of Voltaix, Inc. and has a
principal business address of P.O. Box 5359, North Branch, New Jersey
08876.
Mr. Sforza is a sergeant in the City of Rahway Police Department
which is located at City Hall Plaza, Rahway, New Jersey 07065.
(d) During the last five years, none of the Reporting Persons have been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of the Reporting Persons have 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 to such laws.
(f) Each of the Reporting Persons is a citizen of the United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Each Reporting Person acquired their shares in the following manner:
Mr. Gutzmer began buying the Issuer's stock via the open market in
1995 and continued to make periodic purchases until his last purchase
in 2002.
Mr. Wolfert began buying the Issuer's stock via the open market on
December 29, 2000 and has continued to make periodic purchases until
his last purchase on March 30, 2005.
Mr. Moore began buying the Issuer's stock via the open market on
November 29, 2004 and continued to make periodic purchases until his
last purchase on April 27, 2005.
Mr. Sklar began buying the Issuer's stock via the open market on July
17, 1996 and continued to make periodic purchases until his last
purchase on March 26, 2004.
Mr. Steinberg began buying the Issuer's stock via the open market in
1998 and has continued making periodic purchases.
Mr. Tobin began buying the Issuer's stock via the open market on May
16, 1998 and continued to make periodic purchases until his last
purchase, which was made on February 18, 2005.
Mr. Bibicoff purchased 45,000 shares of the Issuer's stock through a
private placement in April of 2003 at $1.95/share; he further purchased
44,308 shares of the Issuer's stock in the open market at prices
ranging from $1.04 to $2.80 between November 2003 and November 2004.
Mr. Ort purchased 20,000 shares of the Issuer's stock through a
private placement in April of 2003 at $1.95/share; he further purchased
71,707 shares of the Issuer's stock via the open market through
periodic purchases between August 4, 1998 and March 28, 2005.
Mr. De Neufville began buying the Issuer's stock via the open market
in the second quarter of 2005 and has continued to make periodic
purchases through the date of this filing.
Mr. Sforza purchased 5,000 shares of the Issuer's stock through a
private placement in April of 2003 at $1.95/share; he further purchased
21,400 shares of the Issuer's stock in the open market at prices
ranging from $1.18 to $6.60 between February 1998 and December 2003.
ITEM 4. PURPOSE OF THE TRANSACTION
The shares owned by the Reporting Persons were acquired individually by
each Reporting Person for personal investment. The Reporting Persons filing this
statement may decide, jointly or individually, to purchase additional shares of
the Common Stock or other securities of the Issuer. In addition, the Reporting
Persons, jointly or individually, may dispose of any or all securities of the
Issuer in any manner permitted by applicable securities laws.
The Reporting Persons have concerns regarding the ability and
willingness of current DSSI management to maximize shareholder value. The
Reporting Persons base their concerns on a number of factors including, but not
limited to: (a) the recent erosion of DSSI stock price from $4/share on January
27, 2004 to a current average of approximately $1/share; (b) the continued low
trading volume evidencing an apparent lack of interest in DSSI's stock; (c) the
repeated and substantial losses incurred by DSSI; (d) the management's failure
to capitalize on valuable assets, such as its ownership interest in Comverge,
Inc.; (e) the management's decision to permit a subsidiary (Comverge) to seek
third party financing which resulted in substantial dilution of DSSI's interest
in a valuable subsidiary; (f) the repeated failure by the Board to respond to
shareholder letters expressing concerns over the future of DSSI; and (g) the
delisting of DSSI from the NASDAQ for failure to meet shareholder equity
requirements, notwithstanding that Reporting Person, John A. Moore, offered to
invest the amount necessary to meet these requirements.
In light of the foregoing, the Reporting Persons intend to request that
the incumbent Board of DSSI resign immediately and that a slate of new Board
members comprised of existing shareholders (or their designees) be elected to
replace the resigning Board members. The slate of new Board members should be
selected by a nominating committee consisting of three representatives of the
Reporting Persons who will be selected by a majority of the Reporting Persons.
The aim of such nominating committee is to replace the existing Board with
directors who recognize their obligation to act in the best interest of both
DSSI and its shareholders.
In addition, the Reporting Persons request the Board amend the by-laws
of DSSI to remove provisions put in place by the Board restricting the ability
of the shareholders to call a special meeting of shareholders. If the Board does
not so amend the by-laws, the Reporting Persons intend to seek the consent of
requisite additional shareholders of DSSI to adopt such amendment.
Except as set forth above, the Reporting Persons have no present plans
or intentions that relate to or that would result in any of the transactions
described in clauses (a) through (j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN THE SECURITIES OF THE REGISTRANT.
(a) Collectively, the Reporting Persons beneficially own 2,090,360 shares of
Common Stock, which represent approximately 26% of Common Stock outstanding
(based on 8,116,691 shares of Common Stock of the Issuer issued and
outstanding as of May 10, 2005, as stated in the Form 10Q filed with the
Securities Exchange Commission on May 12, 2005).
(b) Each Reporting Person has (i) the sole power to vote or direct the vote of
the shares of Common Stock and (ii) the sole power to dispose of or to direct
the disposition of such shares of Common Stock as follows:
Howard Gutzmer has (i) the sole power to vote or direct the vote of
647,628 shares of Common Stock and (ii) the sole power to dispose of or
to direct the disposition of such shares of Common Stock.
