SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549


                                FORM 8-K

                             CURRENT REPORT



                 Pursuant to Section 13 or 15(d) of the
                     Securities Exchange Act of 1934



Date of Report:  September 12, 1997




                          DBS INDUSTRIES, INC.






   DELAWARE                  0-28348                84-1124675
(State or other            (Commission            (I.R.S. Employer
Jurisdiction of            File Number)           Identification No.)
Incorporation)






         100 SHORELINE HIGHWAY, SUITE 100, MILL VALLEY, CA  94946
          (Address of principal executive offices)   (Zip Code)







   Registrant's telephone number, including area code:  (415) 380-8055

<PAGE>2

Item 2.   Acquisition or Disposition of Assets.

     On  August  29,  1997  the  Company  completed an agreement with EchoStar
Communications   Corporation   ("EchoStar")  to   retire   three   convertible
debentures, Series A, Series B and  Series C (collectively, the "Debentures"),
previously issued to EchoStar, in the aggregate principle amount of $4,640,000
together with accrued interest of $722,810.69 and certain legal fees and other
expenses related to the transaction.  In exchange for EchoStar's retirement of
the debt, as evidenced by the Debentures,  the  Company  transferred  back  to
EchoStar  270,414  shares  of  EchoStar  Class  A  common stock (the "EchoStar
Shares") and approximately $936,000 from the proceeds  of  its settlement with
Loral Aerospace Holdings, Inc. (see the Company's 10-QSB for the quarter ended
June 30, 1997).  The value of the EchoStar shares was based  on  a  per  share
price of $16.57 which represents the closing bid price on August 27, 1997, the
date the parties initially agreed to the terms of the transaction.

     The  EchoStar  Shares  were being held as security for the Debentures and
were received as a result of  the  merger  of  Direct  Broadcasting  Satellite
Corporation  ("DBSC")  and  EchoStar,  which was completed on January 8, 1997.
The  Company  received  the EchoStar Shares  in  exchange  for  its  ownership
interest in DBSC. (see the Company's 8-K dated January 10, 1997).





<PAGE>3


                               SIGNATURES

     Pursuant to the requirements of the Securities Exchange  Act of 1934, the
registrant  has  duly  caused  this report to be signed on its behalf  by  the
undersigned hereunto duly authorized.



                                   DBS Industries, Inc.



Dated: September 12, 1997          FRED W. THOMPSON
                                   Fred W. Thompson, President & CEO
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{"company-data": {"conformed-name": "DBS INDUSTRIES INC", "cik": "0000857502", "assigned-sic": "4822", "irs-number": "841124675", "state-of-incorporation": "DE", "fiscal-year-end": "0731"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28348", "film-number": "97679878"}, "business-address": {"street1": "495 MILLER AVE", "city": "MILL VALLEY", "state": "CA", "zip": "94941", "phone": "4153808055"}, "former-company": {"former-conformed-name": "FI TEK IV INC", "date-changed": "19920703"}}
SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549

                                FORM 8-K

                             CURRENT REPORT

                 Pursuant to Section 13 or 15(d) of the
                     Securities Exchange Act of 1934

Date of Report:  September 12, 1997

                          DBS INDUSTRIES, INC.

   DELAWARE                  0-28348                84-1124675
(State or other            (Commission            (I.R.S. Employer
Jurisdiction of            File Number)           Identification No.)
Incorporation)

         100 SHORELINE HIGHWAY, SUITE 100, MILL VALLEY, CA  94946
          (Address of principal executive offices)   (Zip Code)

   Registrant's telephone number, including area code:  (415) 380-8055
2

Item 2.   Acquisition or Disposition of Assets.

     On  August  29,  1997  the  Company  completed an agreement with EchoStar
Communications   Corporation   ("EchoStar")  to   retire   three   convertible
debentures, Series A, Series B and  Series C (collectively, the "Debentures"),
previously issued to EchoStar, in the aggregate principle amount of $4,640,000
together with accrued interest of $722,810.69 and certain legal fees and other
expenses related to the transaction.  In exchange for EchoStar's retirement of
the debt, as evidenced by the Debentures,  the  Company  transferred  back  to
EchoStar  270,414  shares  of  EchoStar  Class  A  common stock (the "EchoStar
Shares") and approximately $936,000 from the proceeds  of  its settlement with
Loral Aerospace Holdings, Inc. (see the Company's 10-QSB for the quarter ended
June 30, 1997).  The value of the EchoStar shares was based  on  a  per  share
price of $16.57 which represents the closing bid price on August 27, 1997, the
date the parties initially agreed to the terms of the transaction.

     The  EchoStar  Shares  were being held as security for the Debentures and
were received as a result of  the  merger  of  Direct  Broadcasting  Satellite
Corporation  ("DBSC")  and  EchoStar,  which was completed on January 8, 1997.
The  Company  received  the EchoStar Shares  in  exchange  for  its  ownership
interest in DBSC. (see the Company's 8-K dated January 10, 1997).
3

                               SIGNATURES

     Pursuant to the requirements of the Securities Exchange  Act of 1934, the
registrant  has  duly  caused  this report to be signed on its behalf  by  the
undersigned hereunto duly authorized.

                                   DBS Industries, Inc.

Dated: September 12, 1997          FRED W. THOMPSON
                                   Fred W. Thompson, President & CEO