SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENT THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. _________)
ASHLIN DEVELOPMENT CORPORATON
(Name of Issuer)
Common Stock, $.001 par value
(Title of Class of Securities)
044814 20 0
-----------
(CUSIP NUMBER)
Michael A. Gales, Executive Chairman
Ashlin Development Corporation
1479 North Clinton Avenue
Bay Shore, NY 11706
(631) 968-5000
--------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
November 30, 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(e), 13d-1(f) or 13d-1(g), check the following box
|_|.
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.
Page 1 of 10 Pages
CUSIP No. 044814 20 0 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael A. Gales
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
4,326,219
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 4,326,219
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,326,219
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 10 Pages
CUSIP No. 044814 20 0 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Louis A. Giusto
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
3,644,538
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 3,644,538
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,644,538
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 10 Pages
CUSIP No. 044814 20 0 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Peter Rettaliata
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,100,000
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,100,000
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,100,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 10 Pages
CUSIP No. 044814 20 0 13D
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Dario Peragallo
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,100,000
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,100,000
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,100,000
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 10 Pages
Item 1. Security and Issuer
This statement relates to the common stock, $.001 par value ("Common Stock"), of
Ashlin Development Corporation, a Florida corporation (the "Company"), with its
principal executive offices at 1479 North Clinton Avenue, Bay Shore, NY 11706.
The share numbers provided in this Schedule reflect the 1 - for - 1.249419586
reverse split of the Common Stock which became effective as of November 21,
2005.
Item 2. Identity and Background
(a) This statement is filed by Mr. Michael A. Gales ("Gales"), Mr.
Louis A. Giusto ("Giusto"), Mr. Peter Rettaliata ("Rettaliata") and Mr. Dario
Peragallo ("Peragallo")(each an "Acquiror").
(b) The business address and principal place of business for each of
the Acquirors is c/o the Company, 1479 North Clinton Avenue, Bay Shore, NY
11706.
(c) Mr. Gales is the Executive Chairman of the Company. Mr. Giusto
is the Company's Vice Chairman, Chief Financial Officer and Treasurer. Mr.
Rettaliata is a director and the Chief Executive Officer and President of the
Company. Mr. Peragallo is a director and the Executive Vice President of the
Company.
(d) None of the Acquirors has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Acquirors 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 to such laws.
(f) Each of the Acquirors is a citizen of the United States.
Item 3. Source and Amount of Funds
All of the shares of Common Stock beneficially owned by the
Acquirors were acquired in connection with a merger (the "Merger"). The Merger
is more fully described, and is also defined, in the Company's Current Report on
Form 8-K (the "8-K Report"), which was filed with the Commission on December 6,
2005. The Acquirors were among the shareholders of Gales Industries
Incorporated, a Delaware corporation ("Gales Industries"), immediately prior to
the Merger. All shareholders of Gales Industries (including the Acquirors)
automatically became shareholders of the Company in connection with the Merger
and received, in exchange for their shares of Gales Industries common stock,
shares of Common Stock of the Company on a one-for-one basis. Also pursuant to
the Merger, options, warrants, convertible securities and other derivative
Page 6 of 10 Pages
securities (including those held by the Acquirors) exercisable or convertible
into shares of Gales Industries' common stock automatically became options,
warrants, convertible securities or other derivative securities exercisable or
convertible into the same number of shares of the Company's Common Stock. Thus,
all of the Company's securities beneficially owned by the Acquirors were
acquired in exchange for securities of Gales Industries and no cash
consideration was paid.
The Merger involved the merger of Gales Industries on November 30,
2005 (the "Closing Date") into the Company's newly-created wholly-owned
subsidiary, Gales Industries Merger Sub, Inc. ("Merger Sub"). Merger Sub was the
surviving company in the Merger. Contemporaneously with the closing of the
Merger, Gales Industries acquired all of the outstanding capital stock of Air
Industries Machining, Corp., a New York corporation ("AIM") (the "Acquisition").
Mr. Rettaliata and Mr. Peragallo were shareholders of AIM prior to the
Acquisition and, in connection with the Acquisition, became shareholders of
Gales Industries.
Item 4. Purpose of Transaction
The purpose of each of the Acquirors in acquiring securities of the
Company was to effect the Merger and the other transactions which are described
in the 8-K Report.
None of the Acquirors has any present plans or proposals which would
relate to or result in any of the events or actions described in subparagraphs
(a) through (j) of this Item 4. Nothing set forth above should be interpreted to
preclude the Acquirors from making any plans or proposals which would relate to
or result in any of the events or actions described in subparagraphs (a) through
(j) of this Item 4.
Item 5. Interest in Securities of the Issuer
Mr. Gales holds 4,076,219 shares of Common Stock and stock options
to purchase an aggregate of 1,250,000 shares of Common Stock of which 250,000
options have vested and are exercisable in the next 60 days. Based on the
estimated 14,469,797 shares of Common Stock outstanding as of the Closing Date,
the total of 4,326,219 shares of Common Stock beneficially owned by Mr. Gales
represents approximately 29.4% of the outstanding Common Stock. Mr. Giusto holds
3,404,538 shares of Common Stock and stock options to purchase an aggregate of
1,200,000 shares of Common Stock of which 240,000 options have vested and are
exercisable in the next 60 days. The total of 3,644,538 shares of Common Stock
beneficially owned by Mr. Giusto represents approximately 24.8% of the Common
Stock outstanding as of the Closing Date. Each of Mr. Peragallo and Mr.
Rettaliata holds 118,423 shares of Common Stock, stock options to purchase an
aggregate of 1,200,000 shares of Common Stock of which 150,000 options have
vested and are exercisable in the next 60 days, and a promissory note in the
principal amount of $332,631 which is convertible at the exercise price of $0.40
per share into 831,577 shares of Common Stock (not including the conversion of
any interest accruing on such note). The total of 1,100,000 shares of Common
Stock beneficially owned by each of Mr. Peragallo and Mr. Rettaliata represents
approximately 7.1% of the Common Stock outstanding as of the Closing Date.
Page 7 of 10 Pages
Each of the Acquirors has sole power to vote and dispose of the
shares of Common Stock acquired and beneficially owned by him.
Other than the transactions described above, none of the Acquirors
has effected any transaction involving the Company's securities within the
preceding sixty (60) days.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
None.
Item 7. Material to be filed as Exhibits
Exhibit Numbers Exhibit
--------------- -------
A Joint Acquisition Statement
10.1 Merger Agreement, dated November 14, 2005,
among Gales Industries Incorporated, Gales
Industries Merger Sub, Inc. and Ashlin
Development Corporation (filed as Exhibit
10.1 to Ashlin's Current Report on Form
8-K, filed with the Commission on November
21, 2005).
Page 8 of 10 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
December 8, 2005
/s/ Michael A. Gales
------------------------------------------
MICHAEL A. GALES
/s/ Louis A. Giusto
------------------------------------------
LOUIS A. GIUSTO
/s/ Peter Rettaliata
------------------------------------------
PETER RETTALIATA
/s/ Dario Peragallo
------------------------------------------
DARIO PERAGALLO
Page 9 of 10 Pages