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Grin Eugene, et al. – ‘3’ for 9/13/07 re: 180 Connect Inc.

On:  Monday, 9/24/07, at 3:14pm ET   ·   For:  9/13/07   ·   As:  10% Owner and Other   ·   Accession #:  1005477-7-5040   ·   File #:  1-33670

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/24/07  Grin Eugene                       3          %Own.,Oth.  1:16K  180 Connect Inc.                  CT EDGAR123/FA
          Grin David
          Valens Capital Management, LLC
          Valens U.S. SPV I, LLC
          Laurus Capital Management LLC
          Laurus Master Fund Ltd.

Initial Statement of Beneficial Ownership of Securities by an Insider   —   Form 3   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 3           Initial Statement of Beneficial Ownership of        HTML     14K 
                Securities by an Insider -- edgar123.xml/2.2


        

This ‘3’ Document is an XML Data File that may be rendered in various formats:

  Form 3    –   Plain Text   –  SEC Website  –  EDGAR System  –    XML Data    –  <?xml?> File
 
 
Plain Text rendering:  Initial Statement of Beneficial Ownership of Securities by an Insider
 
                                                                                                                                                                                
Ownership Document
 
Schema Version:  X0202
Document Type:  3
Period of Report:  9/13/07
No Securities Owned:  0
Issuer:
Issuer CIK:  1323639
Issuer Name:  180 Connect Inc.
Issuer Trading Symbol:  CNCT
Reporting Owner:
Reporting Owner ID:
Owner CIK:  1189294
Owner Name:  LAURUS MASTER FUND LTD
Reporting Owner Address:
Owner Street 1:  C/O LAURUS CAPITAL MANAGEMENT, LLC
Owner Street 2:  335 MADISON AVENUE, 10TH FLOOR
Owner City:  NEW YORK
Owner State:  NY
Owner ZIP Code:  10017
Owner State Description:
Reporting Owner Relationship:
Is Director?  No
Is Officer?  No
Is Ten Percent Owner?  Yes
Is Other?  Yes
Other Text:  Disclaimed Group
Reporting Owner:
Reporting Owner ID:
Owner CIK:  1296341
Owner Name:  LAURUS CAPITAL MANAGEMENT LLC
Reporting Owner Address:
Owner Street 1:  335 MADISON AVENUE, 10TH FLOOR
Owner Street 2:
Owner City:  NEW YORK
Owner State:  NY
Owner ZIP Code:  10017
Owner State Description:
Reporting Owner Relationship:
Is Director?  No
Is Officer?  No
Is Ten Percent Owner?  Yes
Is Other?  Yes
Other Text:  Disclaimed Group
Reporting Owner:
Reporting Owner ID:
Owner CIK:  1413180
Owner Name:  Valens U.S. SPV I, LLC
Reporting Owner Address:
Owner Street 1:  335 MADISON AVENUE, 10TH FLOOR
Owner Street 2:
Owner City:  NEW YORK
Owner State:  NY
Owner ZIP Code:  10017
Owner State Description:
Reporting Owner Relationship:
Is Director?  No
Is Officer?  No
Is Ten Percent Owner?  No
Is Other?  Yes
Other Text:  Disclaimed Group
Reporting Owner:
Reporting Owner ID:
Owner CIK:  1413179
Owner Name:  Valens Capital Management, LLC
Reporting Owner Address:
Owner Street 1:  335 MADISON AVENUE, 10TH FLOOR
Owner Street 2:
Owner City:  NEW YORK
Owner State:  NY
Owner ZIP Code:  10017
Owner State Description:
Reporting Owner Relationship:
Is Director?  No
Is Officer?  No
Is Ten Percent Owner?  No
Is Other?  Yes
Other Text:  Disclaimed Group
Reporting Owner:
Reporting Owner ID:
Owner CIK:  1296339
Owner Name:  GRIN DAVID
Reporting Owner Address:
Owner Street 1:  C/O LAURUS CAPITAL MANAGEMENT, LLC
Owner Street 2:  335 MADISON AVENUE, 10TH FLOOR
Owner City:  NEW YORK
Owner State:  NY
Owner ZIP Code:  10017
Owner State Description:
Reporting Owner Relationship:
Is Director?  No
Is Officer?  No
Is Ten Percent Owner?  Yes
Is Other?  Yes
Other Text:  Disclaimed Group
Reporting Owner:
Reporting Owner ID:
Owner CIK:  1296338
Owner Name:  GRIN EUGENE
Reporting Owner Address:
Owner Street 1:  C/O LAURUS CAPITAL MANAGEMENT, LLC
Owner Street 2:  335 MADISON AVENUE, 10TH FLOOR
Owner City:  NEW YORK
Owner State:  NY
Owner ZIP Code:  10017
Owner State Description:
Reporting Owner Relationship:
Is Director?  No
Is Officer?  No
Is Ten Percent Owner?  Yes
Is Other?  Yes
Other Text:  Disclaimed Group
Non-Derivative Table:
Non-Derivative Holding:
Security Title:
Value:  Common Stock
Post-Transaction Amounts:
Shares Owned Following Transaction:
Value:  2,908,407
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Ownership Nature:
Direct or Indirect Ownership:
Value:  D
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Derivative Table:
Derivative Holding:
Security Title:
Value:  Common Stock Warrants (right to buy)
Conversion or Exercise Price:
Value:  4.35
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Exercise Date:
Value:  7/2/07
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Expiration Date:
Value:  7/2/12
Underlying Security:
Underlying Security Title:
Value:  Common Stock
Underlying Security Shares:
