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
DECEMBER 15, 1997
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(Date of Report)
GLOBAL MED TECHNOLOGIES, INC.
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(Exact Name of Registrant as specified in its charter)
COLORADO
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(State or other jurisdiction of incorporation)
0 - 22083 84-1116894
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(Commission File Number) (IRS Employer Identification Number)
12600 WEST COLFAX, SUITE A-500, LAKEWOOD, CO 80215
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(Address of principal executive offices including zip code)
(303) 238-2000
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(Registrant's telephone number including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report)
This report consists of 2 sequentially numbered pages.
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
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On December 15, 1997, Global Med Technologies, Inc. ("the Company")
and National Medical Review Offices, Inc. ("NMRO") closed the sale of the
Company's DataMed International Division ("DataMed") for $1,200,000
and the assumption of certain obligations of DataMed. Included in the
obligations assumed or paid by NMRO were accounts payable (excluding
intercompany payables), certain accrued expenses not to exceed
approximately $127,000, capitalized leases of approximately $500,000, a new
lease on approximately 10,500 square feet of office space in which
DataMed's operations are located, accrued payroll and vacation pay for
DataMed employees and certain sales commissions.
The transaction was approved by the Company's shareholders at the
Company's annual meeting of shareholders held on December 2, 1997. In
connection with the closing, the Company and Michael I. Ruxin, M.D., the
Company's Chief Executive Officer, executed an agreement not to compete
with NMRO in the substance abuse testing business, not to solicit customers
of NMRO and to maintain the confidentiality of trade secrets of that
business.
Effective at Closing, the existing Interim Management Agreement (the
"Management Agreement"), which was entered into between the Company and
NMRO on July 7, 1997, effective July 1, 1997, terminated. Under the
Management Agreement, NMRO assumed the direction and control of the
business and operations of DataMed.
Also effective at the Closing, Bart K. Valdez resigned as Chief
Financial Officer of the Company and Paul A. Thompson was appointed to
the position of Chief Financial Officer.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
None
SIGNATURES
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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, thereunto duly authorized.
Date: December 19, 1997 GLOBAL MED TECHNOLOGIES, INC.
By /s/ MICHAEL I. RUXIN
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Michael I. Ruxin
Chief Executive Officer
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