FORM 5

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(f) of the Investment Company Act of 1940.

  1. Name and Address of Reporting Person*

Schooley John L

2. Issuer Name and Ticker or Trading Symbol

ELST

Relationship of Reporting Person to Issuer

(Check all Applicable)

__X___ Director _______ 10% Owner

______ Officer (give _______ Other

title (Specify

below) below)

(Last) (First) (Middle)

1916 W. Mission Rd.

3. IRS Identification Number of Reporting Person at an entity

(Voluntary)

4. Statement for (Month/Year)

02/2001

(Street)

 

Escondido CA 92029

5. If Amendment; Date of Original (Month/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

(City) (State) (Zip)

Table 1 - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security

(Instr. 3)

2. Trans-action Date (Month/Day

Year)

3. Trans-action Code (Instr. 8)

4. Securities Acquired (A) or Disposed of (D)

(Instr. 3,4 and 5)

5. Amount of Securities Beneficial-

ly Owned at end of Month

Instr. 3 & 4)

6. Owner-ship Forum Direct

(D) or Indirect (I)

(Instr. 4)

7. Nature of Indirect Bene-ficial Owner-ship (Instr. 4)

Cod

E

V

Amount

(A)

or

(D)

Price

COMMON

         

85,000

D

 
                 
                 
                 
                 
                 

*If the form is filed by more that one Reporting Person see Instruction 4(b)(v).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

2. Conver-sion or Exercise Price of Deriva-tive Security

3. Trans-action Date (Month/Day/Year)

4. Trans-action Code (Instr. 8)

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

6. Date Exercisable and Expiration Date (Month

Day/Year)

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

8. Price of De

riva-

tive secu

rity (Instr. 5)

9. Number of Derivative Securities Beneficially Owned at End of Month (Instr. 4)

10. Owner-ship of Deriva-

tive Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Bene-ficial Owner-ship (Instr. 4)

Code

V

Date Exercisable

Expira-tion Date

Title

Amount of Number of Shares

(A)

(D)

OPTIONS

Right to buy

$0.44

02/09/01

A

25,000

 

2/09/01

2/09/04

Common

25,000

$0.44

     

OPTIONS

Right to buy

50,000

D

                           
                           
                           
                           
                           
                           
                           

Explanation of Responses:

 

 

 

 

 

 

**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a)

/s/ John Schooley March 7, 2001

__________________________________ _______

** Signature of Reporting Person Date