FORM 4

        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)

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 PublicUtility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number: 3235-0287

Expires: January 31, 2005

Estimated average burden
hours per response. . . . 0.5

1. Name and Address of Reporting Person*

2. Issuer Name and Ticker or Trading Symbol      
 Forward Industries Inc. (FORD)

6.  Relationship of Reporting Person(s) to Issuer       (Check all applicable)

    X     Director                                                   10% Owner

           Officer (give title below)                          Other (specify below)

___________________________________

Galloway, Bruce

3.  I.R.S. Identification Number of Reporting Person, if an entity (voluntary)

4.  Statement for Month/Day/Year
                   04/25/2003

(Last)     (First)     (Middle)

1801 Green Road Suite E.

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

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

    X      Form filed by One Reporting Person    
            Form filed by More than One Reporting Person

(Street)

Pompano Beach, Fl 33064

(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 Transactions(s)
(Instr. 3 and 4)

6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)

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

Code

V

Amount

(A) or (D)

Price

179,020

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. Conversion or Exercise Price of Derivative Security

3. Transaction Date
(Month/Day/Year)

3A. Deemed Execution Date, if any
(Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

6. Date
Exerciseable and
 Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)

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

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Common Stock Options

$2.05

04/25/03

A

04/25/03

04/24/13**

Forward Industries Common Stock

10,000

$2.05

10.000

D

Explanation of Responses:
Stock option grant of 10,000 shares awarded at an exercise price of $2.05 expiring 4/24/13 or one year from the date the reporting person is no longer a director of the Registrant, whichever is earlier.

     //s//Bruce Galloway     
**Signature of Reporting Person

     April 25, 2003    
Date

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).

**

  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, on of which must be manually signed. If space is insufficient, see Instruction 6 for procedure