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- -------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION -----------------------------
FORM 4 WASHINGTON, D.C. 20549 OMB APPROVAL
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/ / 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)
CAPITOL BAY MANAGEMENT, INC. MORROW SNOWBOARDS, INC. (MRRWE) X Director X 10% Owner
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(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 680308736 DECEMBER 1999
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(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 (Instr. 3 (I) ship
Code V Amount (D) Price and 4) (Instr. 4) (Instr. 4)
COMMON STOCK NO PAR VALUE 12/01/1999 J(01,02) V 3,000,000(01) D $.07(01) 01,02 02 02
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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
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Date Expira-
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cisable Date
Code V (A) (D)
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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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Explanation of Responses:
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* This statement is being filed by Capitol Bay Management, Inc. ("CBM");
Capitol Bay Securities, Inc. ("CBS"); Capitol Bay Group, Inc. ("CBG"); and
Stephen C. Kircher ("Mr. Kircher") (collectively the "Reporting Persons").
The principal business address of each of the Reporting Persons is 2424
Professional Drive, Roseville, CA 95661.
Explanation of Responses:
01: On December 1, 1999: (i) CBM agreed to purchase all of Steven Kay's ("Mr.
Kay") and Larry D. Kelley's ("Mr. Kelley") equity interest in CBG and, as
partial consideration for such purchase, CBM agreed to sell, transfer and assign
500,000 shares of MSI to each of Mr. Kay and Mr. Kelley, valued at $.07 per
share; and (ii) CBM transferred and assigned 2,000,000 shares of MSI to Mr.
Kircher, valued at $.07 per share, as compensation.
02: The 3,000,000 shares of MSI reported herein as disposed of were disposed
of and may be deemed to have been beneficially owned by CBM and indirectly by
CBG and Mr. Kircher. CBM is an indirect wholly-owned subsidiary of CBG and
CBG is, subsequent to the foregoing transactions, wholly-owned by Mr.
Kircher. As a result of the foregoing transactions, and this filing on Form 4
with the Securities and Exchange Commission as required by Section 16(a) of
the Securities and Exchange Act of 1934 (the "Act"), the Reporting Persons,
other than Mr. Kircher, ceased to be the owners of more than 10% of the
common stock no par value of MSI and therefor are no longer subject to
Section 16 of the Act. Mr. Kircher, concurrently with this filing on Form 4,
is individually filing a Form 4.
[SIGNATURES ON FOLLOWING PAGE]
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Signatures:
Date: January 7, 2000
CAPITOL BAY MANAGEMENT, INC.
By: s/ Stephen C. Kircher, President
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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
By: s/ Stephen C. Kircher
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Signature of Reporting Person
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** 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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