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):
February 18, 2003
CITA BIOMEDICAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 93-0962072
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
9025 Wilshire Blvd. Suite 301, Beverly Hills, CA 90211
(Address of principal executive offices) (Zip code)
(310) 550-4971
(Registrant's telephone number,
including area code) (Former name, former address and
former fiscal year, if changed since last report.)
ITEM 5. OTHER EVENTS.
CITA Biomedical, Inc. ("CITA" "Company") reported on February 12, 2003 it had
received a notice of default from CITA SL for their license agreement for
Detoxification and NeuroAdaptation ("DNA") Intellectual Property developed for
the purpose of "resetting" the brain function of a habituated alcohol or cocaine
user to its pre-habituation state. CITA stated in the 8K, dated February 12,
2003, that CITA will require significant capital investment in order to be
granted use of this license agreement beyond May 9, 2003 and to return to an
exclusive basis. The Company wants to state clearly there is no agreement for
the DNA Intellectual Property license to be extended beyond May 9, 2003.
However, there are continuing discussions with CITA SL, but no assurances can be
made that if CITA were to raise significant capital the DNA Intellectual
Property license would be extended or the license would be granted for exclusive
use by CITA. In this interim period, the Company plans to aggressively market
and sale its proprietary UROD(TM) treatment process to raise additional working
capital.
If CITA is unsuccessful in raising additional capital and is unable to negotiate
an extension for the DNA Intellectual Property license in all probability the
Company will have to file for Chapter 11 bankruptcy protection in the very near
future.
This release contains projections and other forward-looking statements regarding
future events and the future financial performance of CITA that involve risks
and uncertainties. Readers are cautioned that these forward-looking statements
are only predictions and may differ materially from actual future events or
results. Readers are referred to the documents filed by CITA with the SEC,
specifically the most recent reports on Form 10-KSB and 10-QSB, each as it may
be amended from time to time, which identify important risk factors that could
cause actual results to differ from those contained in the forward-looking
statements. The financial information contained in this release should be read
in conjunction with the consolidated financial statements and notes thereto
included in CITA's most recent reports on Form 10-KSB and Form 10-QSB, each as
it may be amended from time to time. CITA's results of operations for the three
and nine months ended September 30, 2002 are not necessarily indicative of
CITA's operating results for future periods.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
None required.
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.
CITA BIOMEDICAL, INC.
Dated: February 18, 2003 By: /s/ Joseph Dunn
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Joseph Dunn