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):
March 8, 2000
SPARTA SURGICAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-11047 22-2870438
(State or other juris- (Commission (I.R.S. Employer ID
diction of incorpor- File Number) Number)
tion)
Olsen Centre
2100 Meridian Park Blvd., Concord, CA 94520
(Address of principal executive offices)
Registrant's telephone number, including area code (925) 417-8812
not applicable
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
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On February 29, 2000, the Registrant and Spags Investment Group, N.V. and
its affiliate Coridal, N.V. agreed to cancel certain promissory notes dated
September 7, 1999 in the principal amount of $485,000 and November 8, 1999 in
the principal amount of $350,000 together with any accrued but unpaid interest
therein in consideration of 1,767,000 shares of the Company's common stock,
$0.002 par value, which shares shall be issued to Coridal, N.V. as follows: (i)
835,000 shares of common stock being newly issued and (ii) 932,000 shares of
common stock which were placed in escrow on January 3, 2000 and being released
from such escrow. As a consideration in connection with this transaction, the
Registrant also issued a finder's fee to Royce Walker, LLC as follows: (i)
83,500 shares of Common Stock being newly issued and (ii) 98,500 shares of
Common Stock which were placed in escrow dated January 3, 2000 are now released
to Royce Walker, LLC. The Registrant's Chairman, President and CEO, Thomas F.
Reiner was appointed as Trustee for 1,445,000 shares of Coridal, N.V. and
182,000 shares of Royce Walker, LLC with an irrevocable voting trust and full
voting power over such shares for Coridal, N.V. and Royce Walker, LLC.
On February 28, 2000, the Registrant issued to Sheldon S. Kabaker, Trustee,
Sheldon S. Kabaker Profit Sharing Plan ("Kabaker"), shares of Common Stock, par
value $0.002, for cancellation of a promissory note dated November 17, 1999 from
the Company to Kabaker in the amount of $250,000, in consideration of the
following: (i) 200,000 shares of common stock being newly issued to Kabaker, and
(ii) 210,000 shares which were placed in escrow and the escrow is being released
to Kabaker. The Registrant' Chairman, President and CEO, Thomas F. Reiner, was
appointed as Trustee over the 410,000 shares with an irrevocable voting trust
and full voting power over such shares.
On March 3, 2000, the Registrant terminated its non-binding letter of
intent dated December 19, 1999 to acquire all of the outstanding common stock of
HomeTech Medical Services, Inc.
On March 7, 2000, the Registrant announced the formation of a new
subsidiary, SPARTA E*MED.com for the purpose of developing a global
business-to-business E-commerce Website to service purchasers and suppliers of
specialty medical/surgical products and medical equipment devices to healthcare
professionals. SPARTA E*MED.com, an on-line source of specialty medical
products, will link buyers and suppliers providing healthcare professionals with
a one-stop to research and purchase the best medical products available.
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 hereunto duly authorized.
SPARTA SURGICAL CORPORATION
(Registrant)
by: /s/ Thomas F. Reiner
------------------------
Thomas F. Reiner
Chairman of the Board
President & CEO
Dated: March 8, 2000
