U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended September 30, 2000
[_] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from___________________ to___________________
Commission File Number: 33-27610-A
MEDICAL TECHNOLOGY & INNOVATIONS, INC.
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(Exact name of small business issuer as specified in its charter)
Florida 65-2954561
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3725 Investment Lane, Riviera Beach, FL 33404
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(Address of principal executive offices) (Zip Code)
(561) 844-3486
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(Issuer's telephone number, including area code)
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Transitional Small Business Disclosure Format (Check One): YES [ ] NO [X]
As of September 30, 2000 36,657,248 shares of Common Stock, no par
value, of the registrant were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE:
Portions of the registrant's annual report filed with the Securities
and Exchange Commission on Form 10-KSB, filed September 28, 2000.
<PAGE>
MEDICAL TECHNOLOGY & INNOVATIONS, INC.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
September 30, 2000 (Unaudited) and June 30, 2000 4
Condensed Consolidated Income Statements
For the Three Months ended September 30, 2000 and 1999 (Unaudited) 5
Consolidated Statements of Stockholders' Equity (Unaudited) 6
Condensed Consolidated Statements of Cash Flows
For the Three Months ended September 30, 2000 and 1999 (Unaudited) 7
Notes to Condensed Consolidated Financial Statements 8
Item 2. Management's Discussion and Analysis or
Plan of Operation 9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 11
Item 6. Exhibits and Reports on Form 8-K 12
SIGNATURES 14
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
<PAGE>
<TABLE>
<CAPTION>
Medical Technology & Innovations, Inc.
Consolidated Balance Sheets
September 30, 2000 and June 30, 2000
Assets
September 30,
2000 June 30,
(Unaudited) 2000
-------------- ------------
<S> <C> <C>
Current Assets:
Cash and Equivalents $ 99,676 $ 161,018
Accounts Receivable, less allowances of
$30,742 and $30,030, respectively 918,922 572,160
Inventory 563,611 542,892
Prepaid Expenses 83,605 46,696
-------------- ------------
Total Current Assets 1,665,814 1,322,766
-------------- ------------
Fixed Assets:
Land 182,000 182,000
Property & Equipment 1,153,512 1,153,512
Less accumulated depreciation (650,530) (623,897)
-------------- ------------
Fixed Assets, net 684,982 711,615
-------------- ------------
Other Assets:
Intangible Assets 2,546,823 1,897,120
-------------- ------------
Total Assets $ 4,897,619 $ 3,931,501
============== ============
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts Payable $ 554,272 $ 448,155
Accrued Liabilities
Payroll and payroll taxes 25,340 189,303
Royalties 230,579 185,130
Other 272,553 188,678
Current Maturities of Long-Term Debt 810,481 487,751
-------------- ------------
Total Current Liabilities 1,893,225 1,499,017
Long-Term Debt, Net of Current Maturities 1,835,513 1,432,681
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Total Liabilities 3,728,738 2,931,698
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Stockholders' Equity
Common Stock, no par value, authorized
700,000,000 shares, outstanding 36,657,248
and 34,017,248 shares, respectively 11,254,017 11,122,017
Series A Convertible Preferred Stock, $100
par value, authorized 70,000 shares,
outstanding nil shares - 0 - - 0 -
Series B Convertible Preferred Stock,
$100 par value, authorized 1000 shares,
outstanding 266 shares 1,596,000 1,596,000
Preferred Stock, authorized 100,000,000 shares
$1,000 par value, 12%, noncumulative,
outstanding 22.5 shares 22,500 22,500
Treasury Stock, at cost (1,973,531 shares) (436,799) (436,799)
Accumulated Deficit (11,266,837) (11,303,915)
-------------- ------------
Total Stockholders' Equity 1,168,881 999,803
-------------- ------------
Total Liabilities and Stockholders' Equity $ 4,897,619 $ 3,931,501
============== ============
</TABLE>
The accompanying notes are an integral part of the
condensed financial statements.
