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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
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Date of report (Date of earliest event reported): December 2, 1998
CARDIAC SCIENCE, INC.
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(Exact Name of Registrant as Specified in Charter)
DELAWARE 0-19567 33-0465681
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(State or Other Juris- (Commission File No.) (IRS Employer
diction of Incorporation) Identification No.)
1176 MAIN STREET, SUITE C, IRVINE, CA 92614
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (949) 587-0357
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(Former Name or Former Address, if Changed Since Last Report.)
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ITEM 5. Other Events.
On December 2, 1998, Cardiac Science, Inc. (the "Company") and Medtronic
Physio-Control entered into a five-year exclusive distribution and license
agreement (the "Agreement"). Under the Agreement, Medtronic Physio-Control
will market the Company's Powerheart-REGISTERED TRADEMARK- fully automatic
hospital bedside defibrillator-monitor in the United States and Canada.
Medtronic Physio-Control also obtained an exclusive license for Cardiac
Science's proprietary tachyarrhytmia detection and discrimination software
for integration into Medtronic Physio-Control's existing and future
LIFEPAK-REGISTERED TRADEMARK- defibrillator/monitor products for the
hospital market in the United States and Canada.
In accordance with the Agreement, and in order to maintain exclusivity,
Medtronic Physio-Control has agreed to purchase an aggregate of 14,000
Powerheart-REGISTERED TRADEMARK- devices and/or software technology packages
over the term of the Agreement. Also the Company and Medtronic
Physio-Control have agreed to share profits from the sale of proprietary
disposable defibrillator pads that are used with the Powerheart-REGISTERED
TRADEMARK- and LIFEPAK-REGISTERED TRADEMARK- defibrillator-monitors that
include Cardiac Science's technology.
Under the terms of the Agreement, the Company will immediately grant
Medtronic Physio-Control 200,000 warrants to purchase Cardiac Science common
stock at a price of $3.00. An Additional 200,000 warrants to purchase
Cardiac Science, Inc. common stock at $3.00 will be granted upon Medtronic
Physio-Control meeting their first year minimum purchase commitment.
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.
CARDIAC SCIENCE, INC.
/s/ Raymond W. Cohen
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Raymond W. Cohen, President and
Chief Executive Officer
Date: December 14, 1998
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