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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 16, 2006
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MEDICOR Ltd.
(Exact name of Registrant as Specified in its Charter)
Delaware 000-50442 14-1871462
(State or Other (Commission (IRS Employer
Jurisdiction of Incorporation) File Number) Identification No.)
4560 South Decatur Boulevard, Suite 300, Las Vegas, NV 89103
(Address of Principal Executive Offices)
(702) 932-4560
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting materials pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS
On March 15, 2006, Thomas R. Moyes, MediCor Ltd.'s Chief Financial Officer,
resigned and was replaced by Executive Vice President and Financial Controller
Paul R. Kimmel.
Mr. Kimmel has served as the Company`s Financial Controller and Executive Vice
President since November 2005. Prior to joining MediCor in November 2005, Mr.
Kimmel held various finance positions with Inamed Corporation from 2000 to 2005,
including Vice President and Controller of Inamed and Vice President of Finance
of its principal subsidiary McGhan Medical. Mr. Kimmel has experience and
expertise in the areas of business and financial accounting, external audit
management, Securities and Exchange Commission reporting and financial planning
and analysis. Mr. Kimmel is a member of the American Institute of Certified
Public Accountants, Nevada Society of Certified Public Accountants, Financial
Executives International and The Institute of Management Accountants. Mr. Kimmel
is a Certified Public Accountant and holds a B.S. in engineering from the Case
Institute of Technology and a Master's Degree in Business Administration from
Harvard Graduate School of Business Administration. Mr. Kimmel's existing
employment agreement with the Company as Financial Controller and Executive Vice
President provides for annual base compensation of $300,000 and for the grant of
stock options to purchase 160,000 shares of common stock at an exercise price of
$3.10 per share, exercisable 25% on each of the first through fourth
anniversaries of his date of hire. The agreement provides for a rolling 12-month
term. Mr. Kimmel also received a $40,000 bonus upon joining the Company.
MediCor Ltd. issued a press release announcing Mr. Kimmel becoming the company's
new Chief Financial Officer and Mr. Moyes' resignation on March 16, 2006. A copy
of the press release is attached as an exhibit to this Current Report.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
EXHIBIT NO. DESCRIPTION
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99.1 Copy of press release issued by the Company on March 16, 2006
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 thereunto duly authorized.
MEDICOR, LTD.
By: /s/ Theodore R Maloney
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Name: Theodore R. Maloney
Title: Chief Executive Officer
Dated: March 16, 2006