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
___ Check here if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
See Instructions l(b).
1. Name and Address of Reporting Person:
MICHAEL G. SEMMENS
342 St. Stephens School Road
Austin TX 78746-3101
2. Issuer Name and Ticker or Trading Symbol
ELECTROSOURCE, INC., ELSI
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for (Month/Year)
August 1998
5. If Amendment, Date of Original (Month/Year)
N/A
6. Relationship of Reporting Person to Issuer (Mark all applicable)
Yes X No ___ Director
Yes ___ No ___ 10% Owner
Yes X No ___ Officer (give title below)
Yes ___ No ___ Other (specify below)
Chairman of the Board, President, Chief Executive Officer
TABLE I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
1. Title of Security (Instruction 3):
Common, $1.00 par value
2. Transaction Date (Month/Day/Year):
N/A
3. Transaction Code (Instruction 8):
A. Code:
B. V:
4. Securities Acquired (A) or Disposed of (D) (Instructions 3,
4 and 5):
A. Amount:
B. Acquired (A)___ Disposed of (D)____
C: Price:
5. Amount of Securities Beneficially Owned at End of Month
(Instructions 3 and 4):
(1.) 21,115 (2.) 40
6. Ownership Form Direct (D) or Indirect (I) (Instructions 3 and 4):
(1.) Direct (2.) Indirect
7. Nature of Indirect Beneficial Ownership (Instruction 4):
(2.) Owned by spouse as custodian for children
TABLE II - Derivative Securities Acquired, Disposed of, or
Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instruction 3):
(1.) Employee Stock Options
(2.) Warrants
2. Conversion or Exercise Price of Derivative Security:
(1.) $1.5630
(2.) $2.5630
3. Transaction Date (Month/Day/Year):
August 18, 1998
4. Transaction Code (Instruction 8):
A. Code: J (See Explanation of Responses)
B. V
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instructions 3, 4 and 5):
A. Acquired (A): N/A
B. Disposed of (D): N/A
6. Date of Exercisable and Expiration Date (Month/Day/Year):
A. Date Exercisable: (1.) N/A (2.) N/A
B. Expiration Date: (1.) N/A (2.) January 22, 2004
7. Title and Amount of Underlying Securities (Instructions 3 and 4):
A. Title: (1.) and (2.) Common Stock, $1.00 par value
B. Amount or Number of Shares (1.) 100,834 (2.) 125,000
8. Price of Derivative Security (Instruction 5):
N/A
9. Number of Derivative Securities Beneficially Owned at End of
Month (Instruction 4):
(1.) 100,834
(2.) 125,000
10. Ownership Form of Derivative Security: Direct (D) or
Indirect (I) (Instruction 4):
Direct
11. Nature of Indirect Beneficial Ownership (Instruction 4):
N/A
Explanation of Responses:
The Board of Directors approved the regranting of employee
stock options and the repricing of certain warrants as of
August 18, 1998. No other terms or conditions of the
options were changed. The expiration date of the Warrants
was extended to January 22, 2004.
/s/ Michael G. Semmens
Date: September 10, 1998
