<SEC-DOCUMENT>0001161697-16-000848.txt : 20160518
<SEC-HEADER>0001161697-16-000848.hdr.sgml : 20160518
<ACCEPTANCE-DATETIME>20160518172529
ACCESSION NUMBER:		0001161697-16-000848
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160513
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160518
DATE AS OF CHANGE:		20160518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REPRO MED SYSTEMS INC
		CENTRAL INDEX KEY:			0000704440
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				133044880
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12305
		FILM NUMBER:		161661309

	BUSINESS ADDRESS:	
		STREET 1:		24 CARPENTER RD
		CITY:			CHESTER
		STATE:			NY
		ZIP:			10918
		BUSINESS PHONE:		845-469-2042

	MAIL ADDRESS:	
		STREET 1:		24 CARPENTER RD
		CITY:			CHESTER
		STATE:			NY
		ZIP:			10918
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>form_8-k.htm
<DESCRIPTION>FORM 8-K FOR 05-13-2016
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<P style="margin:0" align=center><B>UNITED STATES</B></P>
<P style="margin:0" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0" align=center><B>Washington, DC 20549</B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0; font-size:12pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0; font-size:12pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0" align=center>Date of Report (Date of earliest event reported)&nbsp;&nbsp;&nbsp;<B><U>May 13, 2016</U></B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0; font-size:14pt" align=center><B><U>REPRO MED SYSTEMS, INC.</U></B></P>
<P style="margin:0" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0" align=center>&nbsp;</P>
<TABLE style="margin-top:0; font-size:10pt" cellpadding=0 cellspacing=0 align=center>
<TR><TD style="margin-top:0" valign=top width=240><P style="margin:0" align=center><B><U>New York</U></B></P>
</TD><TD style="margin-top:0" valign=top width=240><P style="margin:0" align=center><B><U>0-12305</U></B></P>
</TD><TD style="margin-top:0" valign=top width=240><P style="margin:0" align=center><B><U>13-3044880</U></B></P>
</TD></TR>
<TR><TD style="margin-top:0" valign=top width=240><P style="margin:0" align=center>(State or other jurisdiction<BR>
of incorporation)</P>
</TD><TD style="margin-top:0" valign=top width=240><P style="margin:0" align=center>(Commission<BR>
File Number)</P>
</TD><TD style="margin-top:0" valign=top width=240><P style="margin:0" align=center>(IRS Employer<BR>
Identification No.)</P>
</TD></TR>
</TABLE>
<P style="margin:0" align=center><BR></P>
<TABLE style="margin-top:0; font-size:10pt" cellpadding=0 cellspacing=0 align=center>
<TR><TD style="margin-top:0" valign=top width=288><P style="margin:0" align=center><B><U>24 Carpenter Road, Chester, New York</U></B></P>
</TD><TD style="margin-top:0" valign=top width=96><P style="margin:0" align=center><B><U>10918</U></B></P>
</TD></TR>
<TR><TD style="margin-top:0" valign=top width=288><P style="margin:0" align=center>(Address of principal executive offices)</P>
</TD><TD style="margin-top:0" valign=top width=96><P style="margin:0" align=center>(Zip Code)</P>
</TD></TR>
</TABLE>
<P style="margin:0" align=center><BR></P>
<P style="margin:0" align=center>Registrant&rsquo;s telephone number, including area code&nbsp;&nbsp;&nbsp;<B><U>(845) 469-2042</U></B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0" align=center><U>not applicable</U></P>
<P style="margin:0" align=center>(Former name or former address, if changed since last report)</P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0; text-align: justify">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):</P>
<P style="margin:0; text-align: justify">&nbsp;</P>
<P style="margin:0; text-align: justify">[ &nbsp;] &nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P style="margin:0; text-align: justify">&nbsp;</P>
<P style="margin:0; text-align: justify">[ &nbsp;] &nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P style="margin:0; text-align: justify">&nbsp;</P>
<P style="margin:0; text-align: justify">[ &nbsp;] &nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style="margin:0; text-align: justify">&nbsp;</P>
<P style="margin:0; text-align: justify">[ &nbsp;] &nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P style="margin:0"><BR></P>
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<P style="margin:0"><B>ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.</B></P>
<P style="margin:0"><BR></P>
<P style="margin:0"><B>Appointment of Director</B></P>
<P style="margin:0"><BR></P>
