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FORM 4
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[ ] Check this box if no longer OMB APPROVAL
subject to Section 16. Form 4 OMB Number: 3235-0287
or Form 5 obligations may Expires: September 30, 1998
continue. See Instruction 1(b). Estimated average burden
hours per response......0.5
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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
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<S> <C> <C> <C>
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1. Name and Address of Reporting Person* 2. Issuer Name and Ticker Trading Symbol 6. Relationship of Reporting
Person(s) to Issuer
Flexpoint Sensor Systems, Inc. (Check all applicable)
Jules A. DeGreef [ ] Director [X] 10% Owner
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(Last) (First) (Middle) 3. IRS Identification 4. Statement for Month/Year title below below)
Number of Reporting
47 East 7200 South, Suite 221 Person, if an entity December 1999 ------------------------------
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(Street) 5. If Amendment, Date 7. Individual or Joint/Group Filing
of Original (Check Applicable Line)
(Month/Year) [X] Form filed by One Reporting
Person
December 1999 [ ] Form filed by More than One
Midvale, UT 84047 Reporting Person
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(City) (State) (Zip) TABLE 1 -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security 2. Trans- 3. Transaction 4. Securities Acquired(A) 5. Amount of 6.Owner- 7. Nature of
(Instr. 3) action Code or Disposed of (D) Securities ship Indirect
Date (Instr.8) (Instr. 3,4 and 5) Beneficially Form: Beneficial
(Month/ -------------- ------------------------- Owned at End Direct (D) Ownership
Day/ Amount (A) or Price of Month or Indirect (Instr.4)
Year) Code V (D) (Instr. 3 and 4) (I) (Instr.4)
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Common Stock 12/7/99 S 50,000 D $1.00 285,667 D
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Common Stock 12/22/99 S 50,000 D $1.00 I **
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Common Stock 12/22/99 S 7,000 D $1.00 591,750 I **
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<FN>
* Mr. DeGreef disclaims beneficial ownership of approximately 825,987 share of Flexpoint Sensor Systems common stock owned by
Bull Ventures, Ltd.
** Mr. DeGreef claims beneficial ownership of the shares disclosed above through his membership interest in Northridge Investment
LLC.
</FN>
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 on 4(b)(v). SEC 1474 (7-96)
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<TABLE>
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FORM 4 (CONTINUED) Table II -- Derivative Securities Benficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<S> <C> <C> <C> <C> <C>
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1.Title of 2.Conver- 3.Trans- 4.Tansac- 5.Number of 6.Date Exercis- 7.Title and 8.Price 9.Number 10.Owner- 11.Nature
Derivative) sion or action tion Derivative able and Amount of of of Deri- ship of In-
Security Exercise Date Code Securities Expiration Underlying Deri- vative Form of direct
(Instr.3) Price of (Month/ (Instr.8) Acquired Date Securities vative Secur- Deriva- Bene-
Deri- Day/ (A) or (Month/Day/ (Intr. 3 Secu- ities tive ficial
vative Year) Disposed Year) and 4) rity Benefi- Security: Owner-
Security of (D) ----------------- ------------- (Instr. cially Direct ship
(Instr.3, Amount 5) Owned (D) or (Instr.
4 and 5) or at End Indirect 4)
Date Expir- Title Number of (I)
Exer- ation of Month (Instr.4)
Code V (A) (D) cisable Date Shares (Instr.4)
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Stock Options $0.47 4/9/98 6/02 Common 260,000 N/A 260,000 D
Stock
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Warrants to $1.15 4/9/98 9/1/01* Common 455,000*** N/A 455,000 D
acquire Common Stock
Stock
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Stock Options $0.75 4/9/98 6/06 Common 260,000 N/A 260,000 D
Stock
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Explanation of Responses:
* The Company extended the term of these warrants until 2001.
*** Mr. DeGreef disclaims beneficial ownership of an additional 455,000 warrants which are held legally by Mr. DeGreef, but
beneficially owned by John A. Sindt based on a contract with Mr. DeGreef.
**Intentional misstatements or omissions of facts constitute Federal Criminal By: /s/ Jules A. DeGreef 01/07/00
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ----------------------------------- --------
** Signature of Reporting Person Date
Note. File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained Page 2
in this form are not required to respond unless the form displays a currently SEC 1474 (7-96)
valid OMB Number.
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