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<TABLE>
<CAPTION>
Medical Technology & Innovations, Inc.
Consolidated Income Statements
For the Three Months Ended September 30, 2000 and 1999 (Unaudited)
2000 1999
----- ----
<S> <C> <C>
Revenues $ 1,276,483 $ 1,055,279
Cost of Goods 695,966 669,756
----------- -----------
Gross Profit 580,517 385,523
----------- -----------
Operating Expenses
Advertising 8,490 2,144
Selling, General,
and Administrative 468,902 516,971
----------- -----------
Total Operating Expenses 477,392 519,115
----------- -----------
Income (Loss) from Operations 103,125 (133,592)
Interest Expense, Net 66,047 38,911
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Net Income (Loss) from Operations $ 37,078 $ (172,503)
=========== ===========
Net Income (Loss) per common share
(basic and diluted)(*) *$.000 *($.008)
=========== ===========
Weighted Average Outstanding Shares 34,896,368 27,220,949
=========== ===========
</TABLE>
(*) Calculated including Series B Preferred Stock accretion of $32,040 for three
months ended September 30, 2000 and 1999; respectively.
The accompanying notes are an integral part of the
condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
Medical Technology & Innovations, Inc.
Consolidated Statements of Stockholders' Equity
For the Periods Ended
Series A Series B
Convertible Convertible Total
Common Common Preferred Preferred Preferred Treasury Accumulated Stockholders'
Shares Stock Stock Stock Stock Stock Deficit Equity
----------- ----------- --------- ----------- --------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at June 30, 1998 26,385,279 $ 9,632,183 $ - 0 - $ 1,602,000 $ 22,500 $(309,742) $(9,670,424) $ 1,276,517
Purchase of Treasury Shares (600,000) (127,057) (127,057)
Net Loss (650,627) (650,627)
Stock Issued for Services 983,974 172,409 172,409
Conversion of Series B
Preferred Stock
into common stock 54,081 6,000 (6,000)
Conversion of Subordinated 725,000 379,500 379,500
----------- ------------ --------- ----------- --------- ---------- ------------ ------------
Balance at June 30, 1999 27,548,334 $10,190,092 $ - 0 - $ 1,596,000 $ 22,500 $(436,799) $(10,321,051) $ 1,050,742
Conversion of Debentures
Into Common Stock 5,436,773 822,601 822,601
Stock Issued for Services 1,032,141 109,324 109,324
Net Loss (982,864) (982,864)
----------- ------------ --------- ----------- --------- ---------- ------------ ------------
Balance at June 30, 2000 34,017,248 $11,122,017 $ - 0 - $ 1,596,000 $(11,303,915) $ 999,803
Stock Issued for Services 2,640,000 132,000 132,000
Net Income 37,078 37,078
----------- ----------- --------- ----------- --------- ---------- ------------ ------------
Balance at September 30, 2000 36,657,248 $11,254,017 $ - 0 - $ 1,596,000 $ 22,500 $(436,799) $(11,266,837) $ 1,168,881
=========== =========== ========= =========== ========= ========== ============ ============
</TABLE>
The accompanying notes are an integral part of the
condensed financial statements.
<PAGE>
<TABLE>
<CAPTION>
Medical Technology & Innovations, Inc.
