UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
(Print or Type Responses)
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1. Name and Address of Reporting Person*
Berryessa Donald Oliver
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(Last) (First) (Middle)
6008 Ashley Court
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(Street)
Pleasanton CA 94588
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
AMERICAN CHAMPION ENTERTAINMENT, INC. (Nasdaq SmallCap Market - "ACEI")
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
June 1999
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ ] Director [ ] 10% Owner
[ ] Officer (give title below) [ X ] Other (specify below)
Former Director and Officer resigned June 30, 1999
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7. Individual or Joint/Group Filing
(Check Applicable Line)
[ X ] Form filed by one Reporting Person
[ ] Form filed by more than one Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
4. Securities Acquired (A) 5. Amount of 6. Owner-
or Disposed of (D) Securities ship Form:
3. Transac- (Instr. 3, 4 and 5) Beneficially Direct 7. Nature
2. Transac- tion Code -------------------------- Owned at End (D) or of Indirect
tion Date (Instr. 8) (A) of Month Indirect Beneficial
1. Title of Security (Month/Day ------------- or (Instr. 3 (I) Ownership
(Instr. 3) Year) Code V Amount (D) Price and 4) (Instr. 4)(Instr. 4)
- ----------------------- ----------- ------- ----- ---------- ---- ---------- ------------ --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock (1) 06/21/99 M V 40,000 A $1.250 D
- ----------------------- ----------- ------- ----- ---------- ---- ---------- ------------ --------- ----------
Common Stock (1) 06/21/99 M V 100,000 A $1.031 D
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Common Stock (1) 06/21/99 M V 10,000 A $0.094 D
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Common Stock (2) 290,500 D
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Common Stock (3) 28,100 I Spouse
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* If the form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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</TABLE>
<TABLE>
<CAPTION>
2.
Conver- 5. 7.
sion Number of Title and Amount
or Derivative 6. of Underlying 8.
Exer- Securities Date Securities Price
cise 3. Acquired (A) Exercisable and (Instr. 3 and 4) of
Price Trans- 4. or Disposed Expiration Date -------------------- Deriv-
1. of action Transac- of (D) (Month/Day/Year) Amount ative
Title of Deriv- Date tion Code (Instr. 3, ------------------- or Secur-
Derivative ative (Month/ (Instr. 8) 4 and 5) Date Expira- Number ity
Security Secur- Day/ ----------- --------------- Exer- tion of (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5)
- ---------------------- -------- -------- ------ ---- ----- --------- --------- --------- ----------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option (4) $1.250 06/21/99 M V 40,000 01/01/99 07/30/99 Common Stock 40,000
- ---------------------- -------- -------- ------ ---- ----- --------- --------- --------- ----------- -------- ---------
Employee Stock Option (4) $1.031 06/21/99 M V 100,000 05/19/99 07/30/99 Common Stock 100,000
- ---------------------- -------- -------- ------ ---- ----- --------- --------- --------- ----------- -------- ---------
Employee Stock Option (4) $0.094 06/21/99 M V 10,000 06/07/99 07/30/99 Common Stock 10,000
9. 10.
Number Owner-
of ship
Deriv- Form of
ative Deriv- 11.
Secur- ative Nature
ities Secur- of
Bene- ity: In-
ficially Direct direct
Owned (D) or Bene-
at End In- ficial
of direct Owner-
Month (I) ship
(Instr. (Instr. (Instr.
4) 4) 4)
- -------- -------- --------
<C> <C> <C>
40,000 0
- -------- -------- --------
100,000 0
- -------- -------- --------
10,000 0
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</TABLE>
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(1) Common Stock per exercise of employee stock options.
(2) Includes 140,500 shares already owned.
(3) The 28,100 shares are owned by spouse, total shares beneficially
owned equaling 318,600
(4) Exercise of employee stock options had to be made within 30 days of
resignation of company as per the the Stock Option Agreement.
/s/ Don Berryessa July 9, 1999
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**Signature of Reporting Person Date
** Intentional misstatements 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.
