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: December 21, 1998
INNOVATIVE MEDICAL SERVICES
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(Exact name of registrant as specified in its charter)
California 33-0530289
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1725 Gillespie Way, El Cajon, California 92020
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(Address of principal executive offices)(Zip Code)
(619) 596-8600
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(Registrant's telephone number, including area code)
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Item 5. Other Information
On December 19, 1998, the Company held its annual meeting of shareholders
at the Company's offices. At the meeting, the Company re-elected Michael
L. Krall, Gary Brownell, Dennis Brovarone, Patrick Galuska, and Eugene
Peiser and elected Donna Singer to the Board of Directors. The
shareholders also approved a proposal authorizing the Board of Directors to
declare a reverse split of the outstanding common stock only as when deemed
necessary by the Board to maintain the listing of the Company's common
stock on the NASDAQ SmallCap Market on or before December 31, 1999 on the
basis of one share of common stock for every four shares outstanding on the
effective date with each resulting fractional share rounded up to the next
whole share. Upon the motion of the Board, the shareholders also amended
the proposed Innovative Medical Services 1998 Directors and Officers Stock
Option Plan to reduce the number of shares authorized under the Plan from
5,000,000 shares to 2,000,000 shares and to sever the Stock Appreciation
Rights (SAR's) from the Plan in the event the SARs are determined to have
a material adverse effect upon the Company's earnings as determined by the
written opinion of an independent certified public accountant to be
obtained within thirty days of the meeting. The Shareholders then approved
the amended Plan.
Item 7. Financial Statements and Exhibits.
(C) Exhibits: None
SIGNATURE
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 thereunder duly authorized.
INNOVATIVE MEDICAL SERVICES
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(Registrant)
/s/ MICHAEL L. KRALL
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Michael L. Krall, President
Date: December 21, 1998
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