Hank Wolfert has (i) the sole power to vote or direct the vote of
378,425 shares of Common Stock and (ii) the sole power to dispose of or
to direct the disposition of such shares of Common Stock.
John A. Moore has (i) the sole power to vote or direct the vote of
354,000 shares of Common Stock and (ii) the sole power to dispose of or
to direct the disposition of such shares of Common Stock.
Joel Sklar has (i) the sole power to vote or direct the vote of 178,000
shares of Common Stock and (ii) the sole power to dispose of or to
direct the disposition of such shares of Common Stock.
Nathan Steinberg has (i) the sole power to vote or direct the vote of
150,000 shares of Common Stock and (ii) the sole power to dispose of or
to direct the disposition of such shares of Common Stock.
Michael J. Tobin has (i) the sole power to vote or direct the vote of
125,000 shares of Common Stock and (ii) the sole power to dispose of or
to direct the disposition of such shares of Common Stock.
Harvey Bibicoff has (i) the sole power to vote or direct the vote of
100,000 shares of Common Stock and (ii) the sole power to dispose of or
to direct the disposition of such shares of Common Stock.
Justin Ort has (i) the sole power to vote or direct the vote of 91,707
shares of Common Stock and (ii) the sole power to dispose of or to
direct the disposition of such shares of Common Stock.
Peter De Neufville has (i) the sole power to vote or direct the vote of
39,200 shares of Common Stock and (ii) the sole power to dispose of or
to direct the disposition of such shares of Common Stock.
Dominic Sforza has (i) the sole power to vote or direct the vote of
26,400 shares of Common Stock and (ii) the sole power to dispose of or
to direct the disposition of such shares of Common Stock.
(c) To the best knowledge and belief of the undersigned, no transactions
involving the Common Stock have been effected during the past 60 days by the
Reporting Persons other than Mr. De Neufville who purchased 600 shares of Common
Stock at $1.00 per share on May 18, 2005; 5,000 shares of Common Stock at $1.00
per share on May 19,2005; 5,500 shares of Common Stock at $1.0218 per share on
May 20, 2005; 500 shares of Common Stock at $1.20 per share on May 27, 2005;
4,500 shares of Common Stock at $1.20 per share on May 31, 2005; 5,000 shares of
Common Stock at $1.15 per share on June 6, 2005; 5,700 shares of Common Stock at
$1.1479 per share of June 6, 2005; 3,200 shares of Common Stock at $1.15 per
share on June 10, 2005; 4,500 shares of Common Stock at $1.12 per share on June
30, 2005 and 5,000 shares of Common Stock at $1.11 per share on July 7, 2005, in
each case in the open market personally or through Wilmington Value & Biotech
Partners, LLC, of which Mr. De Neufville is the managing member.
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE REGISTRANT.
Except as otherwise described herein, there exists no contract,
arrangement, understanding or relationship (legal or otherwise) between the
Reporting Persons and any other person or entity with respect to any securities
of DSSI, including, but not limited to, transfer or voting of any of the
securities, finder's fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, division of profits or loss, or the giving or
withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1 Joint Filing Agreement, dated as of June 30, 2005,
by and among Howard Gutzmer, Hank Wolfert, John A.
Moore, Joel Sklar, Nathan Steinberg, Michael J.
Tobin, Harvey Bibicoff, Justin Ort, Peter De
Neufville and Dominic Sforza.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Date: June 30, 2005
/s/ Howard Gutzmer
-------------------------
Howard Gutzmer
/s/ Hank Wolfert
-------------------------
Hank Wolfert
/s/ John A. Moore
-------------------------
John A. Moore
/s/ Joel Sklar
-------------------------
Joel Sklar
/s/ Nathan Steinberg
-------------------------
Nathan Steinberg
/s/ Michael J. Tobin
-------------------------
Michael J. Tobin
/s/ Harvey Bibicoff
-------------------------
Harvey Bibicoff
/s/ Justin Ort
-------------------------
Justin Ort
/s/ Peter De Neufville
-------------------------
Peter De Neufville
/s/ Dominic Sforza
-------------------------
Dominic Sforza
JOINT FILING AGREEMENT WITH RESPECT TO SCHEDULE 13D
In accordance with Rule 13d-1(k) of Regulation 13D-G under the
Securities Exchange Act of 1934, as amended, the undersigned hereby agree that
any statement on Schedule 13D to be filed with the Securities and Exchange
Commission by any of the undersigned, including any amendment thereto, with
respect to the Common Stock, par value $0.001 per share, of Data Systems and
Software, Inc., a Delaware corporation, may be filed by John A. Moore, on behalf
of each of the undersigned, and further agree that this Joint Filing Agreement
may be filed as an exhibit to any such statement.
IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed as of the 30th day of June, 2005
/s/ Howard Gutzmer
-------------------------
Howard Gutzmer
/s/ Hank Wolfert
-------------------------
Hank Wolfert
/s/ John A. Moore
-------------------------
John A. Moore
/s/ Joel Sklar
-------------------------
Joel Sklar
/s/ Nathan Steinberg
-------------------------
Nathan Steinberg
/s/ Michael J. Tobin
-------------------------
Michael J. Tobin
/s/ Harvey Bibicoff
-------------------------
Harvey Bibicoff
/s/ Justin Ort
-------------------------
Justin Ort
/s/ Peter De Neufville
-------------------------
Peter De Neufville
/s/ Dominic Sforza
-------------------------
Dominic Sforza