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) November 8, 1995
INTERNATIONAL RESEARCH AND DEVELOPMENT CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware 0-7059 38-1688261
(State or other Commission File (I.R.S. Employer
jurisdiction of Number Identification No.)
incorporation or
organization)
500 North Main Street, Mattawan Michigan 49071
(Address of principal executive offices) (Zip Code)
(616) 668-3336
Registrant's telephone number, including area code
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report.)
Item 5. Other Events.
On November 5, 1995, the registrant issued a press release, a copy of which
is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by
reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit Number Description
99.1 Press release dated November 10, 1995
issued by the Registrant
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 thereunto duly authorized.
INTERNATIONAL RESEARCH AND
DEVELOPMENT CORPORATION
(Registrant)
Date: November 10, 1995
/s/ Curt Dally
_____________________________
Curt Dally
Treasurer
PRESS RELEASE
For More Information Call:
Michael A. Feder For Release November 10, 1995
Acting President
INTERNATIONAL RESEARCH AND DEVELOPMENT CORPORATION
Effective November 8, 1995, International Research and Development
Corporation ("IRDC") sold substantially all of its assets to MPI Research,
L.L.C., assignee of IRDC Acquisition Corporation. The primary business of IRDC
was the conducting of safety evaluations of pharmaceutical and veterinary drugs,
agricultural products and chemicals.
The sale was consummated pursuant to a previous order of the United States
Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). The
purchase price for the assets of IRDC was approximately $5,787,000.
The cash proceeds of the asset sale were used by IRDC to reduce outstanding
indebtedness to Michigan National Bank which indebtedness is secured by liens on
the assets which were sold. After the application of such payment, IRDC remains
indebted to Michigan National Bank in an amount not less than $10 million.
IRDC's primary remaining asset is its wholly owned subsidiary, Medical
Surgical Specialties, Ltd. ("MSS"), which is also the subject of a chapter 11
bankruptcy case pending before the Bankruptcy Court. On November 9, 1995, the
Bankruptcy Court approved the sale of substantially all of the assets of MSS's
Fiberoptics and Door-Aid divisions to separate buyers for an approximate
aggregate purchase price of $690,000.
The cash proceeds of the MSS asset sales will be used by IRDC to further
reduce outstanding indebtedness to Michigan National Bank which indebtedness is
secured by liens on the assets which were sold. After the application of such
payment, IRDC remains indebted to Michigan National Bank in an amount not less
than $9 million.
Upon the closing of the MSS assets sales, IRDC will have no interests in
any operating businesses.
