SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(AMENDMENT NO. 7)(1)
Forward Industries, Inc.
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(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
---------------------------------------
(Title of Class of Securities)
34986210
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(CUSIP Number)
Robert S. Ellin Joel M. Handel, Esq.
Atlantis Equities, Inc. Brown Raysman Millstein Felder & Steiner LLP
750 Lexington Avenue 900 Third Avenue
New York, New York New York, New York 10022
(212) 895-2000
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
APRIL 11, 2002
-------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g) check the following
box / /
NOTE. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7(b)
for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 13 Pages)
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(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, SEE
the NOTES).
CUSIP No. 34986210 13D Page 2 of 13 Pages
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Robert S. Ellin
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
PF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7. SOLE VOTING POWER 2,500 shares
SHARES ------------------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 335,200 shares
OWNED BY EACH ------------------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER 2,500 shares
PERSON WITH ------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER 335,200 shares
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
337,700 shares
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES / /
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6%
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14. TYPE OF REPORTING PERSON
IN
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CUSIP No. 34986210 13D Page 3 of 13 Pages
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Robert Ellin Family 1997 Trust
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
PF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF 7. SOLE VOTING POWER 37,500 shares
SHARES ------------------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 0 shares
OWNED BY EACH ------------------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER 37,500 shares
PERSON WITH ------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER 0 shares
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
37,500 shares
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES / /
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.6%
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14. TYPE OF REPORTING PERSON
OO
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CUSIP No. 34986210 13D Page 4 of 13 Pages
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Atlantis Equities, Inc.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF 7. SOLE VOTING POWER 0 shares
SHARES ------------------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 210,500 shares
OWNED BY EACH ------------------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER 0 shares
PERSON WITH ------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER 210,500 shares
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
210,500 shares
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES / /
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.5%
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14. TYPE OF REPORTING PERSON
CO
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CUSIP No. 34986210 13D Page 5 of 13 Pages
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Robert Ellin Profit Sharing Plan
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
OO
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7. SOLE VOTING POWER 0 shares
SHARES ------------------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 335,200 shares
OWNED BY EACH ------------------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER 0 shares
PERSON WITH ------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER 335,200 shares
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
335,200 shares
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES / /
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6%
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14. TYPE OF REPORTING PERSON
EP
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CUSIP No. 34986210 13D Page 6 of 13 Pages
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Nancy J. Ellin
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
PF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7. SOLE VOTING POWER 110,000 shares
SHARES ------------------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 210,500 shares
OWNED BY EACH ------------------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER 110,000 shares
PERSON WITH ------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER 210,500 shares
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
320,500 shares
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES / /
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.4%
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14. TYPE OF REPORTING PERSON
IN
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CUSIP No. 34986210 13D Page 7 of 13 Pages
ITEM 1. SECURITY AND ISSUER.
This Amendment No. 7 to Schedule 13D (this "Amendment"), amends the Schedule 13D
filed in September 1998 (the "Schedule 13D"), as amended by Amendment No. 1 to
Schedule 13D filed in October 1998, Amendment No. 2 to Schedule 13D filed in
December 1998, Amendment No. 3 to Schedule 13D filed in May 1999, Amendment No.
4 to Schedule 13D filed in September 2000, Amendment No. 5 to Schedule 13D filed
in August 2001 and Amendment No. 6 to Schedule 13D, filed in December 2001 by
Robert S. Ellin, Robert Ellin Family 1997 Trust, Atlantis Equities, Inc., Robert
Ellin Profit Sharing Plan and Nancy J. Ellin (collectively, the "Reporting
Persons"). This Amendment relates to the common stock, par value $0.01 per share
(the "Common Stock"), of Forward Industries, Inc., a New York corporation (the
"Company"). The address of the principal executive offices of the Company is
1801 Green Road, E. Pompano Beach, Florida 33064.
ITEM 2. IDENTITY AND BACKGROUND.
