FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
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
Pacific Western Mortgage Corp.,
300 Stewart Road,
(Street)
Salt Spring Island, BC., Canada, V8K 2C4
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
05/21/97
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
CHANNEL i INC.
CHLI
(Last) (First) (Middle)
5. Relationship of Reporting Person to Issuer
(Check all applicable)
_____Director __x__ 10% Owner
_____Officer _____ Other
(give title below) (specify below)
6. If Amendment, Date of Original
(Month/Day/Year)
7. Individual or Joint/Group Filling
(Check applicable line)
___x_ Form filed by One Reporting
Person
_____ Form filed by More than One
Reporting Person
*If Form is filed by more than one Reporting Person, see Instruction 5(b)(v).
Table 1 - Non-Derivative Securities Beneficially Owned
1. Title of 2. Amount of 3. Ownership Form: 4. Nature of Indirect
Security Securities Direct (D) or Beneficial
(Instr. 4) Beneficially Indirect ( iI) Ownership
Owned(Instr. 4) Instr. 5) (Instr. 5)
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. ( Print or type Responses)
Page 1 of 2 Pages
(cont'd.)
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FORM 3(continued)
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Table II - Derivative Securities Beneficially Owned (eg., puts, calls, warrants,
options, convertible securities)
1. Title of 2. Date Exercisable 3.Title and 4. Conversion or 5. Ownership Form 6. Nature of Indirect
Derivative and Expiration Amount of Exercise Price of of Derivative Beneficial Ownership
Security Date Securities Derivative Security: Security (Instr.5)
Instr. 4) (Month, Day, Year) Underlying Direct (D) or
Derivative Indirect (i)
(Instr.5)
</TABLE>
Date of Expiration
none
Ex'rcisable Date
Anytime
Title
Series B Voting Convertible Preferred Shares
Amt. or Number of Shares
27,000,000
Common Shares
10:1
Direct
N/A
Explanation of Responses:
The Reporting Person does not have beneficial ownership of any of the securities
but holds title only on behalf of numerous parties, all of whom are Non-U.S.
citizens and residents and none of whom will individually hold 5% or more of the
total votes in the Company. It is the Reporting Person's intention to transfer
these securities to such parties within 45 days.
Series B Voting Convertible Preferred Shares are convertible at the option of
the holder into Common Shares at a rate of 10 Common Shares for each Series B
Voting Convertible Preferred Share.
** Signature of Reporting Person Date
/S/ William Drebs
...............................
William Krebs,
Secretary on behalf of Pacific Western Mortgage Corp.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. _________________________________ May 26th, 1997. see 18 U.S.C. 1001
and 15 U.S.C. 78ff(a)
Note: File three (3) copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Page 2 of 2 pages.
