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FORM 4
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no
longer subject to Filed pursuant to Section 16(a) of the Securities
Section 16. Form 4 Exchange Act of 1934, Section 17(a) of the
or Form 5 obligations Public Utility Holding Company Act of 1935
may continue. See or Section 30(f) of the Investment Company
Instruction 1(b). Act of 1940
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<S> <C> <C> <C> <C> <C> <C>
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| 1. Name and Address of Reporting Person* | 2. Issuer Name and Ticker or Trading Symbol |6. Relationship of Reporting Person to|
| FINOVA Mezzanine Capital Inc. | Teltronics, Inc. (TELT) | Issuer (Check all applicable) |
|--------------------------------------------|----------------------------------------------| |
| (Last) (First) (Middle) | 3. IRS Identification | 4. Statement For | [ ] Director [X] 10% Owner |
| | Number of Reporting | Month/Year | [ ] Officer (give [ ] Other (Specify|
| | Person, if an Entity | | title below) |
| | (Voluntary) | June 1999 | below) |
| 500 Church Street, Suite 200 | | | |
|--------------------------------------------| |--------------------|--------------------------------------|
| (Street) | | 5. If Amendment, |7. Individual or Joint/Group Filing |
| | | Date of Original| (Check applicable line) |
| Nashville, TN 37219 | | (Month/Year) | [X] Form Filed by One |
| | | | Reporting Person |
|--------------------------------------------|----------------------------------------------| [ ] Form Filed by More Than |
| (City) (State) (Zip) | | One Reporting Person |
| | | |
|----------------------------------------------------------------------------------------------------------------------------------|
| TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED |
|----------------------------------------------------------------------------------------------------------------------------------|
|1. Title of Security |2. Transaction |3. Transac- |4. Securities Acquired (A) | 5. Amount of Se- |6. Owner- |7. Nature |
| (Instr. 3) | Date | tion Code | or Disposed of (D) | curities Benefi-| ship | of In- |
| | (Month/Day/ | (Instr. 8) | | cially Owned at | Form: | direct |
| | Year) | | | End of Month | Direct | Benefi-|
| | | | (Instr. 3, 4 and 5) | (Instr. 3 and 4)| (D) or | cial |
| | |--------------|---------------------------| | Indirect | Owner- |
| | | Code | V | Amount | (A) or| Price| | (I) | ship |
| | | | | | (D) | | (common class only)| (Instr. 4)| (Instr.|
| | | | | | | | | | 4) |
|---------------------|-------------------|-------|------|------------|-------|------|--------------------|-------------|----------|
|Teltronics, Inc. | 6/8/99 | S | | 30,800 | D |$5.50 | 43,400 | D | |
|---------------------|-------------------|-------|------|------------|-------|------|--------------------|-------------|----------|
|Common Stock | | | | | | | | | |
|---------------------|-------------------|-------|------|------------|-------|------|--------------------|-------------|----------|
|Teltronics, Inc. | 6/14/99 | S | | 3,000 | D |$5.00 43,400 | D | |
|---------------------|-------------------|-------|------|------------|-------|------|--------------------|-------------|----------|
|Common Stock | | | | | | | | | |
|---------------------|-------------------|-------|------|------------|-------|------|--------------------|-------------|----------|
|Teltronics, Inc. | 6/16/99 | S | | 22,800 | D |$4.02 | 43,400 | D | |
|---------------------|-------------------|-------|------|------------|-------|------|--------------------|-------------|----------|
|Common Stock | | | | | | | | | |
|---------------------|-------------------|-------|------|------------|-------|------|--------------------|-------------|----------|
| | | | | | | | | | |
|---------------------|-------------------|-------|------|------------|-------|------|--------------------|-------------|----------|
| | | | | | | | | | |
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*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 1 of 2 (Over)
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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)
<S> <C> <C> <C> <C> <C> <C> <C>
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|1. Title of Derivative | 2. Conver- |3. Trans- |4. Trans- | 5. Number of | 6. Date Exer- | 7. Title and Amount |8. Price |
| Security | sion or | action | action | Derivative | cisable and | of Underlying | of |
| (Instr. 3) | Exercise | Date | Code | Securities | Expiration | Securities | Deriv- |
| | Price of | (Month/| (Instr.| Acquired (A)| Date | (Instr. 3 and 4) | ative |
| | Deriv- | Day/ | 8) | or Disposed | (Month/Day/ | | Secur- |
| | ative | Year) | | or (D) | Year) | | ity |
| | Security | | | (Instr. 3, | | | (Instr. 5)|
| | | | | 4, and 5) |----------------|---------------------| |
| | | | | | Date |Expira-| | Amount or| |
| | | |----------|----------------| Exer- |tion | Title | Number of| |
| | | | Code| V | (A) | (D) | cisable|Date | | Shares | |
|-----------------------|--------------|----------|-----|----|--------|-------|--------|-------|---------|-----------|-------------|
|TELT Series B | $2.75 | 6/2/99 | C | | | 2750 | | | common | 100,000 | 2,500,000 |
|-----------------------|--------------|----------|-----|----|--------|-------|--------|-------|---------|-----------|-------------|
|Convertible Preferred | | | | | | | | | | | |
|-----------------------|--------------|----------|-----|----|--------|-------|--------|-------|---------|-----------|-------------|
|TELT Warrant | $2.75 | 2/26/98 | P | | | | 2/26/98|2/26/03| common | 525,000 | 178,500 |
|-----------------------|--------------|----------|-----|----|--------|-------|--------|-------|---------|-----------|-------------|
|TELT Warrant | $2.75 | 2/26/98 | P | | | | 2/26/98|2/26/03| common | 365,000 | 124,100 |
|-----------------------|--------------|----------|-----|----|--------|-------|--------|-------|---------|-----------|-------------|
| | | | | | | | | | | | |
|-----------------------|--------------|----------|-----|----|--------|-------|--------|-------|---------|-----------|-------------|
| | | | | | | | | | | | |
|----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
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| 9. Number of | 10. Ownership | 11. Nature of |
| Derivative | Form of | Indirect |
| Securities | Derivative | Beneficial |
| Beneficially | Security: | Ownership |
| Owned at End | Direct (D) | (Instr. 4) |
| of Month | or Indirect (I) | |
| (Instr. 4) | (Instr. 4) | |
| | | |
|---------------------|-------------------------------|----------------------|
| 19,500 | D | |
|---------------------|-------------------------------|----------------------|
| | | |
|---------------------|-------------------------------|----------------------|
| 525,000 | D | |
|---------------------|-------------------------------|----------------------|
| 365,000 | D | |
|---------------------|-------------------------------|----------------------|
| | | |
|---------------------|-------------------------------|----------------------|
| | | |
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Explanation of Responses:
** Intentional misstatements or omissions of facts constitute Federal Criminal /s/ Philip S. Clark 7-10-99
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. Page 2
If space provided is insufficient, see Instruction 6 for procedure.
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