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
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| Date of Report (Date of Earliest Event Reported): | | August 1, 2007 |
ATS Medical, Inc.
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(Exact name of registrant as specified in its charter)
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| Minnesota | 0-18602 | 41-1595629 |
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(State or other jurisdiction | _____________
(Commission | ______________
(I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
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| 3905 Annapolis Lane North, Minneapolis, Minnesota | | 55447 |
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(Address of principal executive offices) | | ___________
(Zip Code) |
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| Registrant’s telephone number, including area code: | | 763-553-7736 |
Not Applicable
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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))
Item 2.02 Results of Operations and Financial Condition.
On August 7, 2007, ATS Medical, Inc. ("ATS" or the "Company") issued a press release to report final financial results for its second quarter ended June 30, 2007. The full text of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference. The information under Item 2.02 in this current report, including the exhibit thereto, is not deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On August 4, 2007, Terrie Ajamil, the Company's Vice President of International Markets, passed away unexpectedly after a brief and sudden illness. Terrie has been a cornerstone in the plan to build ATS into the Company it is today and was without exception a torch bearer of the ATS Mission. During her 3 1/2 years at ATS, Terrie was instrumental in building a world class international sales and marketing organization that has become a key component of the Company’s current and future business. Besides friends and family, ATS was Terrie’s passion. Few people were as competitive and dedicated to her duties as Terrie. She will be sorely missed. To Terrie’s credit she developed an organization of strong leadership and teamwork which will ease the transition during this difficult time. In the immediate term, Terrie’s responsibilities will be divided among other corporate executives.
(e) On August 1, 2007, the Personnel and Compensation Committee of the Board of Directors of the Company approved a change in Michael R. Kramer’s title from Acting Chief Financial Officer to Chief Financial Officer, and in connection with this change approved a 15% increase in his base salary from $160,000 to $185,000, as well as an increase in his potential bonus under the 2007 Management Incentive Compensation Plan from 35% to 50% of his prorated base salary for 2007, and an award of 50,000 restricted stock units ("RSUs"). The RSUs were granted to Mr. Kramer under the Company’s 2000 Stock Incentive Plan and will vest in five equal installments over the next five years.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release dated August 7, 2007, of ATS Medical, Inc.
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.
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| | | ATS Medical, Inc. |
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| August 7, 2007 | | By: | | Michael R. Kramer
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| | | | | Name: Michael R. Kramer |
| | | | | Title: Chief Financial Officer |
Exhibit Index
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| Exhibit No. | | Description |
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99.1 | | Press Release of ATS Medical, Inc. dated August 7, 2007 |