Value:  591,023
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Ownership Nature:
Direct or Indirect Ownership:
Value:  D
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Derivative Holding:
Security Title:
Value:  Common Stock Warrants (right to buy)
Conversion or Exercise Price:
Value:  4.35
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Exercise Date:
Value:  7/2/07
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Expiration Date:
Value:  7/2/12
Underlying Security:
Underlying Security Title:
Value:  Common Stock
Underlying Security Shares:
Value:  8,977
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Ownership Nature:
Direct or Indirect Ownership:
Value:  I
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Nature of Ownership:
Value:  By Valens U.S. SPV I, LLC
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Derivative Holding:
Security Title:
Value:  Common Stock Warrants (right to buy)
Conversion or Exercise Price:
Value:  4.01
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Exercise Date:
Value:  8/24/07
Expiration Date:
Value:  8/24/12
Underlying Security:
Underlying Security Title:
Value:  Common Stock
Underlying Security Shares:
Value:  250,000
Ownership Nature:
Direct or Indirect Ownership:
Value:  D
Footnote ID:  F1
Footnote ID:  F2
Footnote ID:  F3
Footnotes:
Footnote - F1:  As of September 13, 2007, Laurus Master Fund, Ltd., a Cayman Islands corporation (the "Fund"), and Valens U.S. SPV I, LLC, a Delaware limited liability company ("Valens U.S." and together with the Fund, the "Investors"), held (i) a warrant (the "July Warrant") to acquire 600,000 shares of the common stock, par value $0.0001 per share (the "Shares"), of 180 Connect Inc., a Delaware corporation (the "Company"), at an exercise price of $4.35 per Share, subject to certain adjustments, (ii) a warrant (the "August Warrant") to acquire 250,000 Shares, at an exercise price of $4.01 per Share, subject to certain adjustments, and (iii) 2,908,407 Shares. The July Warrant contains an issuance limitation prohibiting the Investors from exercising or converting those securities to the extent that such exercise would result in beneficial ownership by the Investors of more than 9.99% of the Shares then issued and outstanding (the "Issuance Limitation").
Footnote - F2:  The Fund is managed by Laurus Capital Management, LLC, a Delaware limited liability company ("LCM"). Valens U.S. is managed by Valens Capital Management, LLC, a Delaware limited liability company ("VCM"). Eugene Grin and David Grin, through other entities, are the controlling principals of LCM and VCM, and share sole voting and investment power over all securities of the Company held by the Investors. Thus, for the purposes of Reg. Section 240.13d-3, Valens U.S., LCM, VCM, Eugene Grin and David Grin may be deemed to be beneficial owners of more than 10% of the Shares. The Fund disclaims beneficial ownership of the securities reported herein held by Valens U.S., except to the extent of such person's pecuniary interest in Valens U.S., if any. Valens U.S. disclaims beneficial ownership of the securities reported herein held by the Fund, except to the extent of such person's pecuniary interest in the Fund, if any.
Footnote - F3:  Each of LCM, VCM, Eugene Grin and David Grin disclaims beneficial ownership of the securities reported herein except to the extent of such person's pecuniary interest in the Investors, if any. The filing of this statement by any reporting person shall not be deemed an admission that such person is, for purposes of Section 16 of the Securities Exchange Act of 1934 or otherwise, the beneficial owner of any equity securities covered by this statement.
Owner Signature:
Signature Name:  By: /s/ Eugene Grin, Director of Laurus Master Fund, Ltd.
Signature Date:  9/19/07
Owner Signature:
Signature Name:  By: /s/ David Grin, Principal of Laurus Capital Management, LLC
Signature Date:  9/19/07
Owner Signature:
Signature Name:  By: /s/ David Grin, Authorized Signatory of Valens U.S. SPV I, LLC
Signature Date:  9/19/07
Owner Signature:
Signature Name:  By: /s/ Eugene Grin, Authorized Signatory of Valens U.S. SPV I, LLC
Signature Date:  9/19/07
Owner Signature:
Signature Name:  By: /s/ David Grin, Principal of Valens Capital Management, LLC
Signature Date:  9/19/07
Owner Signature:
Signature Name:  By: /s/ Eugene Grin, Principal of Valens Capital Management, LLC
Signature Date:  9/19/07
Owner Signature:
Signature Name:  By: /s/ David Grin
Signature Date:  9/19/07
Owner Signature:
Signature Name:  By: /s/ Eugene Grin
Signature Date:  9/19/07


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Filing Submission 0001005477-07-005040   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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