SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
(RULE 13D-101)
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. 2
Electronic Systems Technology, Inc.
(NAME OF ISSUER)
Common Stock
(TITLE OF CLASS OF SECURITIES)
285848107
(CUSIP NUMBER)
Paul D. Sonkin
Hummingbird Management, LLC
(f/k/a Morningside Value Investors, LLC)
460 Park Avenue, 12th Floor
New York, New York 10022
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
May 31. 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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box. [ ]
Note: Schedules filed in paper format shall include a signed original and
five copies of the Schedule, including all exhibits. See Rule 13d-7(b) for
other parties to whom copies are to be sent.
(Continued on following pages)
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CUSIP No. 285848107 13D/A Page 2 of 15 Pages
------------------------ ----------------------------
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Management, LLC
(f/k/a Morningside Value Investors, LLC)
IRS No. 13-4082842
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 585,352
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
585,352
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
585,352
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
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CUSIP No. 285848107 13D/A Page 3 of 15 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Paul D. Sonkin
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 585,352
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
585,352
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
585,352
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
================================================================================
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CUSIP No. 285848107 13D/A Page 4 of 15 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Capital, LLC
(f/k/a Morningside Capital, LLC)
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 585,352
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
585,352
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
585,352
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
================================================================================
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CUSIP No. 285848107 13D/A Page 5 of 15 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Value Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 303,334
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
303,334
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
303,334
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
LP
================================================================================
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CUSIP No. 285848107 13D/A Page 6 of 15 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hummingbird Microcap Value Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 223,826
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
223,826
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
223,826
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
LP
================================================================================
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CUSIP No. 285848107 13D/A Page 7 of 15 Pages
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1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Tarsier Nanocap Value Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 61,192
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
61,192
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
61,192
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
LP
================================================================================
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CUSIP No. 285848107 13D/A Page 8 of 15 Pages
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AMENDMENT NO. 2 TO SCHEDULE 13D
This Amendment No. 2, dated August 2, 2005 to Schedule 13D is
filed by the Reporting Persons and amends the Schedule the 13D as previously
filed by the Reporting Persons with the Securities and Exchange Commission
on January 26, 2005 (the "Schedule 13D"),relating to the common Stock, $.001
par value (the "Common Stock") of ELECTRONIC SYSTEMS TECHNOLOGY, INC. a
Washington Corporation.
Items 2, 3 and 5 are hereby amended and restated, as follows:
ITEM 2 IDENTITY AND BACKGROUND
This statement is being filed by Hummingbird Management, LLC (f/k/a
Morningside Value Investors, LLC), a Delaware limited liabilitycompany
("Hummingbird"), whose principal business and principal office address is
460 Park Avenue, 12th Floor, New York, New York 10022. Hummingbird acts as
investment manager to The Hummingbird Value Fund, L.P. ("HVF") , to The
Hummingbird Microcap Value Fund, L.P. (the "Microcap Fund") and to The
Tarsier Nanocap Value Fund, L.P. (the Tarsier Fund"), and has the
sole investment discretion and voting authority with respect to the investments
owned of record by each of HVF, Microcap Fund, and Tarsier Fund.
Accordingly, Hummingbird may be deemed for purposes of Rule 13d-3 of the
Securities and Exchange Act of 1934, as amended ("Rule 13d-3"), to be the
beneficial owner of the Shares owned by HVF, Microcap Fund, and Tarsier
Fund. The managing member of Hummingbird is Paul Sonkin. Mr. Sonkin is also
the managing member of Hummingbird Capital, LLC (f/k/a Morningside
Capital, LLC), a Delaware limited liability company ("HC", and together
with Hummingbird, HVF, Microcap Fund, Tarsier Fund, and Mr. Sonkin, the
"Reporting Persons"), the general partner of each of HVF, Microcap Fund, and
Tarsier Fund.
Both HVF, Microcap Fund, and Tarsier Fund are Delaware limited
partnerships whose principal business and principal office address is 460 Park
Avenue, 12th Floor, New York, New York, 10022 and whose principal business
is investing in securities in order to achieve its investment objectives.
Mr. Sonkin is a citizen of the United States and HC is a
Delaware limited liability company. The principal business of Mr. Sonkin
is acting a managing member of each of Hummingbird and HC. The principal
business of HC isacting as general partner of each of HVF, Microcap Fund, and
Tarsier Fund. The principal office address of each of Mr. Sonkin and HC
is 460 Park Avenue, 12th Floor, New York, New York 10022.
During the past five years none of Hummingbird, HVF, Microcap Fund,
Tarsier Fund, Mr. Sonkin or HC has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) or has
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of which any of the foregoing was or
is subject to a judgment, decree or final order enjoining future violations
of, or prohibiting or mandatingactivities subject to, Federal or State
securities laws, or finding any violation with respect to such laws.
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CUSIP No. 285848107 13D/A Page 9 of 15 Pages
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ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
As of August 1, 2005, Hummingbird has caused HVF, Microcap Fund,
and Tarsier Fund to invest approximately $194,898, $147,960, and
$46,290, respectively, in the Shares of the Issuer using their working
capital.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER
(a) As investment manager of HVF, Microcap Fund, and Tarsier
Fund, Hummingbird may be deemed to have the sole voting and investment
authority over the Shares owned by HVF, Microcap Fund, and Tarsier Fund,
for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as
amended ("Rule 13d-3"), may be deemed to be the beneficial owner of
585,352 Shares representing approximately 11.4% of the outstanding shares
of the Issuer (based upon 5,148,667 shares of Common Stock outstanding as of
May 12, 2005 as reported on Form 10-QSB for the period ended March 31, 2005.)
