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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): September 4, 1996
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MEDICAL TECHNOLOGY SYSTEMS, INC.
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(Exact name of registrant as specified in charter)
FLORIDA 59-22740462
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
12920 AUTOMOBILE BOULEVARD CLEARWATER, FL 34622
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(Address of principal executive offices) (Zip Code)
Registrant's telephone Number, including area code 813-576-6311
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N/A
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(Former name or former address, if changed since last report)
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ITEM 5. Other Matters
On September 4, 1996, Plans of Reorganization were confirmed in
the U.S. Bankruptcy Court for the Company's major operating
subsidiaries.
ITEM 6. Financial statements and Exhibits
C. Exhibits:
1. Press Release dated September 9, 1996
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.
Medical Technology Systems, Inc.
(Registrant)
By: /s/ Todd E. Siegel
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Todd E. Siegel
Chief Executive Officer
Date: September 19, 1996
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2
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EXHIBIT A
[LOGO] NEWS RELEASE
COMPANY CONTACT:
DELLA L. DIVINE
813-576-6311
FOR IMMEDIATE RELEASE
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MEDICAL TECHNOLOGY SYSTEMS, SUBSIDIARIES
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EMERGE FROM CHAPTER 11
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Clearwater, FL--September 9, 1996 - Medical Technology Systems, Inc.
today announced that Plans of Reorganization were confirmed on September 4,
1996 for its major operating subsidiaries that had filed Chapter 11 cases
earlier this year in the U.S. Bankruptcy Court, Middle District of Florida,
Tampa Division. The Plans were approved without objection and by an
overwhelming vote of secured and unsecured creditors.
An integral part of the successful reorganization was the restructuring
of the Company's loan agreement with SouthTrust Bank of Alabama, N.A. The
Company's $28 million credit facility with SouthTrust has been restructured
to provide for, among other things, a $15 million performing loan with terms
that facilitate growth in the operations of the Company's core businesses.
The SouthTrust debt will be fully satisfied upon payment of the principal
balance of $15 million.
Todd Siegel, President and C.E.O. stated, "We are very pleased with the
results of our efforts. A complicated restructuring has been completed in
eight months. Many companies languish for years in bankruptcy proceedings. In
fact, most companies are unable to reorganize. Our success is a tribute to
the working relationship we have established with SouthTrust and could not
have been accomplished without the cooperation of our employees, customers
and suppliers. The Company is now in a position to resume the growth and
profitability it has traditionally enjoyed."
Medical Technology Systems, Inc. manufactures and markets proprietary
drug dispensing and information systems for nursing home and hospital
pharmacies interested in a more economical and efficient way to package,
dispense, administer and monitor patient medication.
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12920 Automobile Blvd. [] Clearwater [] Florida 34622 []
(813) 576-6311 [] FAX (813) 579-8067
