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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) February 15,
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.)
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Item 5. Other Events.
On February 15, 1995, the registrant issued a press release,
a copy of which is attached as Exhibit 99.3 to this Form 8-K and
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit Number Description
99.3 Press release dated February 15,
1995 issued by the registrant
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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 thereunto duly authorized.
INTERNATIONAL RESEARCH AND
DEVELOPMENT CORPORATION
(Registrant)
Date: February 17, 1995
/s/ Curt Dally
_____________________________
Curt Dally
Secretary and Treasurer
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PRESS RELEASE
For Release on February 15, 1995
For More Information, Call:
Dr. Francis X. Wazeter,
Chief Executive Officer and
Chairman of the Board
International Research and Development Corporation ("IRDC")
announced today that Michael Feder has been named acting
President and Chief Operating Officer. Francis X. Wazeter, Ph.D.
will remain as Chairman of the Board of Directors.
The Corporation also announced that in connection with previously
disclosed accounting irregularities at its Carme, Inc. subsidiary
in Novato, California, the Securities and Exchange Commission has
notified the Corporation that it is conducting an informal
inquiry. The Corporation is cooperating fully with the SEC.
As a result of the accounting irregularities, certain defaults
exist in the Corporation's loan agreements with its primary
lender. The lender has temporarily waived these defaults and
stated that it is considering the proposal of amendments to the
loan agreements which will have the effect of curing the
defaults.
IRDC is engaged in pre-clinical and clinical safety evaluation
studies. Studies are performed on behalf of various
manufacturers of such products, both foreign and domestic, and on
behalf of governmental agencies.
IRDC also is a manufacturer and distributor of cosmetics and skin
care products through its subsidiary, Carme, Inc., as well as
certain medical and health care products and services through
another of its subsidiaries, Medical Surgical Specialties, Ltd.
The common stock of International Research and Development
Corporation is traded in the over-the-counter national market.
The NASDAQ symbol for the common stock is IRDV.