Consolidated Statements of Cash Flows (Unaudited)
For the Three Months Ended September 30, 2000 and 1999
2000 1999
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<S> <C> <C>
Cash flows from operating activities:
Net Income (Loss) $ 37,078 $ (172,503)
Adjustments to reconcile net income (loss) to net cash (used)
provided in operating activities:
Depreciation and Amortization 82,560 91,209
(Increase) in Accounts Receivable (346,762) (90,601)
(Increase) Decrease in Inventory (20,719) 38,234
(Increase) Decrease in Prepaid Expenses (36,909) 69,877
Increase (Decrease) in Accounts Payable 106,117 (111,867)
(Decrease) Increase in Accrued Liabilities (34,638) 140,803
Stock issued for services 132,000 45,030
Conversion of interest to debt 22,547 -0-
----------- ------------
Net cash (used) provided in operating activities (58,726) 10,182
----------- ------------
Cash flows from financing activities:
Proceeds from revolving credit facility -0- -0-
Acquisition of Treasury Stock -0- -0-
Proceeds from issuance of Notes Payable -0- 23,467
Repayment of Notes Payable (2,616) (4,409)
----------- ------------
Net cash (used) provided from financing activities (2,616) 19,058
----------- ------------
Net increase (decrease) in cash and equivalents (61,342) 29,240
Cash and equivalents at beginning of period 161,018 90,581
----------- ------------
Cash and equivalents at end of period $ 99,676 $ 119,821
=========== ============
Supplemental Disclosure:
Cash paid during the quarter for interest $ 43,500 $ 38,911
=========== ============
Intangible assets acquired with Common stock payable $ 705,630
==========
</TABLE>
The accompanying notes are an integral part of the
condensed financial statements.
<PAGE>
Medical Technology & Innovations, Inc.
Notes to Condensed Consolidated Financial Statements
1. Condensed Financial Statements. The unaudited condensed consolidated
financial information contained in this report reflects all adjustments
(consisting of normal recurring accruals) considered necessary, in the
opinion of management, for a fair presentation of results for the
interim periods presented. Certain information and footnote disclosures
normally included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or
omitted. These financial statements should be read in conjunction with
the financial statements and notes thereto included in the Company's
June 30, 2000 Annual Report on Form 10-KSB. The results of operations
for periods ended September 30 are not necessarily indicative of
operations for the full year.
2. Stock Option Plans. In October of 1995 officers of the Company were
granted options to acquire up to 2.0 million shares of common stock at
an exercise price of $1.50 per share. The options were exercisable
ratably over a trading three-year period commencing with the quarter
ending June 30, 1996.
In April of 1996 the Company's shareholders approved the 1996 Stock
Option Plan, which allows the Board of Directors to grant up to 3.0
million options. During fiscal 2000 and fiscal 1999, 1,220,000 and
120,000 options respectively, have been granted. All options granted in
fiscal 2000 are exercisable immediately at a strike price of $.25 per
share. Of the 120,000 options granted in fiscal 1999, 20,000 are
exercisable ratably over a three-year period commencing with the grant
date at an exercise price of $.25 per share. The remaining options
granted in fiscal 1999 were exercisable immediately at an exercise
price of $.50 per share.
In September of 1997 and February of 1998, the Board of Directors
reduced the exercise price on all options granted to Company Executives
to $.25 per share.
The following is a summary of stock option transactions for the three
months ended September 30, 2000 and 1999:
<TABLE>
<S> <C> <C>
2000 1999
--------- ---------
Outstanding, July 1 1,700,000 1,380,000
Options granted 0 0
Options exercised 0 0
Options cancelled (120,000) (283,332)
---------- ---------
Outstanding, September 30 1,580,000 1,096,668
========= =========
Exercisable, end of period 1,575,001 1,003,338
========= =========
</TABLE>
The proforma disclosures required by SFAS 123 "Accounting for
Stock-based Compensation", is not applicable due to immateriality.
3. Preferred Stock. The Company has three classes of preferred stock.
The $1,000 par value convertible preferred stock is convertible into
14,985 shares of the Company's common stock.
On September 30, 2000, the Company was required to redeem the Series B
Preferred stock into the Company's common stock valued at the average
closing bid price for 30 days prior to the redemption at 120% of the
original face value of the Series B Preferred shares including
accretion. Accretion as of September 30, 2000 and June 30, 2000 was
$384,000 and $351,960, respectively and is not reflected in the Company
balance sheets. Management is in the process of making a proposal to
redeem all Series B Preferred Stock with a new Series C Preferred Stock
or cash in lieu of converting the entire issue into shares of the
Company's Common stock. The Company believes that the issuance of
additional common shares at this time is not in the best interest of
all shareholders. Management expects that the provisions of this
restructuring will be agreed between the parties within the next few
months.
