------------------------------
OMB APPROVAL
------------------------------
OMB Number 3235-0287
Expires: September 30, 1998
Estimated average burden
hours per response ....... 0.5
------------------------------
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
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
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
================================================================================
1. Name and Address of Reporting Person*
Sherman, Mandel
- --------------------------------------------------------------------------------
(Last) (First) (Middle)
c/o 210 Dartmouth
- --------------------------------------------------------------------------------
(Street)
Pawtucket Rhode Island 02860
- --------------------------------------------------------------------------------
(City) (State) (Zip)
================================================================================
2. Issuer and Name and Ticker or Trading Symbol
U.S. AUTOMOTIVE MANUFACTURING, INC. (USAM)
================================================================================
3. IRS or Social Security Number of Reporting Person (Voluntary)
================================================================================
4. Statement for Month/Year
March 1996
================================================================================
5. If Amendment, Date of Original (Month/Year)
================================================================================
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ X ] Director [ X ] 10% Owner
[ X ] Officer (give title below) [ X ] Other (specify below)
President and principal stockholder of General Partner
of Elmgrove Associates II, L.P. (10% Owner)
================================================================================
7. Individual or Joint/Group Filing (Check applicable line)
[ ] Form filed by one Reporting Person
[X] Form filed by More than One Reporting Person
================================================================================
Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock, $.001 par value 3/14/96 P 750,000 A 750,000 I ** See Note
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common
Stock
$.001
Warrant par **See
(Right to Buy) $2.28 2/1/96 A 980,000* 2/1/96 2/1/2001 value 980,000* I Note
- ------------------------------------------------------------------------------------------------------------------------------------
Common
Stock
$.001
Warrant par **See
(Right to Buy) $2.28 3/14/96 A 200,000* 3/14/96 3/14/2001 value 200,000* I Note
- ------------------------------------------------------------------------------------------------------------------------------------
Common
Stock
$.001
Options par **See
(Right to Buy) $2.28 2/1/96 A 762,074* 2/1/96 2/1/1998 value 762,074* 1,942,074* I Note
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
Explanation of Responses:
Warrants to purchase 1,180,000 shares of Common Stock granted to Elmgrove
Associates II, L.P. between January and March 1996 in private transaction,
all of which warrants are immediately vested and exercisable.
Options to purchase shares owned by Ronald Tygar, former President of
Issuer, and his wife, Francine Tygar.
* Reporting person disclaims beneficial ownership of these securities
except to the extent of his pecuniary interest therein.
** Item 7 (Table I and Item II (Table II)- By Elmgrove Associates II, L.P..
Reporting Person is the President and principal stockholder of General
Partner of Elmgrove Associates II, L.P.
/S/ MANDEL SHERMAN April 14, 1998
- --------------------------------------------- -----------------------
***Signature of Reporting Person Date
Mandel Sherman
*** 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 procedures.
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.
(122797DTI)
