SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
VERSUS TECHNOLOGY, INC.
(Name of Issuer)
Common Stock, $0.01 Par Value
(Title of Class of Securities)
925313-10-8
(CUSIP Number)
William F. Campbell, III, Esq.
Dillon, Bitar & Luther
53 Maple Avenue
P.O. Box 398
Morristown, NJ 07963-0398
(201) 539-3100
(Name, Address and Telephone Number of Person Authorized to
Receive Notices & Communications)
December 6, 1996
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Sched-
ule 13G to report the acquisition which is the subject
of this Schedule 13D, and is filing this schedule because of
Rule 13d-1(b)(3) or (4), check the following box. [ ]
<PAGE>
SCHEDULE 13D
CUSIP No. 925313-10-8
1. NAME OF REPORTING PERSON Gary T. Gaisser
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
###-##-####
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
3. SEC USE ONLY
4. SOURCE OF FUNDS PF
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
6. CITIZENSHIP OR PLACE OF ORGANIZATION United States
__________________
| 7. SOLE VOTING POWER 5,970,123
NUMBER OF |
SHARES |
BENEFICIALLY | 8. SHARED VOTING POWER 0
OWNED BY |
EACH |
REPORTING | 9. SOLE DISPOSITIVE POWER 5,970,123
PERSON |
WITH |
__________________| 10. SHARED DISPOSITIVE POWER 0
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 5,970,123
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* (See Instructions) [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 16.2%
14. TYPE OF REPORTING PERSON IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!<PAGE>
Item 1. SECURITY AND ISSUER.
This Statement on Schedule 13D is filed with respect to
Versus Technology, Inc. (the "Issuer"), which has its principal
executive offices at 2302 Aero Park Court, Traverse City, Michi-
gan 49686, telephone number (616) 946-5868. This Statement
relates to the Issuer's common stock, par value $.01 (the "Common
Stock").
Item 2. IDENTITY AND BACKGROUND.
(a) Name: Gary T. Gaisser
(b) Business Address:
2320 W. Aero Park Court
Traverse City, MI 49686
(c) Principal Occupation: President, Versus
Technology, Inc.
(d) No convictions in a criminal proceeding during the
last five years (excluding traffic violations and similar
misdemeanors).
(e) Not subject to a judgment, decree or formal order
entered in the last five years enjoining future violations of or
prohibiting or mandating activities subject to federal or state
securities laws or finding any violations with respect to such
laws.
(f) Citizen of the United States of America
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
(a) On October 16, 1995, Mr. Gaisser received 15,000
shares of Common Stock of the Issuer in lieu of $7,500 in fees
payable to Mr. Gaisser in connection with his services as a
director of the Issuer.
(b) On June 4, 1996, Mr. Gaisser received options to
purchase 1,000,000 shares of Common Stock of the Issuer at $0.375
per share pursuant to the Issuer's Incentive Stock Option Plan.
Twenty-five percent of the options become exercisable on December
4, 1996, and an additional twenty-five percent become exercisable
each anniversary thereof. The options expire June 4, 2006.
(c) As a result of the merger of Olmsted Engineering
Co. ("Olmsted") with a subsidiary of the Issuer, Mr. Gaisser
received 5,705,123 shares of Common Stock of the Issuer in
exchange for his Olmsted shares.
Item 4. PURPOSE OF TRANSACTION.
These shares of Common Stock were acquired for
investment.
Mr. Gaisser reserves the right to sell additional
shares of the Common Stock or to purchase additional shares of
the Common Stock as market conditions appear favorable and
subject to applicable securities laws but has no present
plans to do so.
Mr. Gaisser has no plan or proposals which relate to
the actions by the Issuer set forth in the Instructions to Item 4
of Schedule 13D or any action similar thereto.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
As of the date of this Schedule 13D, Mr. Gaisser holds
in the aggregate (i) 5,720,123 shares of the Issuer's common
stock and (ii) currently exercisable options (described in Item
3(b) above) to purchase an additional 250,000 shares of the
issuer's common stock; the total 5,970,123 shares beneficially
owned constitute 16.2% of the 36,793,574 shares of Common Stock
outstanding and issuable upon exercise of the currently
exercisable options described above.
Mr. Gaisser has had no transactions in the securities
of the Issuer, except for the transactions described in Item 3.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
None.
Item 7. MATERIALS TO BE FILED AS EXHIBITS.
None.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this State-
ment is true, complete and correct.
Dated: December 18, 1996 By: GARY T. GAISSER
________________________
Gary T. Gaisser
