INNOVEST CAPITAL SOURCES CORP
3, 1998-09-17
TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE)
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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                                     FORM 3

             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


1.   Name and Address of Reporting Person*

     Mays, Miller L. III
     ---------------------------------------------------------------------------
         (Last)                         (First)                    (Middle)

     4 Normandy Drive
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                                        (Street)

     Kenner LA 70065
     ---------------------------------------------------------------------------
     (City)                             (State)                    (Zip)


2.   Date of Event Requiring Statement (Month/Day/Year)
               4/12/96

3.   IRS or Social Security Number of Reporting Person (Voluntary)


4.   Issuer Name and Ticker or Trading Symbol
               Telco Communications, Inc. [TLCO]

5.   Relationship of Reporting Person to Issuer
     (Check all applicable)

     (X)  Director                      (X)  10% Owner
     (X)  Officer (give title below)    ( )  Other (specify below)




6.   If Amendment, Date of Original (Month/Year)


7.   Individual of Joint/Group Filing (Check applicable line)

     (X)  Form Filed by One Reporting Person
     ( )  Form Filed by More than One Reporting Person

*    If the Form is filed by more than one  Reporting  Person,  see  Instruction
     5(b) (v)

Reminder:  Report on a separate line for each class of  securities  beneficially
owned directly or indirectly.

<PAGE>



================================================================================
             Table I -- Non-Derivative Securities Beneficially Owned
================================================================================
<TABLE>
<CAPTION>

                                                                 3. Ownership Form:
                                      2. Amount of Securities       Direct (D) or  
1. Title of Security                     Beneficially Owned         Indirect (I)       4. Nature of Indirect Beneficial Ownership
   (Instr. 4)                            (Instr. 4)                 (Instr. 5)            (Instr.5)                              
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   <S>                                   <C>                         <C>                  <C>

   Common Stock                          47,069,274                  D                    N/A
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====================================================================================================================================
</TABLE>


<PAGE>




FORM 3 (continued)

              Table II -- Derivative Securities Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

================================================================================
<TABLE>
<CAPTION>
                                                                                                        5. Owner-
                                                    3. Title and Amount of Securities                      ship
                                                       Underlying 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
                         ----------------------                            or               Exercise       (D) or         Indirect
                         Date       Expira-                                Number           Price of       Indirect       Beneficial
1. Title of Derivative   Exer-      tion                                   of               Derivative     (I)            Ownership
   Security (Instr. 4)   cisable    Date            Title                  Shares           Security       (Instr.5)      (Instr. 5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>        <C>             <C>                    <C>           <C>            <C>            <C>


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====================================================================================================================================
</TABLE>


*    If the Form is filed by more than one  Reporting  Person,  see  Instruction
     5(b) (v)

Reminder:  Report on a separate line for each class of  securities  beneficially
owned directly or indirectly.


**   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.

     Alternatively,  this form is permitted to be submitted to the Commission in
     electronic  format at the option of the reporting  person  pursuant to Rule
     101(b)(4) of Regulation S-T.





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