U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 3 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES 1. Name and Address of Reporting Person: Gene Stipe, 304 Saundier Way, McAlester, OK 74501 2. Date of Event Requiring Statement (Month/Date/Year): 10/28/02 3. IRS or Social Security Number of Reporting Person (Voluntary): 4. Issuer Name and Ticker or Trading Symbol: Amerityre Corporation (AMTY) 5. Relationship of Reporting Person(s) to Issuer (Check all Applicable) (X) Director ( ) Officer, give title below ( ) 10% Owner ( ) Other Title: 6. If Amendment, Date of Original (Month/Day/Year): 7. Individual or Joint/Group Filing (Check Applicable Line) (X) Form filed by One Reporting Person ( ) Form filed by More than One Reporting Person TABLE I - Non-Derivative Securities Beneficially Owned 1. Title of Security: Common Stock 2. Amount of Securities Beneficially Owned: 26,000 3. Ownership Form: Direct(D)or Indirect(I): (D) 26,000 4. Nature of Indirect Beneficial Ownership: TABLE II - Derivative Securities Beneficially Owned 1. Title of Derivative Security: Options 2. Date Exercisable (Month/Day/Year): (i) April 1, 2002 (ii) April 17, 2000 Expiration Date(Month/Day/Year): (i) April 1, 2005 (ii) April 17, 2003 3. Title: Common Stock Amount of Securities Underlying Derivative Security (Amount of Number of shares): (i) 200,000 shares (ii) 250,000 shares 4. Conversion or Exercise Price of Derivative Security: (i) $4.00 per share (ii) $3.00 per share 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I): (D) 6. Nature of Indirect Beneficial Ownership: Explanation of Responses: Amerityre filed a Form 8-A registration statement on October 28, 2002 pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended. Signature of Reporting Person: /S/ Gene Stipe Date: 10/9/02