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Filed pursuant to
Rule 424(b)(3)
Registration Statement
No.: 333-38229
Prospectus Supplement No. 3, dated February 17, 1998
(To Prospectus dated December 17, 1997 supplemented on January 16, 1998 and
February 10, 1998)
SWISSRAY INTERNATIONAL, INC.
Common Stock
Par Value $.01 Per Share
On February 13, 1998, the Company announced that it executed a letter
of intent with E.M. Parker, Inc. with respect to the sale of Swissray Empower,
Inc.'s ("Empower"), film and X-ray accessories business. The terms of the
transaction are currently being negotiated and the Company expects to complete
the transaction during the current fiscal year.
The Company also announced today that the Company's Board of Directors
has decided to restructure the senior management of the Company. The Board
decided to retain an executive search firm to search for a new Chief Executive
Officer and a new Chief Financial Officer to lead the Company in the next phase
of its deveopment. In the interim, primary management responsibility will be
with a newly formed Executive Committee of the Board of Directors consisting of
Akbar Seddigh, Daniel A. Wuersch and Dr. Erwin Zimmerli. Ruedi G. Laupper
remains Chairman of the Board and is primarily responsible for the day-to-day
operations of the Company.
The Board also decided to review the strategic focus of the Company
and to prepare a long-term business and financial plan to enable the Company to
raise the capital necessary for a successful implementation of its strategy in
the immediate future and over the next few years.
