Forward Industries, Inc. — Director's Dealing 2005

Jan 31, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2005-01-27

Reporting Person: SCHIFFMAN MICHAEL (Director, President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-27	Common Stock	M	55000	$2	Acquired	357427	Direct
2005-01-27	Common Stock	S	55000	$7.1	Disposed	302427	Direct
2005-01-28	Common Stock	M	1000	$2	Acquired	303427	Direct
2005-01-28	Common Stock	S	1000	$7.2	Disposed	302427	Direct
2005-01-31	Common Stock	M	30000	$2	Acquired	332427	Direct
2005-01-31	Common Stock	S	30000	$7.45	Disposed	302427	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-27	Common Stock option to buy	$2	M	55000	Disposed	2005-12-31	Common Stock (55000)	Direct
2005-01-28	Common stock option to buy	$2	M	1000	Disposed	2005-12-31	Common Stock (1000)	Direct
2005-01-31	Common stock option to buy	$2	M	30000	Disposed	2005-12-31	Common Stock (30000)	Direct

Footnotes

F1: Weighted average sell price of $6.60 to $7.60.

F2: Weighted average sell price of $7.20 to $7.70