SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 driversshield.com Corp. (Name of Issuer) Common Stock,$.015 par value per share (Title of Class of Securities) 262094-10-5 ----------- (CUSIP Number) Barry Siegel Chief Executive Officer driversshield.com Corp. 51 East Bethpage Road Plainview, NY 11803 (516) 694-1010 January 18, 2002 ---------------- (Date of Event which Requires Filing of this Statement) The information required in 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 (however, see the Notes). CUSIP No. 262094-10-5 - -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Barry J. Spiegel - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* PF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 1,430,961 -------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 0 OWNED BY -------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 1,430,961 WITH -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,747,627 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.73% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! Item 1. Security and Issuer: Common Stock,$.015 par value per share driversshield.com Corp. 51 East Bethpage Road Plainview, NY 11803 Item 2. Identity and Background Item 2(a) Barry J. Spiegel Item 2(b) Address of Principal Business Office or, if none, Residence: 51 East Bethpage Road Plainview, NY. 11803 Item 2(c) President, driversshield.com ADS Corp. 51 East Bethpage Road Plainview, NY 11803 Item 2(d) No Item 2(e) No Item 2(f) USA Item 3 Source and Amount of Funds or Other Consideration The total cost of the 696,452 shares purchased equaled $926,281.16. The source of these funds was the filer's personal Individual Retirement Account. Item 4 Purpose of Transaction The purpose of the transaction was to acquire the shares for his own Individual Retirement Account. Item 5. Interest in Securities of the Issuer. 1,747,627 or 15.73% of the outstanding shares of the issuer. This beneficial ownership number includes options to purchase 316,666 shares of common stock of the issuer that is exercisable within 60 days hereof. Item 6. Contracts, Arrangements, Understanding or Relationships with Respect to Securities of the Issuer. On January 18, 2002, the filer, Barry J. Spiegel, entered into a Stock Purchase Agreement with Michael Karpoff and Patricia Rothbardt for him to purchase a total of 696,452 common stock shares of the Issuer. Mr. Spiegel purchased 596,452 shares on January 18, 2002 for his Individual Retirement Account and the balance, 100,000 shares, must be purchased no later than March 31, 2002. Mr. Karpoff and Ms. Rothbardt also granted Mr. Spiegel an irrevocable proxy to vote the shares previously held by them. Item 7. Material to be Filed as Exhibits. Exhibit 1 Stock Purchase Agreement dated January 18, 2002 between Michael Karpoff and Patricia Rothbardt and Barry J. Spiegel. 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. By: s/ Barry J. Spiegel January 29, 2002 -------------------------- Barry J. Spiegel