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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: August 5, 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
During the course of the meeting of the Board of Directors on July 31, 1997, it
was determined that the Company will be unable to recover from the recent bans
imposed by Japan and Italy on certain of the Company's processed tissue,
without an additional infusion of capital in excess of its existing lines of
credit. Failure to secure additional capital will have a materially adverse
effect on the Company which could result in a curtailment of operations prior
to the end of August 1997.
Management has been actively seeking the cooperation of its institutional
investors in providing the required capital and in converting existing debt to
equity. Agreements have been secured to convert a portion of debt to equity,
and discussions related to the conversion of the balance of debt and an
infusion of capital are continuing.
While management will continue to pursue the additional funding, there can be
no assurances that such funding can be secured on a timely basis. An infusion
of additional capital and conversion of existing debt to equity is likely to
result in significant dilution to existing shareholders.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
99.1 News Release - Biodynamics Issues Report On Working Capital Negotiations
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: August 5, 1997 Biodynamics International Inc.
/s/ Karl H. Meister
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Karl H. Meister
President and Chief Executive Officer
/s/ Peter J. Finnerty
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Peter J. Finnerty
Chief Financial Officer
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BIODYNAMICS INTERNATIONAL, INC.
NEWS RELEASE
RELEASE: Immediate NASDAQ: BDYN
CONTACT: Peter J. Finnerty
(973) 359-8444
BIODYNAMICS INTERNATIONAL, INC.
ISSUES STATUS REPORT ON WORKING CAPITAL NEGOTIATIONS
================================================================================
PARSIPPANY, NEW JERSEY - (August 5, 1997) - BDNY announced today that during
the course of the meeting of the Board of Directors on July 31, 1997, it was
determined that the Company will be unable to recover from the recent bans
imposed by Japan and Italy on certain of the Company's processed tissue,
without an additional infusion of capital in excess of its existing lines of
credit. Failure to secure additional capital will have a materially adverse
effect on the Company which could result in a curtailment of operations prior
to the end of August 1997.
Management has been actively seeking the cooperation of its institutional
investors in providing the required capital in converting existing debt to
equity. Agreements have been secured to convert a portion of debt to equity,
and discussions related to the conversion of the balance of debt and an
infusion of capital are continuing.
While management will continue to pursue the additional funding, there can be
no assurances that such funding can be secured on a timely basis. An infusion
of additional capital and conversion of existing debt to equity is likely to
result in significant dilution to existing shareholders.
Biodynamics International, Inc. is a world leader in safe bioimplants for
tissue repair, with offices in Parsippany, New Jersey and Erlangen, Germany,
processing and manufacturing facilities in Alachua, Florida and Neunkirchen,
Germany and worldwide distribution.
Biodynamic International, Inc.
1719 Route 10, Suite 314
Parsippany, NJ 07054
Phone: (973) 359-8444
Fax: (973) 359-8410
