SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB/A
(MARK ONE)
__X__ Quarterly Report under Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended March 31, 1997
_____ Transition report under Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the transition period from _______________________ to ______________________
Commission File No. 0-18785
OXBORO MEDICAL INTERNATIONAL, INC.
(Exact name of small business issuer as specified in its charter)
Minnesota 41-1391803
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1328 Lincoln Street NE, Ham Lake, Minnesota 55304
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (612) 755-9516
No Change
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the issuer was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes _X_ No ___
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date.
2,732,278 shares of Common Stock at April 30, 1997
This amendment contains only Part II, Item 7, of the Report on Form
10-QSB for the quarter ended March 31, 1997, originally filed May 15, 1997. This
is the only item being amended.
PART II. OTHER INFORMATION
ITEM 7. LEGAL PROCEEDINGS
On January 14, 1997, Up North Communications, Ltd. ("Up North")
commenced an action against the Registrant and its wholly owned subsidiary,
Oxboro Outdoors, Inc. ("Outdoors"), in Minnesota District Court, Anoka County,
seeking payment of approximately $64,000, plus interest, for goods and services
provided to Outdoors. Outdoors has asserted a counterclaim against Up North
alleging breach of contract, breach of warranty and misrepresentation, seeking
damages in excess of $50,000, for Up North's failure to comply with the contract
by supplying defective goods and services and misrepresenting its abilities and
experience. Up North has also asserted a claim for defamation, claiming damages
in excess of $50,000 for damage to reputation.
The dispute arises from the problems occurring in the printing of lures
and packaging materials for Outdoors products. Outdoors claims that the film and
the backer cards prepared by Up North or its agents were defective and not
suitable for their intended use and that Outdoors has been forced to find
alternative sources of supply.
The Registrant and Outdoors deny liability for any damages to Up North
and intend to vigorously pursue the counterclaims. Oxboro's insurer has assumed
defense of the claims, under a reservation of rights. The defamation claim is
potentially a claim covered by the Registrant's general liability insurance.
SIGNATURE
Pursuant to the requirements of the Exchange Act, the Registrant caused
this Amendment to be signed on its behalf by the undersigned, thereunto duly
authorized.
OXBORO MEDICAL INTERNATIONAL, INC.
Dated: May 19, 1997 By /s/ Larry A. Rasmusson
-----------------------
Larry A. Rasmusson
Its Chief Financial Officer
