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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
CTI Industries Corporation
------------------------------------
(Name of Issuer)
Common Stock, .065 Par Value
------------------------------------
(Title of Class of Securities)
125961 10 2
------------
(CUSIP Number)
Check the following box if a fee is being paid with this statement. [_] (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
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).
SEC 1745 (2-95)
<PAGE>
- ---------------------------- ---------------------
CUSIP NO. 125961 10 2 13G PAGE 2 OF 4 PAGES
- ---------------------------- ---------------------
- --------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Philip W. Colburn
- --------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- --------------------------------------------------------------------------------
SEC USE ONLY
3
- --------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
- --------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 214,311
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 214,311
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
214,311
- --------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
- --------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.59%
- --------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 125961 10 2 13G PAGE 3 OF 4 PAGES
ITEM 1.
(a) Name of Issuer
CTI Industries Corporation
(b) Address of Issuer's Principal Executive Offices
22160 North Pepper Road
Barrington, Illinois 60010
ITEM 2.
(a) Name of Person Filing
Philip W. Colburn
(b) Address of Principal Business Office or, if none, Residence
22160 North Pepper Road
Barrington, Illinois 60010
(c) Citizenship
United States
(d) Title of Class of Securities
Common Stock, .065 Par Value
(e) CUSIP Number
125961 10 2
ITEM 3.
N/A
ITEM 4. OWNERSHIP
(a) Amount Beneficially Owned
214,311
(b) Percent of Class
5.59%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
214,311
(ii) shared power to vote or to direct the vote
<PAGE>
CUSIP NO. 125961 10 2 13G PAGE 4 OF 4 PAGES
(iii) sole power to dispose or to direct the disposition of
214,311
(iv) shared power to dispose or to direct the disposition of
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
N/A
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
N/A
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
N/A
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
N/A
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
N/A
ITEM 10. CERTIFICATION.
N/A
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. The filing of this statement shall not be construed as an admission
that the undersigned is for the purposes of Section 13(d) or 13(g) of the Act,
the beneficial owner of any securities covered by this statement.
March 23, 1998
------------------------------
Date
/s/ Philip W. Colburn
------------------------------
Philip W. Colburn
