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) MAY 10, 2002
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NATIONAL SCIENTIFIC CORPORATION
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(Exact name of registrant as specified in its charter)
TEXAS 000-28745 86-0837077
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
14455 N. Hayden, Suite 202, Scottsdale, Arizona 85260
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (480) 948-8324
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N/A
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(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS.
National Scientific Corporation (the "Company") reports that Mr. Lou L. Ross,
its Chairman of the Board, has filed a Form 144 indicating the sale of 240,000
shares of the Company's common stock. Mr. Ross has executed a loan to the
Company in the amount of the net proceeds of his stock sales ($41,125) for its
short-term working capital requirements in its pursuit of further marketing its
recently announced locator product line. The unsecured loan bears interest at
the rate of 6% and is payable over a twelve-month period, beginning six months
from its inception.
Certain information and comments contained in this Form 8-K may be
forward-looking statements (within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934). {Factors
set forth in the company's Annual Report on Form 10-KSB for the fiscal year
ended September 30, 2001, its subsequent Form 10-QSB filings together with other
factors that appear in this press release or in the Company's other Securities
and Exchange Commission filings could affect the Company's actual results and
could cause the Company's actual results to differ materially from those
expressed in any forward-looking statements made by, or on behalf of the
company, in this Form 8-K}. Market factors, including Mr. Ross' ability to sell
the subject shares of common stock at prices acceptable to him and in a timely
manner, could negatively impact his ability or desire to fund the proposed loan
to the Company. The Company undertakes no obligation to publicly release the
results of any revisions to the forward-looking statements made in this press
release to reflect events or circumstances after the date hereof, or to reflect
the occurrence of unanticipated events.
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.
NATIONAL SCIENTIFIC CORPORATION
Date: May 10, 2002 By: /s/ Sam H. Carr
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Sam H. Carr
Secretary, Chief Financial Officer
By: /s/ Lou L. Ross
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Lou L. Ross
Chairman of the Board of Directors