F O R M 3 U.S. Securities and Exchange Commission OMB Approval
Washington, D.C. 20549 OMB Number 3235-0104
Expires: September 30, 1998
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INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF
SECURITIES Filed pursuant to Section 16(a) of the
Securities Exchange Act of 1934,
Section17(a) of the Public Utility Holding Company
Act of 1935 or Section 30(f) of the
Investment Company Act of 1940
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1. Name and Address of Reporting Person 2. Date of Event Requiring 3. IRS or Soc.Sec.No.
Statement (Month/Day/Yr) of Reporting Person
(Voluntary)
Burrow Michael L. 12/21/2001
_____________________________________ _______________________ __________________
(Last) (First) (Middle)
600 Century Plaza Drive
Building 140
_____________________________________ 4. Issuer Name and Ticker or Trading
(Street) Symbol
Industrial Data Systems Corporation (IDS)
Houston TX 77073-6033
_____________________________________ _______________________________________________
(City) (State) (ZIP)
5. Relationship of Reporting Person to Issuer 6. If Amendment, Date of Original
(Check all applicable)
____X_____ Director ________ 10% Owner ____________________________________
____X_____ Officer Other (Month/Day/Year)
(give title below) (specify below) 7. Individual or Joint/Group Filing
(Check Applicable Line)
Chairman and Chief Executive Officer
------------------------------------------ _X_ Form filed by one Reporting Person
___ Form filed by more than one Reporting Person
* If the Form is filed by more than one Reporting
Person, see Instruction 5(b)(v)
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Table I - Non-Derivative Securities Beneficially Owned
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1. Title of Security 2. Amount of 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Securities Direct (D) or Beneficial
Beneficially Indirect (I) Ownership
Owned (Instr. 4) (Instr. 5) (Instr. 5)
Common Stock 832,204 (see note 1) (D)
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Held in Burrow Family
Common Stock 998,527 (see note 1) (I) Limited Partnership
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
(Print or Type Responses)
Page 1
FORM 3 (continued)
Page 2
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Table II - Derivative Securities Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)
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1. Title of 2. Date Exercisable and 3. Title and Amount of Securities
Derivative Expiration Date Underlying Derivative Security
Security (Month/Day/Year) (Instr. 4)
Date Expiration Amount or Number
Exercisable Date Title of Shares
Common Stock
Option giving right to buy 4/1/1996 4/1/2003 (see note 2) 4,170
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Common Stock
Option giving right to buy 6/26/2001 10/24/2010 (see note 2) 6,224
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Common Stock
Option giving right to buy (see note 3) 10/31/2010 (see note 2) 7,818
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Option giving right to buy (see note 4) 12/21/2006 Common Stock 300,000
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4. Conversion or Exercise 5. Ownership Form of 6. Nature of Indirect Beneficial
Price of Derivative Derivative Security: Ownership
Security Direct (D) or Indirect (I) (Instr. 5)
(Instr. 4) (Instr. 5)
$4.26 (D)
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$0.96 (D)
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$0.96 (D)
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Graduated pricing (see note 5) (D)
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Explanation of Responses:
Note 1: All of these shares are subject to a two-year trading restriction
which will expire 12/21/03.
Note 2: IDS common stock has been escrowed by former significant Petrocon
Engineering, Inc. shareholders into an option pool reserve for the
future redemption of these options.
Note 3: The option is exercisable in 1/4 increments 11/1/00, 10/31/01,
10/31/02, and 10/31/03, respectively.
Note 4: Grant issued by Alliance 2000 Ltd., a significant IDS stockholder, to
reporting person giving option to purchase shares of Common Stock held
by Alliance. The option becomes vested and is exercisable only upon
the sale of the Company.
Note 5: The exercise price of the Alliance 2000 Ltd option ranges from $0.75
to $1.25 over a five-year period as follows:
12/21/01 to 12/21/02 $0.75
12/21/02 to 12/21/03 $0.85
12/21/03 to 12/21/04 $0.95
12/21/04 to 12/21/05 $1.10
12/21/05 to 12/21/06 $1.25
/s/ Michael L. Burrow 12/31/01
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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