Forward Industries, Inc. — Director's Dealing 2008

Oct 14, 2008

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2008-10-06

Reporting Person: Trinad Capital Master Fund Ltd. (10% Owner)
Reporting Person: Trinad Advisors II, LLC (10% Owner)
Reporting Person: Trinad Capital L.P. (10% Owner)
Reporting Person: Trinad Management, LLC (10% Owner)
Reporting Person: ELLIN ROBERT S (10% Owner)
Reporting Person: Wolf Jay (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	835246	Direct

Footnotes

F1: These securities are owned directly by Trinad Capital Master Fund, Ltd. (the "Master Fund") which is a reporting person.
These securities may be deemed to be beneficially owned by Trinad Management, LLC, the investment manager of the Master Fund
and Trinad Capital LP; Trinad Capital LP, a controlling stockholder of the Master Fund; Trinad Advisors II, LLC, the general
partner of Trinad Capital LP; Robert S. Ellin, a managing director of and portfolio manager for Trinad Management, LLC and a
managing director of Trinad Advisors II, LLC; and Jay Wolf, a managing director of and portfolio manager for Trinad
Management, LLC and a managing director of Trinad Advisors II, LLC. (Continued in Footnote 2)

F2: Each such reporting person disclaims beneficial ownership of the reported securities except to the extent of his or its
pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial
owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other
purpose.