======
FORM 4
======
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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
================================================================================
1. Name and Address of Reporting Person*
Montoya Lydia M.
- --------------------------------------------------------------------------------
(Last) (First) (Middle)
5210 E. Williams Circle, Suite 200
- --------------------------------------------------------------------------------
(Street)
Tucson Arizona 85711
- --------------------------------------------------------------------------------
(City (State) (Zip)
================================================================================
2. Issuer Name and Ticker or Trading Symbol
Wavetech International, Inc.; ITEL
================================================================================
3. I.R.S. Identification
Number of Reporting
Person, if an entity
(Voluntary)
================================================================================
4. Statement for Month/Year
October 1998
================================================================================
5. If Amendment,
Date of Original
(Month/Year)
================================================================================
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ ] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Chief Financial Officer
-----------------------------------------------------
================================================================================
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>
<CAPTION>
============================================================================================================================
TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
============================================================================================================================
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature of
(Instr. 3) action action or Disposed of (D) Securities ship Indirect
Date Code (Instr. 3, 4 and 5) Beneficially Form: Beneficial
(Instr. 8) Owned at Direct Owner-
(Month/ ---------- ------------------------------- End of Month (D) or ship
Day/ (A) or Indirect
Year) Code V Amount (D) Price (Instr. 3 and 4) (I)
(Instr. 4) (Instr. 4)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------
============================================================================================================================
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
<PAGE>
Form 4 (continued)
<TABLE>
<CAPTION>
====================================================================================================
Table II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
====================================================================================================
1. Title of Derivative Security 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
(Instr. 3) sion or action tion ative Securities Ac-
Exercise Date Code quired (A) or Dis-
Price of (Instr. 8) posed of (D)
Deri- (Month/ (Instr. 3,4, and 5)
vative Day/ ----------- -------------------------
Security Year) Code V (A) (D)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Option $0.66 10/01/98 J(1) 300,000
- ----------------------------------------------------------------------------------------------------
Option (4) 10/01/98 A V 300,000
- ----------------------------------------------------------------------------------------------------
<CAPTION>
6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Nature
cisable and Underlying Securities of of Deriv- ship of
Expiration (Instr. 3 and 4) Deriv- ative Form of Indirect
Date ative Secur- Deriv- Benefi-
(Month/Day/ Secur- ities ative cial
Year) ity Bene- Security: Owner-
---------------- ----------------------- (Instr. ficially Direct ship
Date Expira- Amount or 5) Owned (D) or (Instr. 4)
Exer- tion Title Number of at End Indirect
cisable Date Shares of (I)
Month (Instr. 4)
(Instr. 4)
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
(2) 01/31/07 Common Stock 300,000 (3) 0 D
- ------------------------------------------------------------------------------------------------------
(5) 10/01/08 Common Stock 300,000 (3) 300,000 D
- ------------------------------------------------------------------------------------------------------
======================================================================================================
</TABLE>
Explanation of Responses:
(1) These options were cancelled by the Company's Board of Directors, effective
October 1, 1998.
(2) These options were exercisable to purchase a number of shares of the
Company's Common Stock as follows: 150,000 exercisable as of October 1,
1998; additional 50,000 on February 28, 1999; additional 50,000 on August
31, 1999; remaining 50,000 on February 29, 2000.
(3) These options were granted as compensation to Ms. Montoya for her services
as Chief Financial Officer.
(4) All of these options may be exercised at a price per share equal to the
closing price of the Company's Common Stock on the Nasdaq SmallCap Market
on October 1, 1998.
(5) These options are exercisable to purchase a number of shares of the
Company's Common Stock, as follows: 150,000 exercisable as of October 1,
1998; additional 50,000 on February 28, 1999; additional 50,000 on August
31, 1999; remaining 50,000 on February 29, 2000.
/s/ Lydia M. Montoya November 10, 1998
------------------------------- -----------------
**Signature of Reporting Person Date
**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 is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
Page 2
SEC 1474 (7/97)