Hummingbird disclaims any beneficial ownership of the Shares covered by
this Statement.
Mr. Sonkin is the managing member and control person of Hummingbird,
and for purposes of Rule 13d-3 may be deemed the beneficial owner of such
Shares deemed to be beneficially owned by Hummingbird. Thus, Mr. Sonkin may
be deemed, for purposes of Rule 13d-3, to be may be deemed to be the
beneficial owner of 585,352 Shares representing approximately 11.4% of the
outstanding shares of the Issuer (based upon 5,148,667 shares of Common Stock
outstanding as of May 12, 2005 as reported on Form 10-QSB for the period
ended March 31, 2005.) Mr. Sonkin disclaimsany economic interest or beneficial
ownership of the Shares covered by this Statement.
------------------------ ----------------------------
CUSIP No. 285848107 13D/A Page 10 of 15 Pages
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HC, as the general partner of each of HVF, Microcap Fund, and
Tarsier Fund, Hummingbird may be deemed to have the sole voting and
investment authority over the Shares owned by HVF, Microcap Fund, and
Tarsier Fund, for purposes of Rule 13d-3 under the Securities Exchange
Act of 1934, as amended ("Rule 13d-3"), may be deemed to be the
beneficial owner of 585,352 Shares representing approximately 11.4% of the
outstanding shares of the Issuer (based upon 5,148,667 shares of Common Stock
outstanding as of May 12, 2005 as reported on Form 10-QSB for the period
ended March 31, 2005.) HC disclaims anybeneficial ownership of the Shares
covered by this Statement.
HVF is the beneficial owner of 303,334 Shares or 11.4% of the
outstanding shares of the Issuer.
Microcap Fund is the beneficial owner of 223,826 Shares or 4.3%
of the outstanding shares of the Issuer.
Tarsier Fund is the beneficial owner of 531,224 Shares or 1.2%
of the outstanding shares of the Issuer.
(c) Hummingbird caused HVF to effect transactions in the Shares during
the past 60 days as set forth below:
NUMBER OF
DATE TYPE SHARES PRICE/SHARE
---- ---- ------ -----------
7/18/2005 open market purchase 2,000 0.73
7/26/2005 open market purchase 3,500 0.73
7/27/2005 open market purchase 5,200 0.73
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CUSIP No. 285848107 13D/A Page 11 of 15 Pages
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Hummingbird caused the Microcap Fund to effect transactions in the
Shares during the past 60 days as set forth below:
NUMBER OF
NUMBER OF
DATE TYPE SHARES PRICE/SHARE
---- ---- ------ -----------
5/31/2005 open market purchase 3,250 0.76
7/18/2005 open market purchase 2,000 0.73
7/26/2005 open market purchase 3,500 0.73
7/27/2005 open market purchase 5,200 0.73
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CUSIP No. 285848107 13D/A Page 12 of 15 Pages
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Hummingbird caused the Tarsier Fund to effect transactions in the
Shares during the past 60 days as set forth below:
NUMBER OF
NUMBER OF
DATE TYPE SHARES PRICE/SHARE
---- ---- ------ -----------
6/16/2005 open market purchase 27,971 0.7572
7/18/2005 open market purchase 1,000 0.73
7/20/2005 open market purchase 10,750 0.73
7/26/2005 open market purchase 3,000 0.73
(d) Inapplicable.
(e) Inapplicable.
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CUSIP No. 285848107 13D/A Page 13 of 15 Pages
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ITEM 6 Inapplicable
ITEM 7 MATERIAL TO BE FILED AS EXHIBITS
Exhibit Exhibit
No. Description
--- ---------------------------------------------------------------
1 Joint Filing Agreement dated May 31, 2005 by and among
Hummingbird Management, LLC (f/ka Morningside Value Investors,
LLC), Hummingbird Value Fund, L.P., Hummingbird Mircocap Value
Fund, L.P., Tarsier Nanocap Value Fund, L.P, Hummingbird
Capital, LLC (f/k/a Morningside Capital, LLC) and Paul
Sonkin.
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: August 2, 2005 HUMMINGBIRD MANAGEMENT, LLC
(f/k/a Morningside Value Investors, LLC)
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
/s/ Paul D. Sonkin
-------------------------------------
PAUL D. SONKIN
HUMMINGBIRD VALUE FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD MICROCAP VALUE
FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
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CUSIP No. 285848107 13D/A Page 14 of 15 Pages
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Tarsier Nanocap Value
FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD CAPITAL, LLC
(f/k/a Morningside Capital, LLC)
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
------------------------ ----------------------------
CUSIP No. 285848107 13D/A Page 15 of 15 Pages
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JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1)(iii) 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 31, 2005
(including amendments thereto) with respect to the Common Stock of
Electronic Systems Technology, Inc. This Joint Filing Agreement shall be filed
as an Exhibit to such Statement.
Dated: August 2, 2005 HUMMINGBIRD MANAGEMENT, LLC
(f/k/a Morningside Value Investors, LLC)
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
/s/ Paul D. Sonkin
-------------------------------------
PAUL D. SONKIN
HUMMINGBIRD VALUE FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD MICROCAP VALUE
FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
TARSIER NANOCAP VALUE
FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD CAPITAL, LLC
(f/k/a Morningside Capital, LLC)
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member