UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Oertel, Klaus
2777 Walden Avenue
Buffalo, NY 14225
USA
2. Issuer Name and Ticker or Trading Symbol
American Precision Industries Inc.
APR
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
07/98
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Shares, $2/3 par va|07/28/|P | |200 |A |15.875 |700 |D | |
lue |98 | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Directors Stock Option|$6.3104 |1/2/9|J | |404 |A |7/2/9|1/2/0|Common Stock|404 | |404 |D | |
| |8 | | | | |8 |8 | | | | | | |
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Directors Stock Option|$5.4169 |4/1/9|J | |491 |A |10/1/|4/1/0|Common Stock|491 | |491 |D | |
| |8 | | | | |98 |8 | | | | | | |
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Directors Stock Option|$18.0625|4/24/|J | |1,500 |A |* |4/24/|Common Stock|1,500 | |1,500 |D | |
| |98 | | | | | |08 | | | | | | |
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Directors Stock Option|$18.0625|4/24/|J | |5,400 |A |4/26/|4/24/|Common Stock|5,400 | |5,400 |D | |
| |98 | | | | |00 |08 | | | | | | |
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Directors Stock Option|$4.4906 |7/1/9|J | |477 |A |1/1/9|7/1/0|Common Stock|477 | |477 |D | |
| |8 | | | | |9 |8 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
*Options granted to reporting person become exercisable in five annual
installments of 20% each beginning on the first anniversary of the date of
grant.
SIGNATURE OF REPORTING PERSON
/s/Klaus Oertel by Deborah K. Pawlowski
DATE
08/07/98