<P style="margin:0; text-indent:48; text-align: justify">Effective May 13, 2016, Joseph Manko, Jr. was appointed as an additional member of the Board of Directors of Repro Med Systems, Inc. &nbsp;Mr. Manko is the Senior Principal in Horton Capital Management LLC, the investment manager for the Horton Capital Partners Fund, LP (&ldquo;Horton Fund&rdquo;). &nbsp;The Horton Fund is a significant shareholder in the Company. &nbsp;Mr. Manko has over 20 years of investment experience in the asset management, investment banking, private equity and corporate securities markets. &nbsp;From 2005-2010 Mr. Manko was a Partner and Chief Executive Officer of Switzerland-based BZ Fund Management Limited, where he was responsible for corporate finance, private equity investments, three public equity funds and the firm&rsquo;s Special Situations and Event-Driven strategies. &nbsp;Prior to that Mr. Manko was a Managing Director with Deutsche Bank in London. &nbsp;He began his investment banking career at Merrill Lynch as a Vice President in Hong Kong and prior to that Mr. Manko was a corporate finance attorney at Skadden, Arps, Slate, Meagher &amp; Flom. &nbsp;Mr. Manko has served on the board of several companies in the bio-pharmaceutical industry and has advised numerous companies in the pharmaceutical, biotech and medtech industries. &nbsp;Mr. Manko earned both his B.A. and Juris Doctorate from the University of Pennsylvania.</P>
<P style="margin:0"><BR></P>
<P style="margin:0"><B>ITEM 8.01 OTHER EVENTS.</B></P>
<P style="margin:0"><BR></P>
<P style="margin:0; text-indent:48; text-align: justify">The Company issued a press release on May 18, 2016 titled &ldquo;Repro Med Systems, Inc. Posts Fourth Quarter and Fiscal Year 2016 Results and Announces New Member of the Board of Directors&rdquo;.</P>
<P style="margin:0"><BR></P>
<P style="margin:0"><B>ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.</B></P>
<P style="margin:0"><BR></P>
<P style="margin:0; text-align: justify">(d) Exhibits.</P>
<P style="margin:0"><BR></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 720px">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 96"><U>Exhibit No.</U></TD>
    <TD STYLE="width: 624"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>99.1</TD>
    <TD><A HREF="ex_99-1.htm">Press release dated May 18, 2016</A></TD></TR>
</TABLE>
<P style="margin:0"><BR></P>
<P style="margin:0; text-align: justify">The press release is furnished herewith as Exhibit 99.1.</P>
<P style="margin:0"><BR></P>
<P style="margin:0"><BR></P>
<P style="margin:0" align=center><B>SIGNATURES</B></P>
<P style="margin:0; text-indent:48; text-align: justify">&nbsp;</P>
<P style="margin:0; text-indent:48; text-align: justify">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.</P>
<P style="margin:0; text-indent:48">&nbsp;</P>
<TABLE style="margin-top:0; font-size:10pt" cellpadding=0 cellspacing=0 width=100%>
<TR><TD style="margin-top:0" valign=top><P style="margin:0">&nbsp;</P>
</TD><TD style="margin-top:0" valign=top width=360 colspan=2><P style="margin:0">REPRO MED SYSTEMS, INC.<BR>
(Registrant)</P>
</TD></TR>
<TR><TD style="margin-top:0" valign=top><P style="margin:0">&nbsp;</P>
</TD><TD style="margin-top:0" valign=top width=24><P style="margin:0">&nbsp;</P>
</TD><TD style="margin-top:0" valign=top width=336><P style="margin:0">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0" valign=top><P style="margin:0">Date: &nbsp;<U>May 18, 2016</U></P>
</TD><TD style="margin-top:0" valign=top width=24><P style="margin:0">By:</P>
</TD><TD style="margin-top:0" valign=top width=336><P style="margin:0"><U>/s/ Andrew I. Sealfon</U></P>
</TD></TR>
<TR><TD style="margin-top:0" valign=top colspan=2><P style="margin:0">&nbsp;</P>
</TD><TD style="margin-top:0" valign=top width=336><P style="margin:0">Andrew I. Sealfon<BR>
Chief Executive Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0"><BR></P>
<P style="margin:0" align=center>- 2 -</P>
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<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex_99-1.htm
<DESCRIPTION>PRESS RELEASE DATED 05-18-2016
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<P style="margin:0px" align=center><B>Exhibit 99.1</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:14pt" align=center><B>Repro Med Systems, Inc. Posts Fourth Quarter and Fiscal Year 2016 Results and Announces New Member of the Board of Directors</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt" align=center><I>--Net revenues increased 9% year-over-year</I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">CHESTER, NY / May 18, 2016 / Repro Med Systems, Inc. dba RMS Medical Products (OTCQX: REPR) today announced its financial results for the fourth quarter and fiscal year ended February 29, 2016.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">For the fiscal year 2016, net revenues increased $1.0 million or 9% compared to the year prior, led by the strong sales of the Company&rsquo;s proprietary infusion products. &nbsp;The Company reported fiscal year net revenue of $12,247,000, compared with $11,245,000 for fiscal year 2015. &nbsp;The Company reported net revenue for the fourth quarter 2016 at $3,305,700, a decrease of 4% compared to the fourth quarter of 2015 at $3,447,600, due to the incentives given to a major customer during contract renewal in the quarter.