UNITED STATES
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 (Date of earliest event reported): 03/20/2006
MD TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 000-50435
DE | | 72-1491921 |
(State or other jurisdiction of | | (IRS Employer |
incorporation) | | Identification No.) |
620 Florida Street, Suite 200, Baton Rouge, LA 70801
(Address of principal executive offices, including zip code)
225-343-7169
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Information to be included in the report
Item 1.01. Entry into a Material Definitive Agreement
Medical Group Services, Inc. ("MGSI"), a subsidiary of MD Technologies Inc. ("MDTO") signed a letter of intent to acquire the assets of Billing Associates, LLC ("BA"), on March 14, 2006. The purchase price will be $856,000. The purchase price will be paid in cash. A portion of the purchase price will be withheld at closing pending satisfaction of certain financial results. The closing is expected to take place prior to May 31st, 2006. A portion of the funds for the acquisition will come from the $5 million sale of convertible debentures that occurred on July 5, 2005.This transaction is subject to a number of conditions, including confirmatory due diligence, negotiation and drafting of definitive agreements, as well as various corporate approvals. There can be no assurance that a definitive agreement will be entered into or that any such transaction will be consumated.
BA, based in Tampa, Florida offers comprehensive accounts receivable and financial services to physician groups.&nb sp; A copy of the Letter of Intent is attached as an exhibit to the Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits
(a) Financial Statements of Business AcquiredNot applicable
(b) Pro Forma Financial Information
Not applicable
(c)
10.1* Letter of Intent for the Acquisition of the Assets of Billing Associates, LLC by Medical Group Services, Inc., a MD Technologies Inc. subsidiary, dated March 14, 2006.
* An application has been submitted to the Securities and Exchange Commission for confidential treatment, pursuant, to Rule 24b-2 of the Securities Exchange Act of 1934, of portions of this exhibit. These portions have been omitted from this exhibit.
Signature(s)
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.
| | | | | | MD TECHNOLOGIES INC. |
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| Date: March 20, 2006 | | | | By: | | /s/ William D. Eglin
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| | | | | | | | | William D. Eglin |
| | | | | | | | | CEO |
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Exhibit Index
Exhibit No.
| | Description
|
| EX-10.1 | | Letter of Intent between Medical Group Services, Inc. and Billing Asssociates, LLC |
