1 ------ U.S. SECURITIES AND EXCHANGE COMMISSION ------------------------------ FORM 4 WASHINGTON, D.C. 20549 OMB APPROVAL ------ ------------------------------ STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OMB Number: 3235-0287 [ ] Check box if no Expires: December 31, 2001 longer subject to Filed pursuant to Section 16(a) of the Securities Estimated average burden Section 16. Form 4 Exchange Act of 1934, Section 17(a) of the hours per response.........0.5 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 (Please Print or Type Responses) ------------------------------------------------------------------------------------------------------------------------------------ 1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person to CYPRES GARY M. Hispanic Express, Inc. (HXPR) Issuer (Check all applicable) --------------------------------------------- ---------------------------------------------- X Director X 10% Owner (Last) (First) (Middle) 3. IRS or Social Security 4. Statement for ---- --- 5480 East Ferguson Drive Number of Reporting Month/Year X Officer (give Other (Specify --------------------------------------------- Person (Voluntary) February, 2001 ---- title --- below) (Street) ------------------ below) Commerce, CA 90022 5. If Amendment, Chairman of the Board, Chief --------------------------------------------- -------------------------- Date of Original Executive Officer, Chief (City) (State) (Zip) (Month/Year) Financial Officer, Secretary ------------------ -------------------------------- 7. Individual or Joint/Group Filing (Check applicable line) X Form filed by one ---- Reporting Person Form filed by more than ---- one Reporting Person ------------------------------------------------------------------------------------------------------------------------------------ TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED ------------------------------------------------------------------------------------------------------------------------------------ 1. Title of Security 2. Trans- 3. Transac- 4. Securities Acquired (A) 5. Amount of Se- 6. Owner- 7. Nature (Instr. 3) action tion or Disposed of (D) curities Benefi- ship of In- Date Code (Instr. 3, 4 and 5) cially Owned at Form: direct (Instr. 8) End of Month Direct Benefi- (Month/ (Instr. 3 and 4) (D) or cial Day/ --------------------------------------- Indirect Owner- Year) Code V Amount (A) or Price (I) ship (D) (Instr. 4) (Instr. 4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 2/28/01 J(2) 5,150,000 A (2) 5,150,000 I (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 2/28/01 J(2) 77,500 A (2) 77,500 D ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 2/28/01 J(2) 12,500 A (2) 12,500 I By wife ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 2/28/01 J(2) 12,500 A (2) 12,500 I In trust for children by Mr. Cypres and wife ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Note (1) - Consists of 5,150,000 shares owned by West Coast Private Equity Partners, L.P., Wells Fargo & Company and WCEP Pte. Ltd., for which Mr. Cypres has voting power. Note (2) - Received as a result of a pro rata distribution pursuant to the spin off of the issuer from its predecessor parent company. Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over) * If the form is filed by more than one reporting person, see Instruction 4(b)(v). SEC 1474 (3-99) SEC 1474 (Over) (3/99) 2 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 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 (Instr. Acquired (A) Date (Instr. 3 and 4) ative Deriv- (Month/ 8) or Disposed (Month/Day/ Secur- ative Day/ of (D) (Instr. Year) ity Security Year) 3, 4, and 5) (Instr. 5) ----------------------------------- Date Expira- Amount or -------------------------- Exer- tion Title Number of Code V (A) (D) cisable Date Shares ------------------------------------------------------------------------------------------------------------------------------------ Stock Option (right to buy) $1.53 per 2/28/01 A 395,000 2/28/01 2/28/11 Common 395,000 share (1) (1) Stock ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ 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) -------------------------------------------------------------------------- 395,000 D -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- Explanation of Responses: (1) Of the 395,000 options granted, 237,000 options were vested and immediately exercisable as of 2/28/01. The remaining 158,000 options will vest in equal installments over a five-year period. *** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. /s/ Gary M. Cypres March 8, 2001 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. 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