FORM 5
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL 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 Instruction 1(b)
___ Form 3 Holdings Reported
___ Form 4 Transactions Reported
1. Name and Address of Reporting Person:
WILLIAM F. GRIFFIN
10938 Blue Roan Road
Oakton VA 22124
2. Issuer Name and Ticket or Trading Symbol
ELECTROSOURCE, INC. ELSI
3. IRS or Social Security Number of Reporting Person
(Voluntary)
###-##-####
4. Statement for Month/Year
Year-end 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)
Executive Vice President
TABLE I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
1. Title of Security (Instruction 3)
Common Stock, $1.00 par value
2. Transaction Date (Month/Day/Year)
N/A
3. Transaction Code (Instruction 8)
N/A
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 Issuer's
Fiscal Year (Instructions 3 and 4):
8,719
6. Ownership Form: Direct (D) or Indirect (I) (Instruction 4)
Direct
7. Nature of Indirect Beneficial Ownership (Instruction 4):
N/A
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)
N/A
4. Transaction Code (Instruction 8)
N/A
5. Number of Derivative Securities Acquired (A) or Disposed of
(D) (Instructions 3, 4 and 5):
A. Acquired (A):
B. Disposed of (D):
6. Date of Exercisable and Expiration Date (Month/Day/Year)
A. Date Exercisable
B. Expiration Date
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) 52,500 (2) 50,000
8. Price of Derivative Security (Instruction 5)
N/A
9. Number of Derivative Securities Beneficially Owned at End of
Year (Instruction 4)
(1) 52,500 shares
(2) 50,000 warrants to purchase
10. Ownership Form of Derivative Security: Direct (D) or
Indirect (I) (Instruction 4):
(1) and (2) Direct
11. Nature of Indirect Beneficial Ownership (Instruction 4):
N/A
Explanation of Responses:
On December 23, 1998, the Board of Directors elected Mr. Griffin
a director of the Company and appointed him as "Acting" President
and Chief Executive Officer.
/s/
WILLIAM F. GRIFFIN
Date: February 10, 1999
