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OMB APPROVAL
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OMB Number 3235-0287
Expires: April 30, 1997
Estimated average burden
hours per response..............0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 4
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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 Instruction 1(b).
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
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1. Name and Address of Reporting Person
Quinn Gerald I.
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(Last) (First) (Middle)
5210 Williams Circle, Suite 200
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(Street)
Tucson AZ 85711
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(City (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Wavetech, Inc. (ITEL)
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3. IRS or Social Security
Number of Reporting
Person (Voluntary)
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4. Statement for Month/Year
November/1997
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5. If Amendment,
Date of Original
(Month/Year)
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6. Relationship of Reporting Person to Issuer(check all applicable)
[X] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
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<TABLE>
<CAPTION>
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TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Month/ (Instr. 8) Owned at Direct Bene-
Day ---------- ------------------------------- End of (D) or ficial
Year) (A) or Month Indirect Owner-
Code V Amount (D) Price (Instr. 3 and 4) (I) ship
(Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C>
Common Stock 11-24-97 S 2,648 D $0.375 D
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Common Stock 11-24-97 S 10,000 D $0.406 D
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Common Stock 11-30-97 C 333,593 (1) A (1) D
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537,230 (2) (2)
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</TABLE>
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
<PAGE>
Form 4 (continued)
<TABLE>
<CAPTION>
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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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1. Title of Derivative Security 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
(Instr. 3) sion or action tion Code ative Securities Ac-
Exercise Date (Instr. 8) quired (A) or Dis-
Price of (Month/ posed of (D)
Deriv- Day/ (Instr. 3,4, and 5)
ative Year) ----------- ---------------------
Security Code V (A) (D)
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<S> <C> <C> <C> <C> <C> <C>
Convertible Promissory
Note (1) 11-30-97 C (1)
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<CAPTION>
6. Date Exer- 7. Title and Amount of Under- 8. Price 9. Number 10. Owner- 11. Na-
cisable and Ex- lying Securities of of Deriv- ship ture
piration Date (Instr. 3 and 4) Deriv- ative Form of In-
(Month/Day/ ative Secur- of De- direct
Year) Secur- ities rivative Bene-
---------------- -------------------------- ity Bene- Secu- ficial
Date Expira- Amount or (Instr. ficially rity: Own-
Exer- tion Title Number of 5) Owned Direct ership
cisable Date Shares at End (D) or (Instr. 4)
of Indi-
Month rect (I)
(Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C>
(1) 4-24-98 Common Stock 333,593 (1) (1) 0 D
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800,000 (3)
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</TABLE>
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Explanation of Responses:
See Exhibit A attached hereto.
**Intentional misstatements or omissions 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.
/s/ Gerald I. Quinn December 10, 1997
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**Signature of Reporting Person Date
Gerald I. Quinn
Page 2
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Exhibit A
(1) Represents a 12% promissory note issued in the original principal amount of
$115,335 made to Wavetech, Inc. as a short-term cash loan, which was
converted into shares of Common Stock on November 30, 1997. The amount of
principal and interest accruing on the note was $116,757. Holder of the
note converted both principal and interest into Common Stock at $0.35 per
share.
(2) Total amount includes: 203,637 shares held indirectly by a Canadian
Corporation controlled by Mr. Quinn.
(3) Represents 800,000 options to purchase Common Stock issued to the reporting
person directly, as previously reported.
