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: December 13, 2001
Corgenix Medical Corporation
(Exact Name of registrant as specified in its charter)
Colorado 000-24541 93-1223466
(State or other Commission File I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
12061 Tejon St.
Westminster, Colorado 80234
(Address, including zip code, of principal executive offices)
(303) 457-4345
(Registrant's telephone number including area code)
Item 7. Financial Statements and Exhibits
(c) Exhibits.
No. Description
99.1 Shareholder presentation materials of the President of Corgenix
Medical Corporation used on December 11, 2001.
99.2 Press Release dated December 13, 2001 "Corgenix Presents Fiscal Year
2001 Results and Discusses Future Growth at Shareholder
Meeting--Company sets January 14 as record date for reverse stock
split
Item 9. Regulation FD Disclosure
On December 11, 2001, Corgenix Medical Corporation management met with
shareholders at its' annual shareholders meeting. A copy of the presentation
materials of the company's President that were used at that meeting is filed as
Exhibit 99.1 hereto.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DATED, this 13th day of December, 2001.
Corgenix Medical Corporation
By: /s/ Douglass T. Simpson
Douglass T. Simpson
President
EXHIBIT 99.1
Slide 1. Plan and results for year 2001
1. Demonstrate minimum 20% growth in sales from 2000 with 10% net income on
annual basis - grew revenues 19.3% from prior year; 7% net income 2. Continue
sales growth and positive operating income on quarterly basis - [see chart]
3. Continue with successful cash management and cost control procedures;
strengthen balance sheet to CA/CL ratio > 1.0 and improve cash reserves -
CA/CL ratio 1.2; cash reserves increase from $47,000 to $320,000 4. Launch 2
fully functional e-commerce sites - first site opened 4th quarter
(Sports-N-Fitness.com) 5. Reduce dependency on sales to Japan by 5% - reduced
from 17% of sales to 12.5% of sales 6. Re-file FDA application for 2 products
- re-filed 2 anti-prothrombin assays; received FDA clearance 4Q 7. Upgrade
manufacturing system - new system installed 1Q02 8. Pass FDA audit if
scheduled - not yet scheduled 9. Continue fund raising, strategic
relationship efforts and investor relations activities - ongoing; raised
$496,000 through private sale of common stock 10. Prepare revised 5-year plan
for growth - ongoing 11. Ensure Corgenix UK is profitable by year end -
positive earnings second half of year 12. Complete facilities plan - done;
coincides with upgrade to manufacturing system
Slide 2. Chart of revenues by quarter, fiscal year 2001 vs 2000
Slide3. Additional Accomplishments in 2001
1. Negotiated worldwide HA license agreement with Chugai 2. Negotiated joint
development program - proof of principle adapting Corgenix technology and
products to partner's proprietary platform 3. Established additional
strategic relationships with unique technologies for future collaboration,
development and commercialization 4. Made significant advance in preparation
for CE marking of Corgenix products for EU 5. Expanded and strengthened
worldwide distribution network and OEM partnership strategies
Slide 4. Plan for year 2002
1. Grow revenues 20% to $5.1 million with 7% net income 2. Continuous sales
growth and positive operating income quarterly 3. Continue with successful
cash management and cost control procedures 4. Launch Corgenix On-Line for
base business 5. Obtain FDA clearance for HA rheumatology use; complete
clinical studies and submit application for liver disease use 6. Add
additional strategic relationships 7. Pass FDA audit; obtain ISO 9001
re-certification, and certification for EN 46001 and ISO 13485 8. Obtain
shareholder approval for reverse stock split 9. Consummate acquisition of
product line, division or company synergistic with our Company 10. Continue
fund raising, strategic relationship efforts and investor relations
activities 11. Expand and strengthen Board of Directors
Slide 5. Review of year 2002 - year to date
1. First quarter showed sales growth and profitability; on line to meet
quarterly and annual financial goals 2. Worldwide launch of HA product
progressing 3. Rheumatology application for HA submitted to FDA 4. Corgenix