The information in Item 2 is hereby amended and restated as follows:
(a) The names of the Reporting Persons filing the Schedule 13D and
this Amendment are Robert S. Ellin, Robert Ellin Profit Sharing Plan (the
"Plan"), Atlantis Equities, Inc. ("Atlantis Equities"), Robert Ellin Family 1997
Trust (the "Trust") and Nancy J. Ellin.
(b) The business address of each of the Reporting Persons except for
the Trust is c/o Atlantis Equities, Inc., 750 Lexington Avenue, New York,
New York 10022. The business address of the Trust is Marvin Ellin, Trustee,
106 Central Park South, New York, New York 10019.
(c) Robert Ellin's present principal employment is serving as an
employee of Atlantis Equities, a merchant banking firm. Nancy Ellin is the sole
officer and director and the sole stockholder of Atlantis Equities, and her
present principal occupation is serving as such.
(d) None of the Reporting Persons nor Marvin Ellin has been convicted
during the past five years in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) None of the Reporting Persons nor Marvin Ellin has been, during
the last five years, a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and has not and is not subject to
a judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
(f) Robert Ellin, Nancy Ellin and Marvin Ellin are each citizens of
the United States. Atlantis Equities is a New York corporation.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The information previously reported in Item 3 is hereby amended by
adding the following after the existing information:
From November 27, 2001 to April 9, 2002, the Plan increased its
holdings of Common Stock by 10,853 shares through a series of open market sale
and purchase transactions. The source of funds used by the Plan to make such
purchases was the contributions from its participants. From November 27, 2001 to
April 9, 2002, Atlantis Equities decreased its holdings of Common Stock by
66,150 shares through a series of open market sale and purchase transactions.
The source of funds used by Atlantis Equities to make such purchases was its
working capital.
CUSIP No. 34986210 13D Page 8 of 13 Pages
ITEM 4. PURPOSE OF TRANSACTION.
The information in Item 4 is hereby amended and restated as follows:
Robert Ellin and the other Reporting Persons have determined that it
would be in the best interests of the Company and the Reporting Persons and
would enhance the opportunities of the Company if the Reporting Persons entered
into a settlement of certain matters with the Company.
On April 11, 2002, the Reporting Persons entered into a settlement
agreement with the Company (the "Settlement Agreement") which provides, among
other things, that: (i) two of the Company's current directors will resign; (ii)
to fill the vacancies resulting from such resignations, the Company's board of
directors (the "Board") will nominate and appoint Mr. Bruce Galloway and
Mr.Jeff Kuhr, whom the Board intends to appoint as members of the compensation
and audit committees, respectively, of the Board; and (iii) the Company
reimburse Robert Ellin up to a maximum of $100,000 for his reasonable,
out-of-pocket expenses for legal fees and disbursements actually incurred by him
in connection with disagreements arising between him and the Company relating to
its strategy and certain other matters during the 18 months preceding the date
of the Settlement Agreement.
In connection with the Settlement Agreement, on April 11, 2002, the
Reporting Persons entered into a standstill agreement with the Company (the
"Standstill Agreement") which provides, among other things, that for a period
of 18 months the Reporting Persons may not, without the prior consent of the
Company, engage in certain activities relating to the securities of the
Company or make certain statements involving the Company, including but not
limited to: acquiring any securities of the Company except under certain
limited conditions, participating in any solicitation of proxies or consents
or otherwise influencing any person with respect to the voting of any
securities of the Company or initiating any shareholder proposals, subjecting
any of the Company's voting securities to any arrangement or agreement with
respect to the voting or beneficial ownership of any voting securities other
than the Standstill Agreement, calling a meeting of stockholders, seeking to
control the management, the Board or policies of the Company, or inducing a
change of control of the Company or seeking representation on the Board or
the removal of any director. In connection with the Standstill Agreement,
each of the Company and the Reporting Persons executed a general release of
claims and potential claims against the other (the "General Releases").