4. Warrants. The Company has issued warrants to purchase approximately 3.4
million shares of common stock as of September 30, 2000. The warrants
relate to grants made in connection with an equity issuance and various
services rendered. The warrants can be exercised at prices ranging from
$1.00 to $2.72 per share. Approximately 3 million warrants expire in
July 2001.
5. Industry Segments. Statements of Financial Accounting Standards No.
131, "Disclosures about Segments of an Enterprise and Related
Information", requires the presentation of description information
about reportable segments which is consistent with that made available
to the management of the Company to assess performance. Since the
Company subsidiaries operate in separate distinct industry segments,
management of the overall business is conducted by separate
subsidiaries. The Corporate segment includes salary and fringe benefits
of the Chairman and a portion of similar costs related to the Chief
Financial Officer, financial public relations costs and other costs not
directly related to the operations of the business segments.
<TABLE>
<S> <C> <C> <C> <C>
Medical Steridyne
Quarter ended September 30, 2000 Technology, Inc. Corporation Corporate Total
-------------------------------- ---------------- ----------- --------- -----
Revenues $ 335,393 $ 941,090 $ - 0 - $1,276,483
Operating Income (Loss) 84,307 45,818 (27,000) 103,125
Net Interest 41,268 24,779 - 0 - 66,047
Pre Tax Income (Loss) 43,039 21,039 (27,000) 37,078
Net Income (Loss) 43,039 21,039 (27,000) 37,078
Assets 229,149 4,668,470 - 0 - 4,897,619
Depreciation and amortization 7,761 74,799 - 0 - 82,560
Addition to long-lived assets - 0 - 705,630 - 0 - 705,630
Medical Steridyne
Quarter ended September 30, 1999 Technology, Inc. Corporation Corporate Total
-------------------------------- ---------------- ----------- --------- -----
Revenues $ 58,893 $ 996,386 $ - 0 - $1,055,279
Operating Income (Loss) (62,174) 12,163 (83,581) (133,592)
Net Interest 15,090 23,821 -0- 38,911
Pre Tax Income (Loss) (77,264) (11,658) (83,581) (172,503)
Net Income (Loss) (77,264) (11,658) (83,581) (172,503)
Assets 410,440 3,628,545 -0- 4,109,185
Depreciation and amortization 11,554 79,655 - 0- 91,209
Additions to long-lived assets -0- - 0 - -0- -0-
</TABLE>
<PAGE>
Item 2. Management's Discussion and Analysis or Plan of Operation
This analysis should be read in conjunction with the condensed consolidated
financial statements, the notes thereto, and the financial statements and notes
thereto included in the Company's June 30, 2000 Annual Report on Form 10-KSB.
All nonhistorical information contained in this Form 10-QSB is a forward-looking
statement. The forward looking statements contained herein are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those reflected in the forward looking statements. Factors that
might cause such differences include, but are not limited to the following, a
slower acceptance of the PhotoScreener in the marketplace, increased foreign
competition putting pricing pressures on Steridyne products, changes in economic
trends and other unforeseen situations or developments. Readers are cautioned
not to place undue reliance on these forward-looking statements, which reflect
management's analysis only as of the date hereof.
Results of Operations
Comparison of Three-Month Periods Ended September 30, 2000 and 1999
Revenues for the three months ending September 30, 2000, were $1,276,483,
compared to $1,055,279 for the comparable period in fiscal 2000, for an increase
in sales of $221,204 or 20%. Revenues for Steridyne Corporation were $941,090
compared to $996,386 for a decrease of $55,296 or 5%. Revenues for Medical
Technology, Inc. were $335,393 compared to $58,893 for an increase of $276,500
or 569%. The increase was due to the Company shipping to a larger number of
customers and also a distribution agreement just signed with a major distributor
in the ophthalmic market.
