Form 4 – Statement of Changes in Beneficial Ownership – EDGAR Services Provided by St Ives Burrups
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(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person *

Scully, Thomas L.
(Last)        (First)        (Middle)
 2. Issuer Name Stonepath Group, Inc.
     and Ticker or Trading Symbol STG
 
 
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director                          10% Owner
 Officer (give title below)  Other (specify below)

Vice President - Controller and Principal Accounting Officer
1600 Market Street, Suite 1515
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (Voluntary)
 
 
 4. Statement for
    Month/Day/Year


3/25/2003

(Street)

Philadelphia, Pennsylvania 19103
5. If Amendment,
    Date of Original
    (Month/Day/Year)


7. Individual or Joint/Group
    Filing (Check Applicable Line)

 Form filed by One Reporting Person
 Form filed by More than One 
     Reporting Person
(City)        (State)        (Zip)

Table I - 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 Following
    Reported
    Transaction(s)

    (Instr. 3 and 4)
6. Owner-
    ship
    Form:
    Direct
    (D) or
    Indirect (I)

    (Instr. 4)
7.  Nature of
     Indirect
     Beneficial
     Ownership

     (Instr. 4)
Code
V
Amount
(A) or (D)
Price
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.  
* If the form is filed by more than one reporting person, see Instruction 4(b)(v). (Over)
    Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Control Number.  
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
    (Instr. 3)
2. Conver-
    sion or
    Exer-
    cise
    Price of
    Deriva-
    tive
    Security
3. Trans-
    action
    Date

    (Month/
    Day/
    Year)
3A. Deemed
      Execu-
      tion
      Date, 
      if any

      (Month/
      Day/
      Year)
 4. Trans-
    action
    Code
    (Instr. 8) 		5. Number
    of Deri-
    vative
    Securities
    Acquired
    (A) or
    Disposed
    of (D)

    (Instr. 3, 4
    and 5)
6. Date
    Exercis-
    able
    (DE) and
    Expiration
    Date (ED)
    (Month/
    Day/
    Year)
7. Title and
    Amount of
    Underlying
    Securities
    (Instr. 3
    and 4)
 8. Price of
     Deriv-
     ative
     Security
     (Instr. 5)
 9. Number
    of Deri-
    vative
    Securi-
    ties
    Benefi-
    cially
    Owned
    Follow-
    ing
    Reported
    Trans-
    action(s)

    (Instr. 4)		 10. Owner-
      ship
      Form of
      Deriv-
      ative
      Security:
      Direct
      (D) or
      Indirect
      (I)

      (Instr. 4) 		11. Nature of
      Indirect
      Benefi-
      cial
      Owner-
      ship
      (Instr. 4)
Code
V
(A)
(D)
DE
ED
   Title   
Amount
or
Number
of
Shares
Employee Stock Options (right to buy)  $1.81  3/25/03    (A)    8,300    (1)  3/25/13  Common Stock  8,300    8,300(2)  (D)   
Explanation of Responses:
(1) Options vest and become exercisable based upon continued employment with the Company with one-third vested on the date of grant and the remaining two-thirds vesting on a pro rata basis monthly over the twenty-four month period following the date of grant.
(2) Excludes options to purchase 25,000 shares of common stock granted on September 5, 2002 and options to purchase 25,000 shares of common stock granted on November 19, 2001.
       
  /s/ Thomas L. Scully   3/27/03
 
 
  ** 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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