FORM 5 Securities and Exchange Commission
Form 3 Holdings Washington, DC 20549
Reported []
Form 4 Transactions
Reported [X]
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
1. Name and Address of Reporting Person 5. If Amendment, Date of Original
(Month/Year)
Shatsoff Lawrence --
------------------------------------ -------------------------------
(Last) First Middle
39 Hansen Farm Road 6. Relationship of Reporting
------------------------------------ Person(s) to Issuer
(Street) (Check all applicable)
North Haven CT 06473 _X Director __ 10% Owner
------------------------------------ _X Officer __ Other (Specify)
(City) (State) (Zip) (title) below)
V.P.- COO ------------------
-------------
2. Issuer Name and Trading Symbol 7.Individual or Joint/Group Filing
DCI Telecommunications, Inc. DCTC _X Form filed by One Reporting
------------------------------------ Person
__ Form filed by More than One
3. IRS Identification Number of Reporting Reporting Person
Person, if an entity (Voluntary)
4. Statement for Month/Year
May / 1999
--------------------------
_____________________________________________________________________________
<PAGE>
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially
Owned
1. Title 2. Trans- 3.Trans- 4.Securities 5.Amount 6.Owner- 7.Nature
of action action Acquired (A) of ship of
Security Date Code or Disposed Securities Form: Indirect
(Month/ of (D) Beneficially Direct Benef-
Day/ Owned at end or cial
Year) of Issuer's Indirect Owner-
Fiscal Year ship
DCI Telecom.
Common Stock 01/05/98 J 200,000 D D
- ------------ ------- ------- ------------ ---------- -------- -----
DCI Telecom.
Common Stock 122,199 D
- ------------ ------- ------- ------------ ---------- -------- -----
<PAGE>
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)
1.Title of 2.Conver- 3.Trans- 4. Trans- 5.Number of 6.Date
Derivative sion or action Code Deriva- Exer-
Security Exercise date tive cisable
Price of Secur- and
Deri- ities Expir-
vative Acquired ation
Security or Date
Disposed
of
Cod (A) (D) Exer Expire
Options $0.1875 -- -- -- -- 08/02/96 04/12/01
- -------------- -------- ------ ----- ---- --- ------ -------
Options $0.1875 -- -- -- -- 08/09/96 04/12/01
- --------------- -------- ------ ----- ---- --- ------ -------
Options $0.1875 -- -- -- -- 08/16/96 04/12/01
- --------------- -------- ------ ----- ---- --- ------- -------
Options $0.1875 -- -- -- -- 08/23/96 04/12/01
- --------------- -------- ------ ----- ---- --- ------- -------
Options $0.68 -- -- -- -- 10/15/98
thru
04/01/99 06/16/02
- --------------- -------- ------ ----- ---- --- ------- -------
- --------------- -------- ------ ----- ---- --- ------- -------
<PAGE>
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)
7.Title 8. Price 9. Number 10. Owner- 11. Nature
& Amount of of ship of
of Deriv- Deriv- Form Indirect
Underlying ative ative of Benefi-
Securities Security Secur- Deriv- cial
ities ative Owner-
Bene- Secur- ship
ficially ity
Owned at Direct
End of or
Year Indirect
Common -- 50,000 D --
---------- -------- ------- ------- -------
Common -- 50,000 D --
---------- -------- ------- ------- -------
Common -- 100,000 D --
---------- -------- ------- ------- -------
Common -- 50,000 D --
---------- -------- ------- ------- -------
Common -- 759,545 D --
---------- -------- ------- ------- -------
---------- -------- ------- ------- -------
Explanation of Responses:
All options represent the right to purchase DCI common shares.
Effective October 15, 1998 the exercise price with respect to an aggregate of
209,545 options to purchase common stock previously granted was amended in
connection with the cancellation of such previously outstanding options in
exchange for a new grant of an equal number of options under the company's
stock option plan. The exercise price of the new options is equal to the fair
market value of the company's common stock on the date of the grant.
Options for 200,000 shares were exercised and all shares were used by the
company as security for an equity financing transaction. Effective January 5,
1998 control of all shares was passed to the financiers. No consideration was
received by the reporting individual for the transfer.
/S/ Lawrence Shatsoff May 6, 1999
_____________________ _________
Signature of Reporting Date
Person