On April 11, 2002, the Company and Atlantis Equities entered into a
letter agreement (the "Letter Agreement") which provides, among other things,
for the non-exclusive engagement by the Company of Atlantis Equities to provide
certain advisory services in consideration for the payment to Atlantis of up to
ten percent of the of the aggregate amount of consideration actually paid by or
to the Company in the event that Atlantis makes an introduction of a company
that leads to consummation of a business combination involving the Company.
The foregoing summary of the terms of the Settlement Agreement, the
Standstill Agreement, the Letter Agreement and the General Releases does not
purport to be complete and is qualified in its entirety by reference to the
text of such agreements, each of which are attached as exhibits to this
Amendment.
Except as set forth in this Item 4, as of the date hereof the
Reporting Persons have not formulated any plans or proposals that relate to or
would result in: (a) the acquisition by any person of additional securities of
the Company, or the disposition of securities of the Company; (b) an
extraordinary corporate transaction; (c) a sale or transfer of a material amount
of assets of the Company or any of its subsidiaries; (d) any change in the
present board of directors or management of the Company; (e) any material change
in the present capitalization or dividend policy of the Company; (f) any other
material change in the Company's business or corporate structure; (g) changes in
the Company's charter or bylaws or other actions that may impede the acquisition
of control of the Company by any person; (h) causing a class of securities of
the Company to be delisted from a national securities exchange or securities
association; (i) causing a class of equity securities of the Company to become
eligible for termination of registration pursuant to Section 12(g)(4) of the
Securities Exchange Act of 1934, as amended; or (j) any action similar to those
enumerated above. Subject to the terms of the Settlement Agreement and the
Standstill Agreement, the Reporting Persons reserve the right in the future to
acquire or dispose of their shares of Common Stock, to propose or pursue any of
the foregoing transactions or matters or change their intentions with respect to
the matters referred to herein.
CUSIP No. 34986210 13D Page 9 of 13 Pages
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The information in Item 5 is hereby amended and restated as follows:
(a) In a series of open market transactions effected between
November 27 and April 9, 2002, the Plan increased its holdings of Common Stock
by 10,853 shares. The Plan now holds an aggregate of 335,200 shares of Common
Stock, representing approximately 5.6% of the issued and outstanding shares of
Common Stock. In a series of open market transactions effected between
November 27, 2001 and April 9, 2002, Atlantis Equities decreased its holdings of
Common Stock by 66,150 shares. Atlantis Equities now holds an aggregate of
210,500 shares of Common Stock, representing 3.5% of the issued and outstanding
Common Stock.
(b) Robert Ellin has sole power to vote and dispose of the 2,500
shares of Common Stock owned by him. Robert Ellin shares the power to vote and
dispose of the 335,200 shares of Common Stock owned by the Plan. Marvin Ellin
has sole power to vote and dispose of the 37,500 shares of Common Stock owned by
the Trust. Nancy Ellin has sole power to vote and dispose of the 110,000 shares
of Common Stock owned by her. Nancy Ellin shares the power to vote and dispose
of the 210,500 shares of Common Stock owned by Atlantis Equities.
Robert Ellin disclaims beneficial ownership of the Common Stock owned
by Nancy Ellin, Atlantis Equities and the Trust and this statement shall not be
construed as an admission that he is, for the purposes of Section 13(d) or 13(g)
of the Securities Exchange Act of 1934 or for any other purpose, the beneficial
owner of such securities. Nancy Ellin disclaims beneficial ownership of the
Common Stock owned by Robert Ellin, the Plan and the Trust and this statement
shall not be construed as an admission that she is, for the purposes of
Section 13(d) or 13(g) of the Securities Exchange Act of 1934 or for any other
purpose, the beneficial owner of such securities.
