FORM 5 U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL 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 box if no longer subject to Section 16. Form 4 or Form 5 obligations
- ----- may continue. See Instruction 1(b).
X Form 3 Holdings Reported
- -----
Form 4 Transactions Reported
- -----
1. Name and Address of Reporting Person
Boeldt-Umbright, Valerie
------------------------
(Last) (First) (Middle)
1515 West 22nd Street, Suite 1210
---------------------------------
(Street)
Oak Brook, Illinois 60521
-------------------------
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
MedCare Technologies, Inc. (MCAR)
---------------------------------
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
December 1998
-------------
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
Director 10% Owner
----- ----
Officer (give title below) X Other (specify below)
----- ----
Former Director or Officer
--------------------------
Table 1 Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<TABLE>
<CAPTION>
1. Title of 2. Trans- 3. Trans 4. Securities Acquired (A) or 5. Amount of 6. Owner- 7. Nature of
Security action action Disposed of (D) Securities Bene- ship Indirect
Date Code ficially Owned Form: Beneficial
(Month/ Amount (A) or Price At End of Direct Ownership
Day/ (D) Issuer's (D) or
Year) Fiscal Year Indirect
(I)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NONE
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<PAGE>
Form 5 (continued)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
1.Title of 2.Conver- 3.Trans- 4.Trans- 5.Number of 6.Date Exer- 7.Title and Amount 8.Price 9.Number 10.Owner- 11.Na-
Derivative sion or action action Derivative cisable and of Underlying Of of Deri ship of ture of
Security Exercise Date Code Securities Expiration Securities Deriv- ative Deriv- Indirect
Price of (Month/ Acquired (A) Date ative Secur- ative Bene-
Deriv- Day/ or Disposed (Month/Day/ Secur- ities Secur- ficial
ative Year) of (D) Year) ity Bene- ity: Owner-
Security ficially Direct ship
(A) (D) Date Expira- Title Amount or Owned (D)
Exer- ation Number of At End or In-
cisable Date Shares Of Year direct
(I)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1996 Stock Common
Option Plan $4.50 6/18/96 J 40,000 0 6/18/96 6/20/01 Stock 40,000 $4.50 40,000 D
1997 Stock Common
Option Plan $4.50 11/1/96 J 100,000 0 11/1/96 11/18/01 Stock 100,000 $4.50 100,000 D
1997 Stock Common
Option Plan $6.50 11/1/96 J 15,000 0 11/1/96 7/1/05 Stock 15,000 $6.50 15,000 D
</TABLE>
Explanation of Responses:
In Item 4, Transaction Code "J" is listed because the options continue to be
held by the original issuee. No options have been converted into stock or
otherwise disposed of.
/s/ Valerie Boeldt-Umbright February 17, 1999
- ------------------------------- -----------------
**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
<PAGE>
