-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HMZiTMeFNOCGqxtnAubz5sLwblNJXP90VhDibmnRTRQlolb/QXh0t5qGxN7xErfS
 FRLdgbo01GXzVkCjaJiE9w==

<SEC-DOCUMENT>0001116502-03-002008.txt : 20031031
<SEC-HEADER>0001116502-03-002008.hdr.sgml : 20031031
<ACCEPTANCE-DATETIME>20031031101812
ACCESSION NUMBER:		0001116502-03-002008
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19990815
FILED AS OF DATE:		20031031

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			COUSTEAU JEAN MICHEL
		CENTRAL INDEX KEY:			0001158300

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25663
		FILM NUMBER:		03968505

	BUSINESS ADDRESS:	
		STREET 1:		3515 SE LIONEL TERRACE
		CITY:			STUART
		STATE:			FL
		ZIP:			34996

	MAIL ADDRESS:	
		STREET 1:		3515 SE LIONEL TERRACE
		CITY:			STUART
		STATE:			FL
		ZIP:			34996

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRASTRIP SYSTEMS INC
		CENTRAL INDEX KEY:			0001071760
		STANDARD INDUSTRIAL CLASSIFICATION:	CONSTRUCTION, MINING & MATERIALS HANDLING MACHINERY & EQUIP [3530]
		IRS NUMBER:				650841549
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3515 S E LIONEL TERRACE
		CITY:			STUART
		STATE:			FL
		ZIP:			34996
		BUSINESS PHONE:		5612874846

	MAIL ADDRESS:	
		STREET 1:		3515 S E LIONEL TERRACE
		CITY:			STUART
		STATE:			FL
		ZIP:			34996
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>cousteau_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>1999-08-15</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001071760</issuerCik>
        <issuerName>ULTRASTRIP SYSTEMS INC</issuerName>
        <issuerTradingSymbol>None</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001158300</rptOwnerCik>
            <rptOwnerName>COUSTEAU JEAN MICHEL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3515 SE LIONEL TERRACE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>STUART</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>34997</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common stock</value>
      </securityTitle>
      <transactionDate>
         <value>2000-08-16</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>G</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>100000</value>
         </transactionShares>
         <transactionPricePerShare>
            <footnoteId id="F1"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>100000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common stock</value>
      </securityTitle>
      <transactionDate>
         <value>2001-02-08</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>G</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>100000</value>
         </transactionShares>
         <transactionPricePerShare>
            <footnoteId id="F1"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>200000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Employee Stock Options</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>7.50</value>
            <footnoteId id="F2"/>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>1999-08-15</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>50000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>1999-08-15</value>
      </exerciseDate>
      <expirationDate>
         <value>2002-08-15</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>50000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>50000</value>
            <footnoteId id="F2"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
   <derivativeTransaction>
      <securityTitle>
         <value>Employee Stock Options</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>5.00</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2001-12-20</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>50000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F3"/>
      </exerciseDate>
      <expirationDate>
         <value>2011-12-20</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>50000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>50000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> The Issuer's common stock is not listed on any public exchange or established trading market. The market value of the Issuer's common stock can only be computed by reference to the price at which the common stock was sold by the Issuer at the most recent sale of common stock prior to the determination date.</footnote>

      <footnote id="F2"> As a result of a 4-for-1 stock split of the Issuer's shares on 11/15/1999, this option was converted to an option covering 200,000 shares with an exercise price of $1.88 per share.</footnote>

      <footnote id="F3"> Options vest as follows: 33% on 12/20/2002, 33% on 12/20/2003 and 33% on 12/20/2004.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/ Jean-Michel Cousteau</signatureName>
      <signatureDate>2003-10-29</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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