Edgar Filing: HILL J FRENCH

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

HILL J FRENCH

2. Issuer Name and Ticker or Trading Symbol
PRECIS INC [pcis]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

(Last)

(First)

(Middle)

2040 N HIGHWAY 360

3. Date of Earliest Transaction (Month/Day/Year)
12/28/2006

(Street)

GRAND PRAIRIE, TX 75050

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ 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. Ownership 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.
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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. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

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

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (right to buy)

$ 3.97

12/28/2006

D⁽¹⁾

25,000

01/27/2003⁽¹⁾

01/27/2008

$.01 par value common stock

25,000

$ 3.97

40,000

Stock Option (right to buy)

$ 2

12/28/2006

A⁽¹⁾

25,000

01/27/2003⁽¹⁾

01/27/2008

$.01 par value common stock

25,000

$ 2

65,000

Stock Option (right to buy)

$ 5.25

12/28/2006

D⁽²⁾

10,000

08/25/2003⁽²⁾

07/30/2008

$.01 par value common stock

10,000

$ 5.25

55,000

Stock Option (right to buy)

$ 2

12/28/2006

A⁽²⁾

10,000

08/25/2003⁽²⁾

07/30/2008

$.01 par value common stock

10,000

$ 2

65,000

Stock Option (right to buy)

$ 2.59

12/28/2006

D⁽³⁾

10,000

10/27/2004⁽³⁾

10/27/2009

$.01 par value common stock

10,000

$ 2.59

55,000

Stock Option (right to buy)

$ 2

12/28/2006

A⁽³⁾

10,000

10/27/2004⁽³⁾

10/27/2009

$.01 par value common stock

10,000

$ 2

65,000

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
HILL J FRENCH 2040 N HIGHWAY 360 GRAND PRAIRIE, TX 75050	X

Signatures

J. French Hill		12/29/2006
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Amendment of outstanding option resulting in deemed cancellation of option and grant of replacement option. Amendment is exempt from Rull 16b-3. The option was originally granted on January 27, 2003 and is immediately exercisable.
(2)	Amendment of outstanding option resulting in deemed cancellation of option and grant of replacement option. Amendment is eempt from Rule 16b-3. The option was originally granted on August 25, 2003 and is exercisable immediately.
(3)	Amendment of outstanding option resulting in deemed cancellation of option and grant of replacement option. Amendment is exempt from Rule 16b-3. The option was originally granted on October 27, 2004 and is exercisable immediately.

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