<PAGE> 1
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 : July 03, 1997
BIODYNAMICS INTERNATIONAL, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
FLORIDA 0-16128 59-3100165
(STATE OR OTHER (COMMISSION FILE NUMBER) (IRS EMPLOYER
JURISDICTION) IDENTIFICATION NUMBER)
1719 ROUTE 10, SUITE 314, PARSIPPANY, NEW JERSEY 07054
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE
1-973-359-8444
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ITEM 5. OTHER EVENTS
Biodynamics International, Inc. announced that it had settled the litigation
with the former owner of its German subsidiary.
The settlement agreement cancels approximately $1.6 million, including accrued
interest, due from Biodynamics to the former owner. Cancellation of this debt,
which relates to the original acquisition of the German subsidiary, will result
in a direct increase in equity.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS.
(c) Exhibits
99.1 News Release - Biodynamics Settles Litigation
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, there unto duly authorized.
Date: July 03, 1997 Biodynamics International, Inc.
/s/ Karl H. Meister
--------------------------------------
Karl H. Meister
President and Chief Executive Officer
/s/ Nicholas A. Frungillo, Jr.
--------------------------------------
Nicholas A. Frungillo, Jr.
Chief Financial Officer
EXHIBIT INDEX
99.1 News Release - Biodynamics Settles Litigation
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EXHIBIT 99.1
[BIODYNAMICS INTERNATIONAL, INC. LETTERHEAD]
NEWS RELEASE
RELEASE: Immediate NASDAQ: BDYN
CONTACT: Nicholas A. Frungillo, Jr.
(201) 359-8444
BIODYNAMICS SETTLES LITIGATION
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PARSIPPANY, NEW JERSEY - (July 2, 1997) - Biodynamics International, Inc.
announced today that it had settled the litigation with the former owner of its
German subsidiary.
The settlement agreement cancels approximately $1.6 million, including accrued
interest, due from Biodynamics to the former owner. Cancellation of this debt,
which relates to the original acquisition of the German subsidiary, will result
in a direct increase in equity.
Company President and Chief Executive Officer, Karl H. Meister commented that "I
am pleased to see this arbitration brought to a close in a manner that
strengthens the Company's balance sheet."
Biodynamics International, Inc. is a world leader in safe bioimplants for tissue
repair, with offices in Parsippany, New Jersey and Erlangen, Germany, and
processing and manufacturing facilities in Alachua, Florida and Neunkirchen,
Germany.
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