Sec Form 4 Filing - OLEXA JEFF @ CRESCENT COMMUNICATIONS INC - 2004-08-06

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 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

OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5

1. Name and Address of Reporting Person OLEXA JEFF 2. Issuer Name and Ticker or Trading Symbol CRESCENT COMMUNICATIONS INC [ CCES] 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) 701 NORTH POST OAK ROAD, SUITE 630 3. Date of Earliest Transaction (MM/DD/YY) 08/06/2004 (Street) HOUSTON, TX77024 4. If Amendment, Date Original Filed (MM/DD/YY) 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 Common stock ( 1 ) 08/06/2004 08/06/2004 C 1,283,187.5 ( 1 ) A $ 0.088 6,000,827 ( 2 ) D Common stock ( 1 ) 08/06/2004 08/06/2004 J 1,283,187 ( 1 ) D ( 1 ) $ 0.088 6,000,827 ( 2 ) D

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Series A Preferred Stock ( 1 ) $ 113,335 08/06/2004( 1 ) 08/06/2004 C( 1 ) 5.4842 07/01/2001 ( 3 ) Common Stock ( 1 ) 1,283,187 $ 0.088 25.6473 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other OLEXA JEFF 701 NORTH POST OAK ROAD SUITE 630 HOUSTON, TX77024 X Signatures Jeffrey Olexa 08/06/2004 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Conversion of Series A Preferred Stock to pay off contractual obligations totaled $113,335 (Convertible Notes entered August 2003 which are secured by and convertible into shares of Series A Preferred Stock which are, in turn, convertible into shares of Common Stock). Each share of Series A Preferred stock is convertible into 233,975 shares of Common Stock. ( 2 )This amount represents the number of shares of Common Stock as if the Reporting Person had converted all of his shares of Series A Preferred Stock. ( 3 )The shares of Series A Preferred Stock do not have an expiration 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, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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 Number.