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) March 13, 2009
Calypte Biomedical Corporation
(Exact name of Company as specified in its charter)
| Delaware | 000-20985 | 06-1226727 |
| (State or Other Jurisdiction) | (Commission File Number) | (I.R.S. Employer Identification) |
| of Incorporation) | | |
16290 S.W. Upper Boones Ferry Road, Portland, Oregon 97224
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (503) 726-2227
N/A
(Former name or former address, if changed since last report)
| o | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 40.13e-4(c)) |
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b) On March 13, 2009, Richard C. Dietz resigned as Chief Financial Officer, the principal financial and accounting officer, of Calypte Biomedical Corporation (the “Company”) effective immediately.
On March 16, 2009, the employment of Donald N. Taylor, Chief Executive Officer and Secretary, the principal executive officer and president of the Company, was terminated effective immediately.
(c) On March 16, 2009, the Board of Directors of the Company appointed Adel Karas, a member of its Board of Directors and Nominating Committee of the Board of Directors, as interim Chief Executive Officer, Chief Financial Officer and Secretary of the Company, effective immediately, to act as principal executive officer, president and principal financial officer of the Company. Mr. Karas has served on the Company’s Board of Directors since May 2007.
Since December 2005, Mr. Karas, 63, has worked as the Regional Director (Asia, Africa & Middle East) for the World Agency of Planetary Monitoring & Earthquake Risk Reduction (WAPMERR) based in Dubai, United Arab Emirates (UAE). WAPMERR is involved with disaster management and risk assessments. Prior to his involvement with WAPMERR, in 2003 Mr. Karas co-founded and served as Managing Director of Strategic Energy Investment Group in Dubai. He started this group following his retirement from Petroleum Geo-Services (PGS) in Houston, Texas where he served as Senior Vice President of Business Development for two years before moving to Dubai where he set up and, for the next eight years, served as President of PGS for the Middle East Region. Mr. Karas served, as well, as the executive vice president for Grant Tensor Geophysical in Houston-Texas and as the president of Tensor Geophysical in Egypt. Mr. Karas attended AinShams University, University of Texas and University of Houston. He holds degrees in Geophysics and Operations Research as well as a Masters Degree in electrical engineering and an MBA.
Since the beginning of the Company’s last fiscal year, there was no transaction or series of similar transactions, nor is there any currently proposed transaction or series of similar transactions, to which the Company or any of its subsidiaries was or is to be a party, in which the amount involved exceeds $120,000 and in which Mr. Karas, or members of his immediately family, had or will have a direct or indirect material interest.
Mr. Karas will not receive any compensation for performing the duties of these offices.
SIGNATURES
Pursuant to the requirement 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.
Date: March 19, 2009
| | Calypte Biomedical Corporation | |
| | | | |
| | By: | /s/ Adel Karas | |
| | | Adel Karas | |
| | | President and Chief Executive Officer | |
