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FORM 4 OMB APPROVAL
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|_| Check this box if no longer OMB Number 3235-0287
subject to Section 16. Form 4 Expires: September 30, 1998
or Form 5 obligations may Estimated average burden
continue. See Instruction 1(b). hours per response...0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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
(Print or Type Responses)
<TABLE>
<S> <C> <C>
- ------------------------------------------ ------------------------------------------- ------------------------------------------
1. Name and Address of Reporting Person 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person to
Issuer (Check all applicable)
Altro, Stephen Grand Toys International, Inc. ("GRIN") __x__ Director ___x___10% Owner
- ------------------------------------------ ------------------ ------------------------
(Last) (First) (Middle) 3. IRS or Social 4. Statement for __x__ Officer (give title below)
Grand Toys International, Inc. Security Number Month/Year
1710 Rte. Transcanadienne of Reporting August 1997 _____ Other (specify below)
Person
(Voluntary) President
- ------------------------------------------ ------------------------
(Street) 5. If Amendment, ---------------------------------
Date of Original 7. Individual or Joint/Group Filing
Dorval, Quebec, CANADA H9P 1H7 (Month/Year) (Check Applicable Line)
- ------------------------------------------ _x_ Form filed by One Reporting Person
(City) (State) (Zip) ___ Form filed by More than One
Reporting Person
------------------ ------------------------ ------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- -------------------------- ---------- ------------ ----------------------------------- --------------- ------------- ---------------
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 Ownership
(Month/ End of Month (D) or (Instr. 4)
Day/ (Instr. 3 Indirect
Year) and 4) (I)
------------ ---------------------------------- (Instr.4)
------ ----- ------------- ------ -------------
Code V Amount (A)or Price
(D)
- -------------------------- ---------- ------ ----- ------------- ------ -------------- ---------------- ------------- --------------
- -------------------------- ---------- ------ ----- ------------- ------ -------------- ---------------- ------------- --------------
- -------------------------- ---------- ------ ----- ------------- ------ -------------- ---------------- ------------- --------------
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
SEC 1474 (7-96)
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
Page 1 of 2
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<TABLE>
<CAPTION>
FORM 4 (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> <C> <C> <C>
- ----------------- ---------- ------- ------- ----------------- ------------ ------------------ -------- ---------- ------- ---------
1.Title of Deri- 2.Conver- 3.Trans-4.Trans-5.Number of Deri- 6.Date Exer- 7.Title and Amount 8.Price 9.Number 10.Own- 11.Nature
vative Security sion or action action vative Securities cisable and of Underlying Sec- of Deri- of Deri- ership of Bene-
(Instr. 3) Exercise Date Code Acquired (A) or Expiration urities vative vative Form of ficial
Price of (Month/ (Instr. Disposed of (D) Date (Instr. 3 and 4) Security Securities Deriva- Indirect
Deriva- Day/ 8) (Instr.3,4 and 5) (Month/Day (Instr. Benefi- tive Ownership
tive Year) Year) 5) cially Securi (Instr.
Security Owned at ty: Di- 4)
End of rect (D)
Month or In-
(Instr. 4) direct
(I)
(Instr.
4)
------- ----------------- ------------- -----------------
---- -- -------- -------- ------ ------ ------- ---------
Code V (A) (D) Date Expir- Title Amount or
Exer- ation Number of
cis- Date Shares
able
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
Common Stock Option $4.375 8/14/97 J* - 400,000 - 8/14/97 8/14/07 Common 400,000 $4.375** 606,396.6*** D -
Stock
- ----------------- ---------- ------- -------- ------- -------- ------ ------ ------- --------- -------- ---------- ------- ---------
</TABLE>
Explanation of Responses:
* Grant of options outside of Employee Benefit Plan.
** Options were granted in consideration for financial accomodations to
the Company.
*** 206,396.6 of the options issued to Mr. Altro are intended to be non-
dilutive, representing 11.81% of the issued and outstanding Common Stock
of the Company on a fully diluted basis. Accordingly, the number of
shares issuable upon exercise of the options represented in the foregoing
table are subject to increase or decrease based upon the number of shares
of the Company's Common Stock outstanding from time to time.
By: /s/Stephen Altro 9/10/97
**(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.
Potential persons who are to respond to the collection contained in this form
are not required to respond unless the form displays valid OMB Number.
Page 2 of 2
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