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<CAPTION>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
X Check this box if no FORM 4
- ---- longer subject to
Section 16. Form 4 or STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Form 5 obligations may
continue. See Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Instruction 1(b). Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
<S> <C> <C> <C>
1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person
Encore Capital Management, L.L.C. Eurotech, Ltd. (EURO) to Issuer (Check all applicable)
__________________________________________ _____________________________________________ ___ Director X 10% Owner
---
(Last) (First) (Middle) 3. IRS Identification 4. Statement for ___ Officer (give ___ Other (Specify
Number of Reporting Month/Year title below) below)
12007 Sunrise Valley Drive Person, if an entity
Suite 460 (voluntary) 9/98
__________________________________________ ______________________________________________________________
(Street)
5. If Amendment, Date of 7. Individual or Joint/Group Filing
Reston Virginia 20191 Original (Month/Year) (Check applicable line)
__________________________________________ ___ Form Filed by one Reporting Person
(City) (State) (Zip) X Form Filed by more than one
Reporting Person
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<CAPTION>
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
5. Amount of
3. Trans- 4. Securities Acquired (A) Securities
2. Trans- action or Disposed of (D) Beneficially 6. Ownership
action Code (Instr. 3, 4 and 5) Owned at Form: 7. Nature of
Date (Instr. --------------------------- End of Direct(D) Indirect
Month/ 8) (A) Month or Beneficial
1. Title of Security Day/ ----- --- Amount or Price (Instr. Indirect(I) Ownership
(Instr.3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
- ----------------------------- --------- ---------- -------- --- -------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If this form is filed by more than one reporting person, see Instruction 4(b)(v).
(1) The securities indicated are owned by JNC Opportunity Fund Ltd., a Cayman Islands corporation ("Opportunity"), with an address
c/o Olympia Capital (Cayman) Ltd., Williams House, 20 Reid Street, Hamilton HM11, Bermuda. Encore Capital Management, L.L.C.
("Encore"), a Delaware limited liability company, has indirect beneficial ownership over all of the securities indicated on this
Form 4 since it acts as investment advisor to Opportunity.
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<CAPTION> Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
2. Conver- 5. Number of Deriv- 6. Date Exercisable
sion or 3. Trans- 4. Trans- ative Securities and Expiration Date
Exercise action action Acquired (A) or (Month/Day/Year)
Price of Date Code Disposed of (D) -----------------------
Deriv- (Month/ (Instr. 8) (Instr. 3, 4, and 5) Date
1. Title of Derivative Security ative Day/ ----- ---- ----------------------- Exercis- Expiration
(Instr. 3) Security Year) Code V A D able Date
- ---------------------------------- ----------- ---------- ------------ ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
8% Convertible Debentures due $.3188(2) 9/10/98 C Debentures 2/26/98 11/27/00
November 27, 2000(1) ("Debentures") in the
aggregate
principal
amount of
$10,000
<CAPTION>
9. Number of 10. Ownership
Derivative of Deriv-
Securities ative
7. Title and Amount of Underlying Benefi- Security:
Securities (Instr. 3 and 4) cially Direct
--------------------------------- 8. Price of Owned (D) or
Amount or Derivative at End Indirect
1. Title of Derivative Title Number of Security of Month (I)
Security (Instr. 3) Shares (Instr. 5) (Instr. 4) (Instr. 4)
- ---------------------- -------------------- --------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
8% Convertible Common Stock, 33,369(3) Debentures in I(1)
Debentures $.00025 par value the aggregate
due November 27, principal
2000(1) ("Debentures") amount of
$2,490,000
Explanation of Responses
(1) The securities indicated are owned by Opportunity. Encore has indirect beneficial ownership over all of the securities
indicated on this Form 4 since it acts as investment advisor to Opportunity.
(2) Calculated as of the respective conversion date.
(3) Includes shares of Common Stock issued on account of interest on the Debentures.
(See attached group
filing signature pages) 3/26/99
**Intentional misstatements or omissions of facts constitute ------------------------------- -----------------
Federal Criminal Violations. See 18 U.S.C. 1001 and **Signature of Reporting Person Date
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.<PAGE>
Group filing signature page for Form-4
--------------------------------------
Dated as of March 26, 1999
JNC OPPORTUNITY FUND LTD.
By: /s/ Neil T. Chau
------------------------------
Name: Neil T. Chau
Title: Director
ENCORE CAPITAL MANAGEMENT, L.L.C.
By: /s/ Neil T. Chau
------------------------------
Name: Neil T. Chau
Title: Managing Member
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