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">RMS continues to benefit from recent lean manufacturing initiatives to streamline operations, which have resulted in increased capacity and decreased direct assembly labor costs compared to last year. &nbsp;Gross margin improved in fiscal 2016 to 62.1% from 59.5% in fiscal 2015. &nbsp;Although the Company was negatively affected by certain non-recurring items and legal fees, its net income was $782,900 for fiscal year 2016, slightly higher than fiscal 2015 which was $753,100.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">As previously reported, effective April 26, 2016, Mr. Cyril Narishkin, the Company&rsquo;s Interim Chief Operating Officer, has replaced Mr. Andrew Sealfon as President of the Company. &nbsp;Mr. Sealfon remains as Chief Executive Officer and head of research and development.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Effective May 13, 2016, Joseph Manko, Jr. was appointed as an additional member of the Board of Directors of Repro Med Systems, Inc. &nbsp;Mr. Manko is the Senior Principal in Horton Capital Management LLC, the investment manager for the Horton Capital Partners Fund, LP (&ldquo;Horton Fund&rdquo;). &nbsp;The Horton Fund is a significant shareholder in the Company. &nbsp;Mr. Manko has over 20 years of investment experience in the asset management, investment banking, private equity and corporate securities markets. &nbsp;From 2005-2010 Mr. Manko was a Partner and Chief Executive Officer of Switzerland-based BZ Fund Management Limited, where he was responsible for corporate finance, private equity investments, three public equity funds and the firm&rsquo;s Special Situations and Event-Driven strategies. &nbsp;Prior to that Mr. Manko was a Managing Director with Deutsche Bank in London. &nbsp;He began his investment banking career at Merrill Lynch as a Vice President in Hong Kong and prior to that Mr. Manko was a corporate finance attorney at Skadden, Arps, Slate, Meagher &amp; Flom. &nbsp;Mr. Manko has served on the board of several companies in the bio-pharmaceutical industry and has advised numerous companies in the pharmaceutical, biotech and medtech industries. &nbsp;Mr. Manko earned both his B.A. and Juris Doctorate from the University of Pennsylvania.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">&ldquo;We are very pleased with the progress the Company made during the year, including hiring a new sales team, expanding our presence in Europe, and enhancing our senior leadership team with the addition of an interim Chief Operating Officer, as well as two new Board members. &nbsp;Additionally, we have, and will continue to benefit from the initiatives we have taken to streamline our manufacturing function, and plan to implement similar initiatives throughout the organization,&rdquo; commented Andy Sealfon, CEO of the Company. &ldquo;As we continue to expand our FREEDOM system into the intravenous market and kick off the fiscal 2017, we look forward to revenue growth and margin improvements.&rdquo;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">The Company manufactures medical products used for infusions and suctioning. &nbsp;The portable infusion and drug delivery product portfolio currently includes the FREEDOM60<SUP>(R)</SUP> and our latest FreedomEdge&trade; Syringe Infusion Pumps, RMS Precision Flow Rate Tubing<SUP>(TM)</SUP> and RMS HIgH-Flo<SUP>(TM)</SUP> Subcutaneous Safety Needle Sets. &nbsp;These devices are used for infusions administered in professional healthcare settings as well as at home. &nbsp;The Company&rsquo;s RES-Q-VAC line of medical suctioning products is used by emergency medical service providers in addition to a variety of other healthcare providers.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">The Company&rsquo;s website may be visited at www.rmsmedicalproducts.com.</P>
<P style="margin:0px"><BR></P>

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<P style="margin:0px; font-size:11pt">This press release includes &ldquo;forward-looking statements&rdquo; within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. &nbsp;In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms &ldquo;believes&rdquo;, &ldquo;belief&rdquo;, &ldquo;expects&rdquo;, &ldquo;intends&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;will&rdquo;, or &ldquo;plans&rdquo; to be uncertain and forward looking. &nbsp;The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company&rsquo;s reports and registration statements filed with the Securities and Exchange Commission.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">For more information please call:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Mike King</P>
<P style="margin:0px; font-size:11pt">702 650 3000</P>
<P style="margin:0px; font-size:11pt">Princeton Research</P>
<P style="margin:0px; font-size:11pt">SOURCE: RMS Medical Products</P>
<P style="margin:0px"><BR></P>


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