sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. )1
NETWORK PERIPHERALS INC.
(Name of issuer)
COMMON STOCK, $.01 PAR VALUE PER SHARE
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(Title of class of securities)
64121R 10 0
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(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
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(Name, address and telephone number of person
authorized to receive notices and communications)
May 4, 2001
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(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 /x/
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.
(Continued on following pages)
(Page 1 of 11 Pages)
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1 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 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).
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CUSIP No. 64121R 10 0 13D Page 2 of 11 pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SENECA VENTURES
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 170,300
OWNED BY EACH
REPORTING
PERSON
WITH
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8 SHARED VOTING POWER
0
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9 SOLE DISPOSITIVE POWER
170,300
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
170,300
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 64121R 10 0 13D Page 3 of 11 pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WOODLAND VENTURE FUND
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 290,500
OWNED BY EACH
REPORTING
PERSON WITH
--------------------------------------------------------------
8 SHARED VOTING POWER
0
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9 SOLE DISPOSITIVE POWER
290,500
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
290,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.3%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 64121R 10 0 13D Page 4 of 11 pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WOODLAND PARTNERS
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 232,500
OWNED BY EACH
REPORTING
PERSON WITH --------------------------------------------------------------
8 SHARED VOTING POWER
0
--------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
232,500
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
232,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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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*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 64121R 10 0 13D Page 5 of 11 pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARRY RUBENSTEIN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
UNITED STATES
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 264,500
OWNED BY EACH
REPORTING
PERSON WITH --------------------------------------------------------------
8 SHARED VOTING POWER
693,300
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9 SOLE DISPOSITIVE POWER
264,500
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10 SHARED DISPOSITIVE POWER
693,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
957,800
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 64121R 10 0 13D Page 6 of 11 pages
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The following constitutes the Schedule 13D filed by the undersigned
(the "Schedule 13D").
Item 1. Security and Issuer.
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This statement relates to shares of the common stock, $.01 par value
per share ("Common Stock"), of Network Peripherals Inc. (the "Issuer"). The
principal executive offices of the Issuer are located at 2859 Bayview Drive,
Fremont, California 94538.
Item 2. Identity and Background.
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Items 2(a), 2(b) and 2(c) This Statement is jointly filed by Seneca
Ventures, a New York limited partnership, Woodland Venture Fund, a New York
limited partnership ("Woodland Venture"), Woodland Partners, a New York general
partnership, and Barry Rubenstein (together with Seneca Ventures, Woodland
Venture and Woodland Partners, collectively referred to as the "Reporting
Persons").
The principal business of each of Seneca Ventures, Woodland Venture
and Woodland Partners is investing. Barry Rubenstein is a general partner of
each of Seneca Ventures, Woodland Venture, and Woodland Partners. Woodland
Services Corp., a New York corporation, is a general partner of Seneca Ventures
and Woodland Fund. Marilyn Rubenstein is a general partner of Woodland Partners,
an officer of Woodland Services Corp. and the spouse of Barry Rubenstein. The
principal place of business of each of the Reporting Persons, Marilyn Rubenstein
and Woodland Services Corp. is 68 Wheatley Road, Brookville, New York 11545.
Item 2(d) During the last five years, none of the Reporting Persons
nor Mrs. Rubenstein and Woodland Services Corp. has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
Item 2(e) During the last five years, none of the Reporting Persons
nor Mrs. Rubenstein and Woodland Services Corp. has been 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.
Item 2(f) Barry Rubenstein and Marilyn Rubenstein are citizens of
the United States.
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
The aggregate purchase price of the 170,300 shares of Common Stock
acquired by Seneca Ventures is $987,903.13 and was paid for using its working
capital.
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CUSIP No. 64121R 10 0 13D Page 7 of 11 pages
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The aggregate purchase price of the 290,500 shares of Common Stock
acquired by Woodland Venture is $1,743,750 and was paid for using its working
capital.
The aggregate purchase price of the 232,500 shares of Common Stock
acquired by Woodland Partners is $1,990,187.50 and was paid for using its
working capital.
The aggregate purchase price of the 264,500 shares of Common Stock
beneficially held by Barry Rubenstein is $4,129,968.75. All of the shares of
Common Stock beneficially held by Mr. Rubenstein were purchased through his
rollover IRA account whose investment decisions are controlled by him.
Item 4. Purpose of Transaction.
----------------------
The shares of Common Stock were acquired for investment purposes.
Pursuant to the terms of an Agreement and Plan of Merger (the "Merger
Agreement") dated as of May 4, 2001 by and among FalconStor, Inc.
("FalconStor"), Empire Acquisition Corp., a direct, wholly-owned subsidiary of
the Issuer (the "Merger Sub"), and the Issuer, FalconStor will merge with Merger
Sub and become a wholly-owned subsidiary of Issuer, and stockholders of
FalconStor will own an aggregate of approximately two-thirds of the outstanding
shares of Common Stock after the merger, if consummated. The Merger Agreement
also contemplates that the directors of FalconStor immediately prior to the
merger shall become directors of the Issuer following the merger. Barry
Rubenstein, the current Chairman of the Board of FalconStor, will become
Chairman of the Issuer and, consequently, may be deemed at and subject to the
closing of the Merger Agreeement to have control over the business of the
Issuer. The closing of the Merger Agreement is subject to stockholder approval,
expiration of any applicable Hart-Scott-Rodino waiting period, and other
customary closing conditions. Accordingly, this Schedule 13D is being filed to
reflect the potential change in Mr. Rubenstein's status with the Issuer. In
addition, if the Merger Agreement is consummated, Barry Rubenstein may be deemed
to be the beneficial owner of shares of the Issuer that will be acquired by
certain partnerships who are stockholders of FalconStor. Mr. Rubenstein
disclaims beneficial ownership of any of such shares except to the extent of his
beneficial interest therein. Except as stated above, the Reporting Persons
presently have no plans or proposals which would relate to or result in any of
the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer.
