SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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)
May 10, 1999
ADM Tronics Unlimited, Inc
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-17629 22-1896032
(Commission File Number) (IRS Employer Idfentification Number)
224-S Pegasus Avenue, Northvale, NJ 07647
(Address of principal executive offices, Zip Code)
Registrant's telephone number, including area code 201-767-6040
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Item 2. Acquisition or Disposition of Assets
(a) On May 10, 1999 the Registrant purchased from SPS Medical Equipment
Corp. ("SPS") certain assets which had been used by SPS in connection with its
Needle Eater medical sharps disposal device, a self-contained system that
pulverizes medical syringes and sharps into safe, non-hazardous containers
that can be disposed in regular trash (the "Needle Eater Devices").
The assets purchased by the Registrant include mechanical devices and
disposable components used for the grinding and disposal of syringes and
medical sharps in the Needle Eater Devices as designed and manufactured in
accordance with the technological specifications of United States Patent
Number 5,397,068 along with any improvements, modifications, derivations or
alterations related thereto; rights to the aforementioned patent; a limited
number of completed Needle Eater Devices and spare components related thereto;
and, certain prototypes for various models of Needle Eater Devices. The
purchase price consisted of $14,206 and warrants to acquire up to 500,000
shares of the Registrant's common stock at $.625 per share, 200,000 of which
expire one year and 300,000 expire two years from the acquisition date. SPS
will also be paid a consulting fee of $750 per month for 24 months. There
was no material relationship between SPS and the Registrant or any of its
affiliates, any director or officer of the Registrant, or any associate of any
such director or officer. The cash portion of the purchase price was paid from
the Registrant's corporate funds.
(b) The assets purchased were used by SPS in connection with sales of
Needle Eater Devices for use in pulverizing and disposal of medical sharps.
The Registrant intends to continue such use.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
ADM Tronics Unlimited, Inc.
(Registrant)
/s/ Dr. Alfonso DiMino
President
