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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: December 22, 1999 Commission File No. 1-11388
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(Date of earliest event reported)
PLC SYSTEMS INC.
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(Exact name of Registrant as specified in its Charter)
Yukon Territory, Canada 04-3153858
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
10 Forge Park, Franklin, Massachusetts 02038
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(Address of principal executive offices) (Zip Code)
(508) 541-8800
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On December 22, 1999, PLC Systems Inc. (the "Company") issued a press
release announcing the appointment of Mark R. Tauscher as president, chief
executive officer and a director of the Company. A copy of the press release has
been filed with this Current Report on Form 8-K as Exhibit 99.1 and is
incorporated herein by reference.
ITEM 7. EXHIBITS
99.1 Press release dated December 22, 1999.
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.
Dated: December 30, 1999 PLC SYSTEMS INC.
/s/ James G. Thomasch
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James G. Thomasch
Senior Vice President, Finance and
Administration
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INDEX TO EXHIBITS
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<CAPTION>
EXHIBIT
NO. DESCRIPTION
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<S> <C>
99.1 Press release dated December 22, 1999.
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EXHIBIT 99.1
CONTACT:
PLC Systems Inc.
John Jordan
Manager of Investor Relations
508-541-8800, ext. 145
PLC SYSTEMS APPOINTS PRESIDENT AND CEO
MARK R. TAUSCHER TO JOIN PROVEN CLINICAL LEADER IN TMR
FRANKLIN, MA - December 22, 1999 - PLC Systems Inc. (AMEX: PLC), today announced
that Mark R. Tauscher has been appointed president, chief executive officer and
a director of the Company.
Mr. Tauscher, 47, brings to PLC more than 20 years of medical product
sales, marketing and general management experience in the medical products
field. Most recently, he was executive vice president of sales and marketing at
Quinton, a developer, manufacturer and marketer of cardiology products, medical
devices and fitness equipment.
"We are very pleased to have a leader of Mark's caliber joining the
Company at this important juncture in our growth," stated Edward H. Pendergast
PLC Systems' chairman of the board. "Mark possesses tremendous sales and
marketing skills with an intimate working knowledge of medical product sales,
which include both capital equipment and disposables. Going forward, PLC expects
to place a greater emphasis on increasing the sale and usage of The Heart
Laser(TM) System. We believe Mark is an exceptional choice to lead this
initiative."
"It is an exciting time to join PLC. I believe that the Company has
tremendous potential and offers a compelling opportunity for patients,
cardiac surgeons, hospitals and employees," said Mark R. Tauscher PLC
Systems' president and chief executive officer.
"Specifically, the published clinical results from The Heart Laser
System, which is the only FDA approved carbon dioxide (CO2) TMR laser, confirm a
clinical significance for the CO2 TMR treatment. In addition, I believe that the
1999 Medicare reimbursement initiatives provide an economic incentive for
hospitals and cardiac surgeons to adopt TMR as the standard of care. I look
forward to applying my experience and skills at PLC as we seek to capitalize on
the attractive growth opportunities within the TMR market."
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At Quinton, Mr. Tauscher directed sales and customer support functions,
implemented the company's worldwide marketing programs and oversaw the continued
expansion of Quinton's domestic markets. Prior to Quinton, Mr. Tauscher served
as division president for Marquette Medical Systems, where he was responsible
for the Medical Supplies business unit, recasting business and strategic plans
and reshaping staff and talent levels. His responsibilities also included
overseeing marketing, sales, regulatory affairs, engineering, manufacturing and
management of worldwide distribution channels. Mr. Tauscher's experience also
includes general management, sales and marketing positions at Hewlett Packard
Medical Supplies, Hewlett Packard Diagnostic Cardiology and Hewlett Packard
Medical Products National Accounts.
Working with leading researchers and premier heart surgery centers
around the world, PLC Systems Inc. developed the world's first FDA-approved TMR
device, a high-powered laser known as The Heart Laser System. Designed to
perform TMR in the safest manner possible, The Heart Laser System was approved
by the U.S. Food and Drug Administration in August 1998 for treatment of the
estimated 80,000 domestic patients each year who suffer from severe coronary
artery disease but cannot be treated with conventional coronary
revascularization techniques such as bypass surgery or angioplasty.
NOTE: CERTAIN OF THE ABOVE STATEMENTS ARE FORWARD-LOOKING STATEMENTS
THAT INVOLVE RISKS AND UNCERTAINTIES. ACTUAL RESULTS COULD DIFFER MATERIALLY
FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS AS A RESULT OF A VARIETY
OF FACTORS, INCLUDING OPERATIONAL CHANGES, COMPETITIVE DEVELOPMENTS, REGULATORY
APPROVAL REQUIREMENTS, THE ABILITY TO CONVINCE HEALTH CARE PROFESSIONALS AND
THIRD PARTY PAYERS OF THE MEDICAL AND ECONOMIC BENEFITS OF THE HEART LASER
SYSTEM, NO ASSURANCE THAT ALL PAYERS WILL REIMBURSE HEALTH CARE PROVIDERS WHO
PERFORM TMR PROCEDURES OR THAT REIMBURSEMENT, IF PROVIDED, WILL BE ADEQUATE, AND
RISK FACTORS DESCRIBED IN THE COMPANY'S ANNUAL REPORT, SEC FORM 10-K FOR FISCAL
YEAR ENDED DECEMBER 31, 1998, AND THE COMPANY'S OTHER SEC REPORTS.