------------------------------------
Item 5(a) The following table sets forth the aggregate number and
percentage (based on 12,850,899 shares of Common Stock outstanding as of April
19, 2001, as reported by the Issuer in its Registration Statement on Form S-4
and filed with the Securities and Exchange Commission on May 11, 2001) of Common
Stock beneficially owned by each Reporting Person named in Item 2 of Schedule
13D. The table does not reflect any shares of Common Stock that any of the
Reporting Persons may acquire as a result of the consummation of the Merger
Agreement since the number of shares of Common Stock has not been fixed and
stockholders' approval of the Issuer has not been obtained.
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CUSIP No. 64121R 10 0 13D Page 8 of 11 pages
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Shares of Common Percentage of Shares of
Stock Common Stock
Name Beneficially Owned Beneficially Owned
---- ------------------ ----------------------
Seneca Ventures 170,300 1.3%
Woodland Venture Fund 290,500 2.3%
Woodland Partners 232,500 1.8%
Barry Rubenstein (1) 957,800 7.5%
Marilyn Rubenstein (2) 957,800 7.5%
Woodland Services Corp. (3) 460,800 3.6%
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(1) Includes (a) 170,300 shares of Common Stock held by Seneca Ventures,
(b) 290,500 shares of Common Stock held by Woodland Venture and (c)
232, 500 shares of Common Stock held by Woodland Partners. Mr.
Rubenstein disclaims beneficial ownership of these shares of Common
Stock except to the extent of his respective equity interest
therein.
(2) Consists of (a) 170,300 shares of Common Stock held by Seneca
Ventures, (b) 290,500 shares of Common Stock held by Woodland
Venture (c) 232, 500 shares of Common Stock held by Woodland
Partners and (d) 264,500 shares of Common Stock held by Barry
Rubenstein. Mrs. Rubenstein disclaims beneficial ownership of these
shares of Common Stock except to the extent of her respective equity
interest therein.
(3) Consists of (a) 170,300 shares of Common Stock held by Seneca
Ventures and (b) 290,500 shares of Common Stock held by Woodland
Venture. Woodland Services Corp. disclaims beneficial ownership of
these shares of Common Stock except to the extent of its respective
equity interest therein.
Item 5(b) Barry Rubenstein has sole power to vote and dispose of
264,500 shares of Common Stock, representing approximately 2.1% of the
outstanding shares of Common Stock. By virtue of being a general partner of
Seneca Ventures, Woodland Partners, Woodland Venture, Barry Rubenstein may be
deemed to have shared power to vote and dispose of 693,300 shares of Common
Stock, representing approximately 5.4% of the outstanding shares of Common
Stock.
Seneca Ventures has sole power to vote and dispose of 170,300 shares
of Common Stock, representing approximately 1.3% of the outstanding shares of
Common Stock.
Woodland Venture has sole power to vote and dispose of 290,500
shares of Common Stock, representing approximately 2.3% of the outstanding
shares of Common Stock.
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CUSIP No. 64121R 10 0 13D Page 9 of 11 pages
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Woodland Partners has sole power to vote and dispose of 232,500
shares of Common Stock, representing 1.8% of the outstanding shares of Common
Stock.
By virtue of being a general partner of Woodland Partners, an
officer of Woodland Services Corp., which is a general partner of Seneca and
Woodland Venture, and spouse of Barry Rubenstein, Marilyn Rubenstein may be
deemed to have shared power to vote and dispose of 957,800 shares of Common
Stock, representing approximately 7.5% of the outstanding shares of Common
Stock.
By virtue of being a general partner of Seneca and Woodland Venture,
Woodland Services Corp. may be deemed to have shared power to vote and dispose
of 460,800 shares of Common Stock, representing approximately 3.6% of the
outstanding shares of Common Stock.
Item 5(c) There were no transactions in shares of Common Stock of
the Issuer by the Reporting Persons identified in Item 2 of this Schedule 13D
effected during the past sixty days.
Item 5(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the receipt of dividends from,
or proceeds from the sale of, such shares of the Common Stock.
Item 5(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
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None.
Item 7. Materials to be Filed as Exhibits.
---------------------------------
(a) Joint Filing Agreement dated as of May 14, 2001 among Barry
Rubenstein, Woodland Partners, Seneca Ventures, and Woodland Venture Fund.
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CUSIP No. 64121R 10 0 13D Page 10 of 11 pages
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SIGNATURES
After due inquiry and to the best of his knowledge and belief, each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: May 14, 2001
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
-----------------------------------
Barry Rubenstein, a General Partner
SENECA VENTURES
By: /s/ Barry Rubenstein
-----------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
-----------------------------------
Barry Rubenstein, a General Partner
/s/ Barry Rubenstein
---------------------------------------
Barry Rubenstein
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CUSIP No. 64121R 10 0 13D Page 11 of 11 pages
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JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934,
as amended, the persons named below agree to the joint filing on behalf of each
of them of a Statement on Schedule 13D dated May 14, 2001 (including amendments
thereto) with respect to the Common Stock of Network Peripherals Inc. This Joint
Filing Agreement shall be filed as an Exhibit to such Statement.
Dated: May 14, 2001
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
-----------------------------------
Barry Rubenstein, a General Partner
SENECA VENTURES
By: /s/ Barry Rubenstein
-----------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
-----------------------------------
Barry Rubenstein, a General Partner
/s/ Barry Rubenstein
---------------------------------------
Barry Rubenstein