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OMB APPROVAL
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------ OMB Number 3235-0104
FORM 3 Expires: September 30, 1998
------ Estimated average burden
hours per response ....... 0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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
CLEMENTS JOHN P.
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(Last) (First) (Middle)
5210 E. Williams Circle, Suite 200
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(Street)
Tucson AZ 85711
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
2/20/98
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
Wavetech, Inc. (ITEL)
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5. Relationship of Reporting Person to Issuer (Check all applicable)
[X] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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6. If Amendment, Date of Original (Month/Year)
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<PAGE>
FORM 3 (continued)
Table I -- Non-Derivative Securities Beneficially Owned
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3. Ownership Form:
1. Title of 2. Amount of Securities Direct (D) or 4. Nature of Indirect
Security Beneficially Owned Indirect (I) Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr.5)
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<TABLE>
<CAPTION>
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<S> <C> <C> <C> <C> <C>
3. Title and Amount 5.Owner-
of Securities Underlying ship
Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date ------------------------ 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
1. Title of -------------------- or Exercise (D) or Indirect
Derivative Date Expira- Number Price of Indirect Beneficial
Security Exer- tion of Derivative (I) Ownership
(Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5)
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Non-Employee
Director Stock
Option
(right to buy) 2/20/98 (1) Common Stock 50,000 (2) D
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</TABLE>
Explanation of Responses:
(1) The option will terminate on the earlier of (i) the tenth anniversary of
the date of grant or (ii) 60 days after the reporting person ceased to
serve as a Director of the Company. The option may be exercised during such
60 day period only as to the shares which were exercisable prior to the
last day the reporting person was a Director.
(2) These shares may be exercised at a price equal to the mean of the bid and
asked prices of the Company's Common Stock on the Nasdaq SmallCap Market on
the date of grant.
/s/ John P. Clements 3/ /98
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**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 provided is insufficient. See Instruction 6 for procedure.