Gross profit for the three months ending September 30, 2000 was $580,517,
compared to $385,523 for the comparable period in fiscal 2000, or an increase of
$194,994 or 51%. The Steridyne Product group has now been profitable for the
past three quarters. The Photoscreener Product group is now profitable and
management expects this to continue based upon the present level of business.
The Company has recently announced its acquisition of the manufacturing and
distribution rights to a state of the art urological incontinence device for
female patients. It is expected that this new product will further help to
bolster revenues and profit margins for the Company.
Operating expenses for the three months ending September 30, 2000 were $477,392,
compared to $519,115 for the comparable period in fiscal 2000, or a decrease of
$41,723, or 8%. Management expects to see further reductions in operating
expenses as we see a full year effect of the cutbacks made in corporate
salaries, services and facility costs as part of the recently completed
reorganization. Interest expense was $66,047 for the three months ending
September 30, 2000, compared to $38,911 or an increase of $27,136 or 70%.
Information about the Company's Industry Segments is included in Note 5 of the
Notes to Condensed Consolidated Financial Statements.
Liquidity and Capital Resources
At September 30, 2000, the Company had cash of $99,676 and working capital of
$(227,411) as compared to $161,018 and ($176,251) at June 30, 2000. The decrease
in the working capital is due to the increase of $322,730 of current maturities
of long-term debt resulting from the Company's acquisition of rights to a
urological incontinence device for female patients. This amount is payable in
shares of the Company's Common stock.
During the quarter ending March 31, 2000, the Company borrowed over $1,000,000
from an affiliate of the Chief Executive Officer and Chairman of the Company to
support the working capital needs of the Company. This loan is secured by
substantially all of the assets of the Company and is guaranteed by the
Company's subsidiaries. At September 30, 2000, $1,113,546 was outstanding and
included in the balance sheet as of the same date. The interest rate for the
loan is a fixed rate of twelve percent (12%) per annum, however, interest may be
added to the loan principal at two times the interest payment due at the option
of the Company with the written consent of the lender. During the first eighteen
months of the loan the Company will pay only interest monthly. During the
remaining forty-two (42) months of the loan the Company will pay principal,
<PAGE>
amortized over twenty years, and interest monthly, commencing on the first day
of the nineteenth month and continuing on for forty-two months thereafter. The
balance of the loan is due in full at the end of sixty months. At any time, at
the option of the lender, the outstanding principal plus accrued and unpaid
interest and expenses due may be paid in an amount of common stock of the
Company at the rate of one share for every four cents owed to the lender (the
"Conversion Rate"). The Conversion Rate had been determined at the time of the
negotiations, based upon the previous sixty day average closing price per share
of the Company's common stock as quoted on the Over-The-Counter Bulletin Board.
The Conversion Rate will be adjusted for all stock splits subsequent to the loan
agreement. In the event the conversion occurs it would change the ownership of
the Company significantly.
The Chief Executive Officer and a former Director of the Company personally
signed a guarantee with a local bank to provide a $250,000 line of credit to the
Company, which terminated in February of 2000. Both individuals were granted
options to acquire 50,000 shares of the Company's common stock at an exercise
price of $0.50 per share. The Chief Executive Officer pledged a $235,000
Certificate of Deposit to the local bank who provided the line of credit to the
Company. As a result, the bank released the former Director as guarantor of the
borrowing facility. The Company continues to make interest payments on the line
of credit. In consideration the Chief Executive Officer was granted options to
acquire 100,000 shares of the Company's common stock at an exercise price of
$0.25 per share.
On September 30, 2000, the Company was required to redeem the Series B Preferred
stock into the Company's common stock valued at the average closing bid price
for 30 days prior to the redemption at 120% of the original face value of the
Series B Preferred shares including accretion. Accretion as of September 30,
2000 and June 30, 2000 was $384,000 and $351,960, respectively and is not
reflected in the Company balance sheets. Management is in the process of making
a proposal to redeem all Series B Preferred Stock with a new Series C Preferred
Stock or cash in lieu of converting the entire issue into shares of the
Company's common stock. The Company believes that the issuance of additional
common shares at this time is not in the best interest of all shareholders.