On-Line development ahead of schedule 5. FDA inspection still delayed (almost
2 years) 6. New ISO auditor selected 7. Board of Directors restructured
Slide 6. Chart of revenues and earnings, first quarter 2002 vs 2001
EXHIBIT 99.2
PRESS RELEASE
NASD (OTC BB) COGX
FOR IMMEDIATE RELEASE
Corgenix Presents Fiscal Year 2001 Results and Discusses Future Growth at
Shareholder Meeting Company sets January 14 as record date for reverse stock
split
DENVER, Colorado - December 13, 2001 -- Corgenix Medical Corporation (OTC BB:
COGX) discussed fiscal year 2001 operating results and its growth plans at its
Annual Shareholders Meeting held December 11, 2001. At the meeting, Shareholders
re-elected Luis Lopez M.D., Douglass Simpson and Jack Payne to the Board of
Directors, and a new director, Wendell Gardner also was elected. Shareholders
authorized the Board, in its discretion, to effect a one-for-five reverse stock
split of the Company's common stock, and ratified the appointment of KPMG LLP as
the Company's independent public accountants.
In a presentation to those in attendance, Douglass T. Simpson, Corgenix
President and COO, reviewed the major achievements of 2001:
o Financial performance: Revenues in FY 2001 increased 19.3% to $4.2 million
with 7.0% net income; all four fiscal quarters exceeded revenues from the
prior year; the ratio of the Company's current assets to current liabilities
improved to 1.2, and the cash reserves increase from $47,000 in 2000 to
$320,000 in 2001.
o Product Marketing and Distribution: Worldwide sales growth resulted from the
contribution of new diagnostic products, the addition of several new major
private label agreements, and the expansion of the Company's international
distributor network managed by Corgenix UK, the Company's subsidiary in
England. In addition, the Company executed an important technology license
agreement for its Hyaluronic Acid diagnostic product.
o Product Development: Two new novel diagnostic products were cleared by
the US Food and Drug Administration for marketing in the US.
In reviewing Corgenix's strategy for growth, Mr. Simpson indicated that
diagnostic product development would continue to build on the Company's core
ELISA technology including new products for immunology and vascular disease. He
said that the Company had recently established several important new strategic
relationships with large healthcare companies, and that the Company was looking
at other development and licensing possibilities which could potentially expand
the market potential for Corgenix technology.
Mr. Simpson then listed the Company's major goals for the new fiscal year ending
June 30, 2002 including a 20% growth of revenues to $5.1 million with 7% net
income, continuation of current cash management and cost control procedures,
submission of additional diagnostic products to the FDA and development of new
and expanded strategic relationships. In addition, Mr. Simpson reaffirmed the
Company's interest in the acquisition of synergistic product lines, divisions or
other companies.
The record date for the one-for-five reverse split will be January 14, 2002.
Corgenix Medical Corporation is based in metropolitan Denver, with its
international marketing office near Cambridge, England. Corgenix is focused on
the development and promotion of specialized diagnostic test kits for vascular
diseases and immunological disorders. Corgenix diagnostic products are
commercialized for use in clinical laboratories worldwide.
Statements in this release that are not strictly historical are
"forward-looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995, and should be considered as subject to various
risks and uncertainties that could cause actual results to differ materially
from those anticipated. Further risks are detailed in the Company's filings with
the Securities and Exchange Commission, including those set forth in the
Company's most recent Annual and Quarterly Reports on Form 10-KSB and Form
10-QSB.
Complete copies of the Corgenix Medical Corporation Form 10-KSB and 10-QSB are
available at www.sec.gov, or can be obtained by contacting Chris Wolfe, investor
relations manager of Corgenix: phone (303) 457-4345 ext. 147, or e-mail at
cwolfe@corgenix.com.
SOURCE: Corgenix Medical Corporation