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- -------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION -----------------------------
FORM 4 WASHINGTON, D.C. 20549 OMB APPROVAL
- -------- -----------------------------
/ / CHECK THIS BOX IF NO STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB NUMBER: 3235-0287
LONGER SUBJECT TO EXPIRES: SEPTEMBER 30, 1998
SECTION 16. FORM 4 OR Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, ESTIMATED AVERAGE BURDEN
FORM 5 OBLIGATIONS MAY Section 17(a) of the Public Utility Holding Company Act of 1935 or HOURS PER RESPONSE .... 0.5
CONTINUE. SEE Section 30(f) of the Investment Company Act of 1940 -----------------------------
INSTRUCTION 1(b).
(Print or Type Responses)
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1. Name and Address of Reporting Person* 2. Issuer Name AND Ticker or Trading Symbol 6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
X Director X 10% Owner
STEPHEN KIRCHER C. MORROW SNOWBOARDS, INC. (MRRWE) ---- ----
- --------------------------------------------------------------------------------------------- Officer (give Other
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for ---- title ---- (specify
Number of Reporting Month/Year below) below
Person (Voluntary) ----------------- ------------------
2424 PROFESSIONAL DRIVE JANUARY 2000
- -------------------------------------------- --------------------- 7. Individual or Joint/Group Filing
(Street) 5. If Amendment, (Check Applicable Line)
Date of Original ---Form filed by One Reporting Person
(Month/Year) X Form filed by More than One
ROSEVILLE, CALIFORNIA 95661 ---Reporting Person
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(City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 8) Owned at Direct Bene-
(Month/ End of (D) or ficial
Day/ ------------------------------------------- Month Indirect Owner-
Year) (A) or (I) ship
Code V Amount (D) Price (Instr. 3 (Instr. 4) (Instr. 4)
and 4)
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Common Stock No Par Value 1/31/2000 01 319,992 A 04,05,06 I 04,05,06
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person, SEE Instruction 4(b)(v). SEC 1474 (7-97)
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.
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FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer-
(Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex-
Exercise Date (Instr. 8) quired (A) or Dis- piration Date
Price of (Month/ posed of (D) (Month/Day/
Deriv- Day/ (Instr. 3, 4, and 5) Year)
ative Year)
Security
--------------------
Date Expira-
-------------------------------------- Exer- tion
cisable Date
Code V (A) (D)
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Option $.75 1/31/2000 J 580,000 02 02
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Option $.75 1/31/2000 J 25,000 03 03
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7. Title and Amount of Under- 8. Price 9. Number 10. Owner- 11. Nature
lying Securities of of Deriv- ship of In-
(Instr. 3 and 4) Deriv- ative Form direct
ative Securi- of De- Bene-
Secur- ties rivative ficial
ity Bene- Secu- Own-
(Instr. ficially rity: ership
5) Owned Direct (Instr. 4)
at End (D) or
Amount or of Indi-
Title Number of Month rect (I)
Shares (Instr. 4) (Instr. 4)
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Common Stock No 580,000 $.75 04,05,06 I 04,05,06
Par Value
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Common Stock No 25,000 $.75 04,05,06 D
Par Value
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Instruction 4(b)(v) list of other Reporting Person:
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* This statement is being filed by Stephen C. Kircher ("Mr. Kircher"); Capitol
Bay Group, Inc. ("CBG"); and Capitol Bay Securities, Inc. ("CBS") (collectively
the "Reporting Persons") in relation to the securities of Morrow Snowboards,
Inc. ("MSI"). The principal business address of each of the Reporting Persons is
2424 Professional Drive, Roseville, CA 95661.
Explanation of Responses:
01: On January 31, 2000, CBS, as a shareholder of International DisplayWorks,
Inc. ("IDW"), exchanged shares of IDW common stock for 319,200 shares of common
stock, no par value ("Shares"), also more particularly described in MSI's 8-K
filed on February 1, 2000 ("8-K").
02: On January 31, 2000, pursuant to the Placement Agent Agreement between CBS
and MSI, as more particularly described in the 8-K, MSI granted CBS an option to
purchase 580,000 Shares, exercisable for a period of 5 years at $.75 per share.
03: On January 7, 2000 the Board of Directors of MSI issued Mr. Kircher an
option to purchase 25,000 Shares, exercisable for the later of 5 years from the
date of grant or upon termination of Mr. Kircher as a director of MSI.
04: CBS may be deemed to own beneficially and directly 504,692 Shares and
Options to purchase 580,000 Shares. Of the 504,692 Shares, 184,700 Shares are
currently held in inventory for client accounts and with respect to which CBS or
its employees may have voting or investment discretion, or both ("Managed
Accounts"). CBS disclaims beneficial ownership of the Shares held in Managed
Accounts. CBS is a wholly-owned subsidiary of CBG and CBG is wholly-owned by Mr.
Kircher, each of which disclaim any beneficial ownership of the aggregate
1,084,692 Shares and Options, except to the extent of pecuniary interest
therein.
05: In addition to those securities set forth in [04] above, Mr. Kircher may be
deemed to own beneficially and directly 2,000,000 Shares and Options to purchase
75,000 Shares and Mr. Kircher may be deemed to own beneficially and indirectly
1,000,000 Shares, as reported herein and previously reported on Form 4 dated
January 4, 2000. Mr. Kircher disclaims beneficial ownership as to such 1,000,000
Shares.
06: The securities mentioned herein may be effected by the rights of certain
individuals or entities, which may have existed prior to the date of the
transactions reported herein. These rights are currently under review and the
securities mentioned herein may be reissued, in which event this filing will
be amended.
[SIGNATURES ON FOLLOWING PAGE]
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Signatures:
Date: February 10, 2000
By: s/ Stephen C. Kircher
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Signature of Reporting Person
CAPITOL BAY SECURITIES, INC.
By: s/ Stephen C. Kircher, President
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Signature of Reporting Person
CAPITOL BAY GROUP, INC.
By: s/ Stephen C. Kircher, President
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Signature of Reporting Person
**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 is insufficient, SEE Instruction 6 for procedure.
Alternatively, this form is permitted to be submitted to the Commission in
electronic formal at the option of the reporting person pursuant to Rule
101(b)(4) of Regulation S-T.
SEC 1474 (7-97)
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