Management expects that the provisions of this restructuring will be agreed
between the parties within the next few months.
For the past several years the Company has financed a portion of its operations
through private sales of securities and revenues from the sale of its products.
Since June of 1993 the Company has received net proceeds of approximately $11.0
million from the private sale of securities and debt. The Company may raise
additional capital through private and/or public sales of securities in the
future.
<PAGE>
PART II. - OTHER INFORMATION
ITEM 1. Legal Proceedings
On February 15, 2000 the Company filed a lawsuit in the Common Pleas court of
Dauphin County, Pennsylvania against LensCrafters, Inc. (LensCrafters) and its
parent, Luxottica Group S.P.A. (Luxottica). The Company entered into a business
relationship with LensCrafters to provide more than 600 of its PhotoScreener
devices for use in the retail facilities of LensCrafters. In a written agreement
dated August 25, 1998, LensCrafters committed that it would conduct a national
marketing campaign in excess of $5 million to promote vision screening through
the PhotoScreener. As part of that transaction, LenCrafters insisted on
obtaining the right to purchase up to 1.2 million shares of the Company's stock
because both LensCrafters and the Company believed that the introduction of the
PhotoScreener in LensCrafters' retail facilities would greatly benefit the
Company. The Company's complaint provides that the Company delivered the
PhotoScreeners to LensCrafters, but LensCrafters has failed to meet its
promotional and marketing commitments. LensCrafters has not proceeded with the
national promotional campaign, nor has it distributed the PhotoScreener units to
its retail stores. The Complaint asserts that Luxottica, which owns
LensCrafters, has directed LensCrafters to break its agreement with the Company.
The complaint seeks substantial monetary damages from both Luxottica and
LensCrafters. It asserts legal claims for breach of contract by LensCrafters,
for misrepresentation and fraud by LensCrafters, and for intentional
interference with contract by Luxottica. LensCrafters has removed the case to
Federal Court, where it is now pending. LensCrafters also moved to refer the
case to arbitration. Luxottica has filed a challenge to the jurisdiction of the
Court. The Company vigorously contests both motions. A decision on these motions
is expected in the near future.
As of January 1, 2000 the Company entered into an Agreement with a company
affiliated with the Chairman and Chief Executive Officer to provide litigation
management services with regards to the proceedings against LensCrafters et al.
This company is paying or advancing all attorney's fees and other litigation
costs and expenses incurred by the Company to pursue this litigation against
LensCrafters et al. Assuming that the Company is successful in receiving a
judgment or award or settlement from this litigation, all litigation cost and
expenses paid will be reimbursed and 10% of the gross judgment, award or
settlement will be paid to the company affiliated with the Chairman and Chief
Executive Officer. No costs or expenses will be due in the event the litigation
is unsuccessful.
MTI, the Company and Steridyne are also parties to other pending legal
proceedings in the ordinary course of their business. The Company does not
expect these legal proceedings to have a material adverse effect on the
Company's financial condition.
Item 6. Exhibits and Reports on Form 8-K
<TABLE>
<S> <C>
(a) Exhibits:
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3.1 Articles of Incorporation of SouthStar Productions, Inc., n/k/a Medical Technology & Innovations, Inc. [Incorporated by
reference to Exhibit 3.1 to the Company's Registration Statement on Form S-18 (File No. 33-27610-A), filed March 17,
1989]
3.2 Amendment to the Articles of Incorporation for SouthStar Productions, Inc., which changed its name to Medical Technology
& Innovations, Inc. [Incorporated by reference to the Company's Current Report on Form 8-K for an event on September 21,
1995]
3.3 Restated Articles of Incorporation for Medical Technology & Innovations, Inc. [Incorporated by reference to the
Company's Annual Report on Form 10-KSB (File No. 33-27610-A), filed September 30, 1996]
