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.
Correio Jon A |
2. Issuer Name and
Ticker or Trading Symbol ELST |
Relationship
of Reporting Person to Issuer (Check all Applicable) X Director _______
10% Owner Secretary/Treasurer |
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| (Last) (First) (Middle) 2409 West 16th Ave. |
3. IRS
Identification Number of Reporting Person at an entity (Voluntary) |
4. Statement for
(Month/Year) 02/2003 |
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(Street)
Kennewick WA 99337 |
5. If Amendment; Date of Original (Month/Year) | 7. Individual or
Joint/Group Filing (check applicable line) X Form Filed by One Reporting
Person |
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| (City) (State) (Zip) | Table 1 – 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 at end of Month (Instr. 3 & 4) | 6. Ownership Forum Direct (D) or Indirect (I) (Instr. 4) |
7. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V |
Amount |
(A) or (D) |
Price | |||||||
*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. Conversion or Exercise Price of Derivative Security | 3. Trans-action 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 (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 Derivative security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned at End of Month (Instr. 4) | 10. Ownership of Derivative
Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | ||||||||||||||
| Date Exercisable | Expiration Date | Title | Amount of Number of Shares | ||||||||||||
| (A) | (D) | ||||||||||||||
| OPTIONS Right to buy |
$0.40 | 02/21/03 | A | 25,000 | 2/21/03 | 2/20/06 | Common | 25,000 | $0.40 | ||||||
| OPTIONS Right to buy |
65,000 | 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/ JON CORREIO February 24, 2003
__________________________________ _______
** Signature of Reporting Person Date