(c) During the 60 days preceding the filing of this Amendment, the
Plan and Atlantis Equities effected the following transactions in the open
market:
ROBERT ELLIN PROFIT SHARING PLAN
NUMBER OF
DATE SHARES PURCHASE/SALE PRICE PER SHARE
2/11/2002 100 Purchase $ 0.96
2/11/2002 100 Purchase 1.00
2/12/2002 100 Purchase 0.99
2/12/2002 100 Purchase 1.00
2/12/2002 100 Purchase 1.00
2/14/2002 100 Purchase 1.01
2/25/2002 100 Purchase 0.98
2/26/2002 100 Purchase 0.95
3/1/2002 100 Purchase 0.92
3/1/2002 100 Purchase 0.95
3/5/2002 100 Purchase 0.92
3/5/2002 100 Purchase 0.95
3/5/2002 400 Purchase 0.92
3/6/2002 100 Sale 0.96
3/6/2002 300 Purchase 1.00
3/8/2002 3,000 Sale 0.98
3/8/2002 2,847 Sale 0.98
3/8/2002 100 Purchase 0.87
3/8/2002 100 Purchase 1.00
3/8/2002 300 Purchase 0.97
3/8/2002 500 Purchase 1.02
3/12/2002 2,100 Sale 0.93
3/12/2002 1,500 Sale 0.96
3/12/2002 1,500 Sale 0.96
3/12/2002 1,000 Sale 0.96
3/12/2002 1,000 Sale 0.96
3/12/2002 500 Sale 0.96
CUSIP No. 34986210 13D Page 10 of 13 Pages
3/12/2002 100 Sale 0.95
3/12/2002 100 Sale 0.95
3/12/2002 100 Sale 0.98
3/12/2002 100 Sale 1.00
3/15/2002 3,000 Sale 0.92
3/15/2002 300 Sale 0.93
3/22/2002 1,200 Sale 0.92
3/22/2002 500 Sale 0.93
3/22/2002 100 Purchase 1.01
3/27/2002 100 Purchase 0.86
3/27/2002 100 Purchase 0.86
3/27/2002 100 Purchase 0.87
3/27/2002 100 Purchase 0.94
3/27/2002 100 Purchase 0.95
3/27/2002 1,000 Purchase 0.86
3/28/2002 100 Sale 0.90
4/2/2002 1,500 Sale 0.85
4/5/2002 2,700 Sale 0.90
4/8/2002 100 Sale 0.90
4/9/2002 900 Sale 0.85
4/9/2002 800 Sale 0.84
4/9/2002 100 Sale 0.84
4/9/2002 100 Sale 0.84
4/9/2002 100 Sale 0.85
ATLANTIS EQUITIES, INC.
NUMBER OF
DATE SHARES PURCHASE/SALE PRICE PER SHARE
2/20/2002 100 Sale 0.98
2/22/2002 3,000 Sale 0.95
2/22/2002 2,200 Sale 0.95
2/22/2002 1,000 Sale 0.98
2/22/2002 800 Sale 0.95
2/25/2002 1,000 Sale 0.96
2/25/2002 1,000 Sale 0.96
2/25/2002 1,000 Sale 0.95
2/25/2002 100 Sale 0.96
2/26/2002 3,000 Sale 0.95
2/26/2002 800 Sale 0.99
2/28/2002 1,000 Sale 0.92
2/28/2002 800 Sale 0.95
2/28/2002 100 Sale 0.95
3/4/2002 100 Purchase 1.00
3/4/2002 100 Purchase 1.00
3/4/2002 100 Purchase 0.95
3/4/2002 200 Purchase 1.00
3/4/2002 200 Purchase 0.97
3/6/2002 3,000 Sale 0.96
3/6/2002 1,500 Sale 0.96
3/6/2002 100 Purchase 0.96
3/7/2002 3,000 Sale 0.93
3/7/2002 1,000 Sale 0.94
3/7/2002 885 Sale 0.93
CUSIP No. 34986210 13D Page 11 of 13 Pages
3/7/2002 500 Sell 0.93
3/7/2002 500 Sell 0.94
3/7/2002 500 Sell 0.96
3/7/2002 500 Sell 0.96
3/8/2002 2,465 Sell 0.98
3/8/2002 1,200 Purchase 1.02
3/12/2002 1,200 Sell 0.93
3/13/2002 3,000 Sell 1.00
3/13/2002 2,000 Sell 1.00
3/13/2002 100 Purchase 0.95
3/14/2002 1,500 Sell 0.95
3/14/2002 900 Sell 0.95
3/14/2002 600 Sell 0.95
3/14/2002 400 Sell 0.95
3/14/2002 400 Sell 0.98
3/14/2002 100 Sell 0.95
3/15/2002 1,700 Sell 0.93
3/15/2002 1,200 Sell 0.92
3/15/2002 1,000 Sell 0.93
3/21/2002 2,600 Sell 0.93
3/21/2002 1,000 Sell 0.93
