SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of reported event:
August 20, 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)
20 East Main Street, No. 46
(Address of principal executive offices) (Zip code)
(408-354-1999)
(Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report.)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
CITA Biomedical, Inc. ("CITA") was unable to repay the three hundred thousand
dollar loan ($300,000.00) loan from Reserva, LLC, previously disclosed in the
Company's March 10, 2003, Form 8-K filing. On August 20, 2003, Reserva, LLC
foreclosed on its security interest in accordance with the Promissory Note,
Guarantee and Security Agreement attached as exhibits to the prior Form 8-K. The
Company and its subsidiary CITA Americas, Inc. entered into a Consent to
Foreclosure and General Release with Reserva, LLC (attached hereto as exhibit to
this form 8-K). The aforementioned exhibit explains in detail the terms and
conditions of the agreement.
All of the collateral pledged by the Company to secure the loan, including all
the rights in intellectual property and virtually all other personal property of
the Company was sold at the foreclosure sale. As a result of the foreclosure,
the Company has virtually no remaining operating assets.
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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 year
ended December 31, 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.
EXHIBITS
99.1 Consent to Foreclosure and General Release
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: August 20, 2003 By: /s/ Joseph Dunn
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