Page 1 of 4 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 |X| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). ================================================================================ 1. Name and Address of Reporting Person* Commonwealth Associates, LP -------------------------------------------------------------------------------- (Last) (First) (Middle) 830 Third Avenue -------------------------------------------------------------------------------- (Street) New York New York 10022 -------------------------------------------------------------------------------- (City) (State) (Zip) ================================================================================ 2. Issuer Name and Ticker or Trading Symbol Intelispan, Inc. (NASD OTCBB: IVPN) ================================================================================ 3. IRS Identification Number of Reporting Person, if an Entity (Voluntary) 13-3467952 ================================================================================ 4. Statement for Month/Year May 2001 ================================================================================ 5. If Amendment, Date of Original (Month/Year) ================================================================================ 6. Relationship of Reporting Person to Issuer (Check all applicable) |X| Director |X| 10% Owner |_| Officer (give title below) |_| Other (specify below) Michael S. Falk is a director. ================================================================================ 7. Individual or Joint/Group Filing (Check Applicable Line) |_| Form filed by one Reporting Person |X| Form filed by more than one Reporting Person ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================

6. 4. 5. Owner- Securities Acquired (A) or Amount of ship 3. Disposed of (D) Securities Form: 7. Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of 2. Code ----------------------------~~---~~ Owned at End (D) or Indirect 1. Transaction (Instr. 8) (A) of Month Indirect Beneficial Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership (Instr. 3) (~~Month~~mm/~~Day~~dd/~~Year~~yy) Code V (D) and 4) (Instr.4) (Instr. 4) ------------------------------------------------------------------------------------------------------------------------------------ ~~------------------------------------------------------------------------------------------------------------------------------------~~ Common Stock 095/1231/0001 XU ~~8,968,367 A $.50~~ 7,907,321 D (1) -0- D(2) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 095/1231/0001 XU ~~66,667 A $.50~~ 9,441,667 D (1) -0- I (23) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 095/1231/0001 XU 4,~~017,927 A $.50 4,~~049,018 ID (31) -0-~~----------------------------------------------------------------------------------------------------------------------------------~~ ~~Common Stock 09/12/00 X 16,667 A $.50 47,917~~ I (4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 095/1231/0001 XU 147,~~121,046~~917 D ~~$4.00 7,907,321 D~~(1) -0-~~----------------------------------------------------------------------------------------------------------------------------------~~ ~~Common Stock 09/12/00 X 8,334 D $4.00 9,441,667~~ I (25) ------------------------------------------------------------------------------------------------------------------------------------ ~~Common Stock 09/12/00 X 502,241 D $4.00 4,049,018 I (3)~~ ------------------------------------------------------------------------------------------------------------------------------------ ~~Common Stock 09/12/00 X 2,083 D $4.00 47,917 I (4)~~ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over) SEC 1474 --------------------------- *If the form is filed by more than one reporting person, see Instruction 4(b)(v). FORM 4 (continued) Page 2 of 4 Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

109. 910. Number Owner- ~~Number~~of ship ~~of Form~~ 2. Deriv- Form of Conver- 5. 7. ative Deriv- 11. sion Number of Title and Amount Secur- ative Nature orof Derivative 6. of Underlying 8. ities Secur- of Exer- 4. Securities Date Securities Price Bene- ity: In- cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene- 1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner- Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ~~Warrants to Purchase 12/06~~- ~~Common Stock $.50 9/12/00 X 8,968,367 immed 01/07 Common Stock 8,968,367 0 D(1)~~ ------------------------------------------------------------------------------------------------------------------------------------ ~~Warrants to Purchase Common Stock $.50 9/12/00 X 66,667 immed 12/04 Common Stock 66,667 0 I (2)~~ ------------------------------------------------------------------------------------------------------------------------------------ ~~Warrants to Purchase 12/04~~- ~~Common Stock $.50 9/12/00 X 4,017,927 immed 12/06 Common Stock 4,017,927 0 I (3)~~ ------------------------------------------------------------------------------------------------------------------------------------ ~~Warrants to Purchase 12/04~~- ~~Common Stock $.50 9/12/00 X 16,667 immed 12/06 Common Stock 16,667 0 I (4)~~ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ==================================================================================================================================== ~~Explanation of Responses:~~

Explanation of Responses: See Attached Commonwealth Associates L.P. By: Commonwealth Associates Management Corp., its general partner /s/ Joseph P. Wynne June 8, 2001 --------------------------------------------- ----------------------- ** Signature of Reporting Person Date Joseph P. Wynne, Chief Financial Officer ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. SEC 1474 Page 3 of 4 FOOTNOTES --------- (1) Disposed of in connection with the merger of Intelispan, Inc. (the "Merger") pursuant to an Agreement and Plan of Merger, by and among McLeodUSA Incorporated, Iguana Corporation, a wholly-owned subsidiary of McLeodUSA Incorporated, and Intelispan, Inc., dated as of March 17, 2001. In the Merger, each share of common stock of Intelispan, Inc. was converted into the right to receive 0.03055 of a share of the Class A common stock of McLeodUSA Incorporated. On the effective date of the Merger, based on the closing price per share of McLeodUSA Class A common stock on The Nasdaq National Market on such date, the value of 0.03055 of a share of McLeodUSA Class A common stock was approximately $0.14. (2) These shares were owned directly by Commonwealth Associates, L.P. ("Commonwealth"). Michael S. Falk ("Falk") is the principal limited partner of Commonwealth, and is a director, the Chairman and the principal shareholder of Commonwealth Associates Management Corp., the general partner of Commonwealth. (3) These shares were owned directly by ComVest Capital Partners LLC ("ComVest"). Falk is a manager and the principal member of ComVest. (4) These shares were owned directly by Falk. (5) These shares were owned directly by trusts for the benefit of Falk's children. Falk is the trustee of such trusts. Page 4 of 4 JOINT FILER INFORMATION AND AUTHORIZATION ----------------------------------------- Name: Commonwealth Associates Management Corp. 830 Third Avenue New York, New York 10022 Designated Filer: Commonwealth Associates, LP Issuer & Ticker Symbol: Intelispan, Inc. (IVPN) Statement Month/Year: May 2001 Signature: By: /s/ Joseph P. Wynne ---------------------------------------------- Joseph P. Wynne, Chief Financial Officer Name: ComVest Capital Partners LLC 830 Third Avenue New York, New York 10022 Designated Filer: Commonwealth Associates, LP Issuer & Ticker Symbol: Intelispan, Inc. (IVPN) Statement Month/Year: May 2001 Signature: By: /s/ Michael S. Falk ---------------------------------------------- Michael S. Falk, Manager Name: Michael S. Falk 830 Third Avenue New York, New York 10022 Designated Filer: Commonwealth Associates, LP Issuer & Ticker Symbol: Intelispan, Inc. (IVPN) Statement Month/Year: May 2001 Signature: /s/ Michael S. Falk ------------------------------------------------- Michael S. Falk

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