3/22/2002 1,500 Sell 0.92
3/22/2002 100 Sell 0.92
3/25/2002 1,200 Sell 0.95
3/25/2002 500 Sell 0.95
3/26/2002 100 Sell 0.95
3/27/2002 3,000 Sell 0.90
3/28/2002 1,000 Sell 0.90
4/2/2002 1,800 Sell 0.85
4/2/2002 1,500 Sell 0.85
4/2/2002 1,500 Sell 0.85
4/2/2002 1,500 Sell 0.85
4/2/2002 1,500 Sell 0.85
4/3/2002 1,000 Sell 0.86
4/3/2002 500 Sell 0.87
4/3/2002 500 Sell 0.88
4/3/2002 500 Sell 0.89
4/3/2002 500 Sell 0.90
4/3/2002 500 Sell 0.91
4/4/2002 1,500 Sell 0.87
4/4/2002 500 Sell 0.86
4/4/2002 500 Sell 0.87
4/5/2002 1,000 Sell 0.89
4/9/2002 900 Sell 0.86
4/9/2002 100 Sell 0.86
(d) Not applicable.
(e) Not applicable.
CUSIP No. 34986210 13D Page 12 of 13 Pages
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
The information in Item 6 is hereby amended and restated as follows:
Except as set forth in Item 4 and the Exhibits to this Amendment,
there are no contracts, arrangements, understandings or relationships between
the Reporting Persons and any other person with respect to securities of the
Company.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
* EXHIBIT 1. Joint Filing Agreement of the Reporting Persons pursuant
to Rule 13d-1(k).
EXHIBIT 2. Settlement Agreement, dated April 11, 2002, by and between
Robert S. Ellin, Nancy J. Ellin, Atlantis Equities, Inc., Robert Ellin Family
1997 Trust, Robert Ellin Profit Sharing Plan and Forward Industries, Inc.
EXHIBIT 3. Standstill Agreement, dated April 11, 2002, by and between
Robert S. Ellin, Nancy J. Ellin, Atlantis Equities, Inc., Robert Ellin Family
1997 Trust, Robert Ellin Profit Sharing Plan and Forward Industries, Inc.
EXHIBIT 4. Form of Letter Agreement, dated April 11, 2002, regarding
the non-exclusive engagement by the Company of Atlantis Equities, Inc. for
advisory services.
EXHIBIT 5. General Release, dated April 11, 2002, of Robert S. Ellin,
Nancy J. Ellin, Atlantis Equities, Inc., Robert Ellin Family 1997 Trust and
Robert Ellin Profit Sharing Plan.
EXHIBIT 6. General Release, dated April 11, 2002, of Forward
Industries, Inc.
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* Previously filed as Exhibit 1 to Amendment No. 2 to Schedule 13D of
the Reporting Persons filed on December 30, 1998.
CUSIP No. 34986210 13D Page 13 of 13 Pages
SIGNATURES
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify the information set forth in this Amendment is
true, complete and correct.
Dated: April 11, 2002
/s/ Robert S. Ellin
--------------------------------
Robert S. Ellin
ROBERT ELLIN FAMILY 1997 TRUST
By: /s/ Marvin Ellin, Trustee
----------------------------
Marvin Ellin, Trustee
ATLANTIS EQUITIES, INC.
By: /s/ Nancy J. Ellin
----------------------------
Nancy J. Ellin, President
ROBERT ELLIN PROFIT SHARING PLAN
By: /s/ Robert S. Ellin, Trustee
----------------------------
Robert S. Ellin, Trustee
/s/ Nancy J. Ellin
----------------------------
Nancy J. Ellin