UNITED STATES
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 (Date of earliest event reported) March 26, 1997 March 11, 1997
METROPOLITAN HEALTH NETWORKS, INC.
(Exact name of registrant as specified in its charter)
Florida 333-5884-A 65-0635748
(State or other jurisdiction (Commission (IRS Employer
of incorporation) file number) Identification No.)
5100 Town Center Circle
Boca Raton, Florida 33486
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (561) 416 9484
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Item 2. Acquisition or Disposition of Assets
Under a merger agreement dated October 24, 1996 (Merger Agreement)
between Metropolitan Health Networks, Inc. (The "Registrant" or the "Company"),
Metcare II, Inc., a wholly-owned subsidiary of the Company (Subsidiary) and Paul
Wand, Inc. The Subsidiary acquired 100% of the private practice of Paul Wand
M.D., (Wand), effective March 11, 1997. Pursuant to the Merger Agreement, the
Registrant paid consideration in the form of 75,000 shares of Common Stock and
$125,000. The Merger Agreement also provides for contingent consideration based
upon future earnings of Wand of up to 75,000 additional shares of Common Stock.
Dr. Paul Wand, a neurologist, is an authority in the research and treatment of
traumatic brain injuries. Dr. Wand is currently planning clinical trials to
obtain FDA approval in the treatment of traumatic brain injuries with a drug
that has been previously approved by the FDA for treatment of patients with
other diagnosis. The Wand Practice currently employs a staff of eight including
a medical assistant, therapists, a certified EEG technician, an administrator
and a clerical staff of three medical assistants. Dr. Wand sees approximately
6,500 patients per year and the payor mix is as follows: approximately 6% are
Medicare/Medicaid, 4% private pay, 6.5% private insurance, 1% managed care, 13%
Workers' Comp, 6.5% liability, 56% personal injury, 4% independent medical
evaluation and 3% other. Dr. Wand receives referrals from physicians, hospitals,
attorneys and insurance companies.
Additional information was provided in the Registrant's SB-2 registration
effective February 13, 1997.
Item 7. Financial Statements and Exhibits
(a) Financial Statements
As of the date of filing of the Current Report on Form 8-K, it is
impracticable for the Registrant to provide the financial statements required by
this Item 7(a). In accordance with Item 7(a)(4) of Form 8-K, such unaudited
financial statements shall be filed by amendment to this Form 8-K no later than
60 days after March 26, 1997.
(b) Pro Forma Financial Information
Not Applicable.
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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.
METROPOLITAN HEALTH NETWORKS, INC.
(Registrant)
Dated: March 26, 1997
By: /s/ Donald B. Cohen
Donald B. Cohen
Executive Vice President and
Chief Financial Officer
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