Form 8-K RETRACTABLE TECHNOLOGIES For: May 21
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) May 21, 2015
Retractable Technologies, Inc.
(Exact name of registrant as specified in its charter)
Texas |
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001-16465 |
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75-2599762 |
(State or other jurisdiction |
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(Commission |
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(IRS Employer |
of incorporation) |
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File Number) |
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Identification No.) |
511 Lobo Lane, Little Elm, Texas |
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75068-5295 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code (972) 294-1010
None
(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. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On May 21, 2015, the Company issued a press release, a copy of which is attached to this Form 8-K as Exhibit 99.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99 Press 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.
DATE: May 22, 2015 |
RETRACTABLE TECHNOLOGIES, INC. | |
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(Registrant) | |
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BY: |
/s/ Douglas W. Cowan |
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DOUGLAS W. COWAN |
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VICE PRESIDENT, CHIEF FINANCIAL OFFICER, AND CHIEF ACCOUNTING OFFICER |
Exhibit 99
Retractable Technologies, Inc. Reports Recognition of Payment
LITTLE ELM, Texas, May 21, 2015Retractable Technologies, Inc. (NYSE MKT: RVP) (RTI) reports that in the second quarter of 2015, RTI will record as income and remove from RTIs current liabilities, the $7,724,826 judgment amount previously paid by Becton, Dickinson and Company (BD) for damages awarded as a result of BDs infringement of RTIs patents. This patent infringement case and related appeals have concluded.
The patent claims were severed from RTIs other claims against BD in 2008. The other portion of the case in which the District Court granted RTI a final judgment for $352 million plus other relief is not directly affected by the conclusion of the patent case and the related recognition of the judgment amount.
RTI manufactures and markets VanishPoint® and Patient Safe® safety medical products. The VanishPoint® syringe, blood collection, and IV catheter products are designed to prevent needlestick injuries and product reuse by retracting the needle directly from the patient, effectively reducing exposure to the contaminated needle. Patient Safe® syringes are uniquely designed to reduce the risk of bloodstream infections resulting from catheter hub contamination. RTIs products are distributed by various specialty and general line distributors.
For more information on RTI, visit our website at www.vanishpoint.com.
Forward-looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect our current views with respect to future events. We believe that the expectations reflected in such forward-looking statements are accurate. However, we cannot assure you that such expectations will materialize. Our actual future performance could differ materially from such statements.
Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain liquidity; our maintenance of patent protection; the impact of current and future Court decisions regarding current litigation; our ability to maintain favorable third party manufacturing and supplier arrangements and relationships; our ability to quickly increase capacity in response to an increase in demand; our ability to access the market; our ability to maintain or lower production costs; our ability to continue to finance research and development as well as operations and expansion of production; the impact of larger market players, specifically Becton, Dickinson and Company, in providing devices to the safety market; and other risks and uncertainties that are detailed from time to time in RTIs periodic reports filed with the U.S. Securities and Exchange Commission.
Retractable Technologies, Inc.
Douglas W. Cowan, 888-806-2626 or 972-294-1010
Vice President and Chief Financial Officer
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