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FORM 5 OMB Number: 3235-0362
- ------ Expires: April 30, 1997
Estimated average burden
hours per response........1.0
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/ / Check box if no U.S. SECURITIES AND EXCHANGE COMMISSION
longer subject to WASHINGTON, DC 20549
Section 16. Form
4 or Form 5 ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
obligations may
continue. See Filed pursuant to Section 16(a) of the Securities
Instruction 1(b) Exchange Act of 1934,
/X/ Form 3 Holdings Section 17(a) of the Public Utility
Reported Holding Company Act of 1935 or Section 30(f) of
/X/ Form 4 the Investment Company Act
Transactions of 1940
Reported
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<S> <C> <C> <C> <C> <C> <C>
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1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person to
Johnston Clifford M PAN Environmental Corporation ("PANE") Issuer (Check all applicable)
- ------------------------------------------- ---------------------------------------------- Director X 10% Owner
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for ---- ---
Number of Reporting Month/Year Officer (give Other (specify
- ------------------------------------------- Person (Voluntary) 1997 ---- title --- below)
(Street) ------------------- below)
N/A 5. If Amendment,
- ------------------------------------------- Date of Original
(City) (State) (Zip) (Month/Year) -------------------------------
N/A
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TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Transac- 4. Securities Acquired (A) 5. Amount of Se- 6. Owner- 7. Nature
(Instr. 3) action tion or Disposed of (D) curities Benefi- ship of In-
Date Code (Instr. 3, 4 and 5) cially Owned at Form: direct
(Instr. 8) End of Issuer's Direct Benefi-
(Month/ Fiscal Year (D) or cial
Day/ ---------------------------- (Instr. 3 and 4) Indirect Owner-
Year) Amount (A) or Price (I) ship
(D) (Instr. 4) (Instr.
4)
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Common Stock 12/1/1995 22,000 A $11,000 I (1)
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Common Stock 1/2/1996 80,000 A $40,000 I (1)
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Common Stock 2/27/1996 31,318 A $15,659 I (1)
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Common Stock 2/25/1997 50,000 A * D
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Common Stock 3/2/1997 130,000 A $ 8,000 I (2)
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Common Stock 12/4/1997 100,000 A $25,000 413,318 I (2)
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
(Print or Type Responses) SEC 2270 (3/91)
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FORM 5 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C> <C> <C>
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1. Title of Derivative 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date Exer- 7. Title and Amount 8. Price
Security sion or action action Derivative cisable and of Underlying of
(Instr. 3) Exercise Date Code Securities Ac- Expiration Securities Deriv-
Price of (Month/ (Instr. 8) quired (A) or Date (Instr. 3 and 4) ative
Deriv- Day/ Disposed of (D) (Month/Day/ Secur-
ative Year) (Instr. 3, 4, Year) ity
Security and 5) (Instr. 5)
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Date Expira- Amount or
--------------- Exer- tion Title Number of
(A) (D) cisable Date Shares
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<C> <C> <C> <C>
1. Title of Derivative 9. Number of 10. Ownership 11. Nature of
Security Derivative of Derivative Indirect
(Instr. 3) Securities Security: Beneficial
Beneficially Direct (D) Ownership
Owned at End or Indirect (I) (Instr. 4)
of Year (Instr. 4)
(Instr. 4)
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Explanation of Responses:
* Shares issued to Clifford M. Johnston for the purpose of settling out the judgments against PAN
Environmental Corporation of $121,809 and $122,709 by Kenneth Williams and Robert Bickel respectively.
(1) Mr. Johnston is a managing member and 50% owner of Valhalla Financial Group, L.L.C., owner of the
shares. Valhalla holds the shares incident to services rendered for the proposed oil & gas
acquisition and for services rendered incident to the Dec. 7, 1995 settlement agreement.
(2) Mr. Johnston is a managing member and 50% owner of TCKTS, L.L.C. dba Bristol Media Ltd, owner of
the shares. Bristol Media Ltd holds the 130,000 shares in trust for a debt settlement and the
100,000 shares for $25,000 consideration consisting of cash paid on behalf of PAN for debts and
services rendered to PAN.
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------- -------
**Signature of Reporting Person Date
Note. File three copies of this form, one of which must be manually signed. Page 2
If space provided is insufficient, see Instruction 6 for procedure. SEC 2270 (3/91)
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