4 1 e12998form4.txt FORM 4 ------ ---------------------------- FORM 4 OMB APPROVAL ------ ---------------------------- OMB Number: 3235-0287 Expires: PENDING Estimated average burden hours per response.......0.5 ---------------------------- U.S. 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(f) of the Investment Company Act of 1940 |_| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b) -------------------------------------------------------------------------------- 1. Name and Address of Reporting Person WallerSutton 2000, L.P. ---------------------------------------------- (Last) (First) (Middle) c/o TeraGlobal Communications Corp. 9171 Towne Centre Drive, Suite 600 ---------------------------------------------- (Street) San Diego California 92122 ---------------------------------------------- (City) (State) (Zip) -------------------------------------------------------------------------------- 2. Issuer Name and Ticker or Trading Symbol TeraGlobal Communications Corp. (TGCC) -------------------------------------------------------------------------------- 3. IRS or Social Security Number of Reporting Person (Voluntary) 06-1597858 -------------------------------------------------------------------------------- 4. Statement for Month/Year January 2002 -------------------------------------------------------------------------------- 5. If Amendment, Date of Original (Month/Year) -------------------------------------------------------------------------------- 6. Relationship of Reporting Person to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) -------------------------------------------------------------------------------- 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 Acquired, Disposed of, or Beneficially Owned --------------------------------------------------------------------------------

FORM 4 (continued) Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

WallerSutton 2000, L.P. By: WallerSutton 2000 L.L.C., its general partner By: James Crabtree, Authorized Member /s/ James Crabtree February 5, 2002 -------------------------------------- ---------------- ** Signature of Reporting Person Date 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). ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, on of which must be manually signed. If space is insufficient, see Instruction 6 for procedure ---------- Explanation of Responses: 1. Note is convertible at maturity, at the election of the holder, at the lesser of $0.20 per share or 75% of the average closing bid price at the time of maturity. 2. Maturity date of the Note is on the earlier to occur of: (i) June 10, 2002, (ii) the consumation of a Corporate Transaction (defined therein), or (iii) an Event of Default (defined therein). 3. Equal to the respective share of WallerSutton 2000, L.P. of the Applicable Share Number (defined in the Warrant) of the Issuer's outstanding Common Stock.

TERAGLOBAL COMMUNICATIONS CORP 4