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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) January 30, 1995
INTERNATIONAL RESEARCH AND DEVELOPMENT CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware 0-7059 38-1688261
(State of 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 January 30, 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 January 30,
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 1, 1995 /s/ Francis X. Wazeter, Ph.D.
_____________________________
Francis X. Wazeter, Ph.D.
Chairman of the Board and
President
EXHIBIT 99.1
PRESS RELEASE
For More Information, Call: For Release on January 30, 1995
Dr. Francis X. Wazeter,
Chief Executive Officer and
Chairman of the Board
International Research and Development Corporation (IRDC)
announced today that there have been accounting irregularities
with respect to its Carme subsidiary in Novato, California.
These accounting irregularities appear to be primarily the result
of the recording by Carme of sales of products which did not
occur. The President of IRDC, the General Manager of Carme and
one other Carme employee have been dismissed. Francis X.
Wazeter, Ph.D., Chairman and Chief Executive Officer of IRDC has
been elected to the additional office of President and Chief
Operating Officer. The Audit Committee is continuing its
analysis of these irregularities with the assistance of legal
counsel.
Carme is engaged in the manufacture and sale of specialty skin
care products. This business is distinct from IRDC's core
business, being the performance of safety evaluation studies of
drugs and their components.
Although management is unable at this time to determine the
precise impact of these irregularities, results of operations for
fiscal 1993 and certain quarters thereof, as well as the first
two quarters of 1994 will require restatement. The adjustments
for fiscal 1993 and 1994 periods are not expected to exceed the
previously reported net income for such periods. Management
estimates that the restatement will result in a reduction of
stockholders equity of approximately $1.2 million.
International Research and Development Corporation (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.