3.4 By-laws [Incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form S-18 (File No.
33-27610-A), filed March 17, 1989]
10.1 Share Exchange Plan between SouthStar Productions, Inc. and Medical Technology, Inc. [Incorporated by reference to the
Company's Current Report on Form 8-K for an event on August 21, 1995]
10.2 Asset purchase agreement for the purchase and sale of certain assets of Steridyne Corporation [Incorporated by
reference to the Company's Current Report on Form 8-K for an event on July 31, 1996]
10.3 Medical Technology & Innovations, Inc. 1996 Stock Option Plan. [Incorporated by reference to the Company's Annual
Report on Form 10-KSB (File No. 33-27610-A), filed September 30, 1996.]
10.4 SouthStar Productions, Inc. Stock Purchase Plan 1995a (Financial Public Relations Consulting Agreement) [Incorporated
by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-8 (File No. 33-27610-A), filed August 23,
1995]
10.5 Medical Technology & Innovations, Inc. 1996b Stock Purchase Plan (Consulting Agreement) [Incorporated by reference to
Exhibit 4.1 to the Company's Registration Statement on Form S-8 (File No. 33-27610-A), filed April 22, 1996]
10.6 Form of Employment Agreement, Covenant not to Compete, and Stock Option Agreement between the Company and key
employees. [Incorporated by reference to the company's Annual Report on Form 10-KSB (File No. 33-27610-A), filed
September 30, 1996.]
</TABLE>
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<TABLE>
<S> <C>
10.7 Purchase Agreement dated January 31, 1996 between the Company and Glenn and Ruth Schultz. [Incorporated by reference to
the Company's Annual Report on Form 10-KSB (File No. 33-27610-A), filed September 30, 1996.]
10.8 Purchase Agreement dated March 8, 1999 between Medical Technology & Innovations, Inc., Steridyne Corporation and Florida
Medical Industries, Inc. [Incorporated by reference to the Company's Annual Report on Form 10-KSB (File No.
33-27610-A), filed December 17, 1999]
10.9 Loan Agreement dated January 21, 2000 between the Company and International Investment Partners, Ltd.
10.10 Consulting Agreement between the Company and International Investment Partners, Ltd., effective January 1, 2000.
10.11 Letter of substitution MTEN Loan dated June 6, 2000.
10.12 Lenscrafters Litigation Management Consulting Agreement dated January 1, 2000.
10.13 Loan agreement between Medical Technology, Inc. and International Investment Partners, Ltd. dated January 21, 2000.
10.14 Medical Technology, Inc. Note dated January 21, 2000.
10.15 PatentCollateral Assignment and Security Agreement between the Company and International Investment Partners, Ltd.,
effective January 21, 2000.
10.16 General Security Agreement between the Company and International Investment Partners, Ltd., effective January 21, 2000.
10.17 Guaranty and Surety Agreement between Steridyne and International Investment Partners, Ltd., effective January 21, 2000.
10.18 Guaranty and Surety Agreement between the Company and International Investment Partners, Ltd., effective January 21, 2000.
16.1 Letter on change in certifying accountant [Incorporated by reference to the Company's Current Report on Form 8-K for an
event on April 26, 1996]
21.1 Subsidiaries. Medical Technology, Inc. and Steridyne Corporation.
27.1 * Financial data schedules.
-----------------------------------
</TABLE>
(b) Reports on Form 8-K.
No reports on Form 8-K were filed during the last quarter of the period
covered by this report.
*(Filed herewith, all other exhibits previously filed.)
<PAGE>
Signatures
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
AND
BY: BY:
/s/ Albert G. Dugan /s/ JEREMY P. FEAKINS
------------------------- -------------------------
Albert G. Dugan Jeremy P. Feakins, Chairman and
Chief Accounting Officer Chief Executive Officer
Date: October 28, 2000
