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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: April 16, 1999
(Date of earliest event reported)
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CARDIAC CONTROL SYSTEMS, INC.
(Exact Name of Registrant as specified in its charter)
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Delaware 0-14653 74-2119162
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation or Organization) Identification No.)
3 COMMERCE BOULEVARD, PALM COAST, FLORIDA
32164 (Address of Principal Executive Offices,
Zip Code
(904) 445-5450
(Registrant's Telephone Number, including area code)
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Item 5. Other Events.
In a press release dated April 16, 1999, Cardiac Control Systems, Inc.
(CDCS - OTC Bulletin Board) announced that efforts towards merging their company
with Electro-Catheter Corporation (ECTH - OTC Bulletin Board) of Rahway New
Jersey have been terminated. The reason for termination is that all conditions
of the Merger Agreement and Proxy agreed upon by both companies and voted on by
shareholders of both companies were not met.
As a condition to completion of the merger, a minimum of $4 million in
financing was to be raised through a combination of debt and equity on terms
that were acceptable to both Cardiac and Electro. Although sources for these
funds were identified and committed, one of these sources, accounting for over
25% of the new funding, placed conditions which were unacceptable to at least
one of the parties. Thus the total $4 million was not raised, and the merger
could not be completed.
In addition, Cardiac has temporarily ceased operations pending review of
further alternatives for the company. The company is currently in negotiation
with another party under which a joint venture could be formed, allowing Cardiac
to continue business in a reduced operating structure.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: April 20, 1999 Signed: /s/ Alan J. Rabin
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Alan J. Rabin
President and Chief Executive Officer
