Form 4 – Statement of Changes in Beneficial Ownership – EDGAR Services Provided by St Ives Burrups
FORM 4
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  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(h) of the Investment Company Act of 1940
OMB APPROVAL
           Check this box if no longer subject
                to Section 16. Form 4 or Form 5
                obligations may continue.
                See Instruction 1(b).



(Print or Type Responses)
   OMB Number:      3235-0287    Expires:     January 31, 2005
   Estimated average burden
   hours per response. . . . . .0.5
1. Name and Address of Reporting Person *

Crain Bohn H.
(Last)        (First)        (Middle)
 2. Issuer Name Stonepath Group, Inc.
     and Ticker or Trading Symbol STG
 
 
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director                          10% Owner
 Officer (give title below)  Other (specify below)

Chief Financial Officer
1600 Market Street
Suite 1515
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (Voluntary)
 
 
 4. Statement for
    Month/Day/Year


02/24/2003

(Street)

Philadelphia, PA 19103
5. If Amendment,
    Date of Original
    (Month/Day/Year)


7. Individual or Joint/Group
    Filing (Check Applicable Line)

 Form filed by One Reporting Person
 Form filed by More than One 
     Reporting Person
(City)        (State)        (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
    (Instr. 3)

2.Transaction
   Date
   (Month/Day/
   Year)
2A. Deemed
      Execution
      Date, if any 
      (Month/Day/Year)
 3. Transaction
    Code
    (Instr. 8)		 4. Securities Acquired (A) or
    Disposed of (D)
    (Instr. 3, 4, and 5)
5. Amount of
    Securities
    Beneficially
    Owned Following
    Reported
    Transaction(s)

    (Instr. 3 and 4)
6. Owner-
    ship
    Form:
    Direct
    (D) or
    Indirect (I)

    (Instr. 4)
7.  Nature of
     Indirect
     Beneficial
     Ownership

     (Instr. 4)
Code
V
Amount
(A) or (D)
Price
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.  
* If the form is filed by more than one reporting person, see Instruction 4(b)(v). (Over)
    Persons who 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.  
Form 4
(continued)		 Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of
    Derivative
    Security
    (Instr. 3)
2. Conver-
    sion or
    Exer-
    cise
    Price of
    Deriva-
    tive
    Security
3. Trans-
    action
    Date

    (Month/
    Day/
    Year)
3A. Deemed
      Execu-
      tion
      Date, 
      if any

      (Month/
      Day/
      Year)
 4. Trans-
    action
    Code
    (Instr. 8) 		5. Number
    of Deri-
    vative
    Securities
    Acquired
    (A) or
    Disposed
    of (D)

    (Instr. 3, 4
    and 5)
6. Date
    Exercis-
    able
    (DE) and
    Expiration
    Date (ED)
    (Month/
    Day/
    Year)
7. Title and
    Amount of
    Underlying
    Securities
    (Instr. 3
    and 4)
 8. Price of
     Deriv-
     ative
     Security
     (Instr. 5)
 9. Number
    of Deri-
    vative
    Securi-
    ties
    Benefi-
    cially
    Owned
    Follow-
    ing
    Reported
    Trans-
    action(s)

    (Instr. 4)		 10. Owner-
      ship
      Form of
      Deriv-
      ative
      Security:
      Direct
      (D) or
      Indirect
      (I)

      (Instr. 4) 		11. Nature of
      Indirect
      Benefi-
      cial
      Owner-
      ship
      (Instr. 4)
Code
V
(A)
(D)
DE
ED
   Title   
Amount
or
Number
of
Shares
Options granted under the Stonepath Group, Inc. Amended and Restated 2000 Stock Incentive Plan  $1.53  2/24/03    (A)  V  200,000(1)    (1)  2/24/13  Common Stock  200,000  -  200,000(2)  (D)   
Explanation of Responses:
(1) Options vest periodically with 50,000 options vesting on July 3, 2003 and the remaining 150,000 options vesting on a pro rata basis for the 36 month period thereafter.(2) Excludes cumulative options to purchase 350,000 shares of common stock granted on January 10, 2002 and July 3, 2002 as previously reported by the Reporting Person.
       
  /s/ Bohn H. Crain   2/25/03
 
 
  ** Signature of Reporting Person   Date
   
** 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.		  
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 Number. 		Page 2