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<SEC-DOCUMENT>0001144204-08-065177.txt : 20081118
<SEC-HEADER>0001144204-08-065177.hdr.sgml : 20081118
<ACCEPTANCE-DATETIME>20081118153924
ACCESSION NUMBER:		0001144204-08-065177
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081113
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
FILED AS OF DATE:		20081118
DATE AS OF CHANGE:		20081118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOVIE MEDICAL CORP
		CENTRAL INDEX KEY:			0000719135
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				112644611
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31885
		FILM NUMBER:		081198292

	BUSINESS ADDRESS:	
		STREET 1:		734 WALT WHITMAN ROAD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		5164215452

	MAIL ADDRESS:	
		STREET 1:		734 WALT WHITMAN ROAD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AN CON GENETICS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v132773_8k.htm
<TEXT>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
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        AND EXCHANGE COMMISSION </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
        D.C. 20549</strong></font></div>
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        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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        TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
        1934</strong></font><br></div>
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        of
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>November
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        name of registrant as specified in its </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">charter)</font></div>
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        telephone number, including area code</font></div>
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        name or former address, if changed since last report.)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
        the
        appropriate box below if the Form 8-K filing is intended to</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions </font></div>
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        General Instruction A.2. below):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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</font>&#160;Written
        communications pursuant to Rule 425 under the Securities Act 17 CFR
        230.425)</font></div>
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</font>&#160;Soliciting
        material pursuant to
        Rule l4a-12 under the Exchange Act </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(17
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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</font>&#160;Pre-commencement
        communications
        pursuant to Rule l4d- 2(b) under the Exchange Act (17 CFR 240. l4d-
        2(b)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o
</font>&#160;Pre-commencement
        communications
        pursuant to Rule 13 e-4( c) under the Exchange Act (17 CFR 240.13 e-4(
        c)</font></div><br>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>tem
        2.03 Creation of a Direct Financial Obligation or an Obligation under an
        Off-Balance Sheet Arrangement of a Registrant</strong></font></div>
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      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        November, 2008, pursuant to Bovie Medical Corporation&#8217;s (&#8220;Bovie&#8221;) request,
        Pinellas County Industrial Revenue Authority (Florida) concluded an industrial
        revenue bond offering (the &#8220;Bond Offering&#8221;) and issued $4,000,000 principal
        amount of its 20-year Industrial Development Bonds, series 2008, (the &#8220;Bonds&#8221;)
        for the purpose of lending the proceeds to our Company to finance the
        anticipated relocation, consolidation and equipping of our manufacturing
        operations in our new recently purchased facility in Largo, Florida. This
        will
        provide sufficient space needed to accommodate our anticipated new product
        lines.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the closing of the Bond Offering, on November 13, 2008, Bovie simultaneously
        entered into a loan agreement with (the &#8220;Pinellas County Industrial Revenue
        Authority&#8221;) whereby Bovie borrowed the $4,000,000 of Bond proceeds to repay the
        acquisition costs and to finance the above described consolidation. In addition
        we entered into a letter of credit agreement (&#8220;Letter of Credit&#8221;) on that same
        date with RBC Centura (&#8220;RBC Bank&#8221;) which, in effect, will insure the payment by
        us of the costs and expenses related to the Bonds including payments of
        interest, principal and redemption premium, if any, on the Bonds. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Presently
        the initial interest rate on the Bonds is a weekly rate as defined in the
        Indenture which amounts to approximately 4.25% per annum payable monthly
        commencing December 1, 2008 based upon a 20-year amortization. We and RBC
        Bank
        are monitoring the rates available and it is our intention to lock-in at
        a
        longer term fixed rate as soon as practicable.</font></div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
        the
        closing of the Bond Offering we applied a total of $2,555,000 of Bond proceeds
        towards the pay down of the outstanding balance on our credit line, which
        had
        been used to purchase our new facility in September, 2008. This Bond closing
        and
        credit line repayment had the effect of increasing our over-all working capital
        position by having a -0- balance payable under our $5,000,000 credit line,
        and
        except for current payables, the majority of the indebtedness incurred from
        the
        Bond offering and Loan Agreement will be shifted from &#8220;current&#8221; to &#8220;long-term&#8221;
liabilities. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Loan
        Agreement and the Letter of Credit Agreement provide for the acceleration
        of
        indebtedness upon the occurrence of an event of default consisting of, among
        others: (i) our failure to pay any amount when due under the terms of the
        letter
        of Credit Agreement or Loan Agreement; (ii) our failure to perform any term,
        covenant or agreement contained in such agreements and such failure continues
        and remains unremedied for 30-days after its discovery or written notice
        to us
        by RBC Bank </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided
        however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        if such
        failure cannot be corrected within the applicable time, the Bank will not
        unreasonably withhold its consent to an extension if it appears such failure
        can
        be corrected and we are diligently pursuing such correction; (iii) if we
        trigger
        an event of default in any other loan agreement, line of credit, financial
        contract or other loan document and we fail to cure same; (iv) if we fail
        to pay
        our debts or indebtedness when they become due, or if we file a petition
        for
        relief under any bankruptcy, insolvency or moratorium law relating to debtors;
        (v) if we or any affiliates file a petition for liquidation, reorganization
        or
        other relief seeking the appointment of a custodian, trustee, receiver, or
        liquidator or otherwise fail to contest any such proceeding filed against
        us or
        otherwise consent to such; (vi) any judgment is filed against us an excess
        of
        $50,000 and enforcement proceedings are commenced and a stay in such proceedings
        is not in effect as to such after 30 days; and (vii) if we sustain a
        non-monetary judgment is granted against us which could have a material adverse
        effect upon our business, results of operations financial condition, assets
        or
        prospects and there shall be no stay of enforcement of such judgment in effect
        after a 30-day period.</font></div>
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        disbursements from the Bond account at closing (after applying $2,555,000
        to
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        aggregated $2,806,557 leaving a balance of 1,264,381 available from the Bond
        Offering proceeds for building renovation cost. </font></div>
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          has
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          duly authorized.</font></div>
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                <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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                    MEDICAL CORPORATION</strong></font></div>
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                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:&#160;November
                  18, 2008</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;<strong>Andrew
                  Makrides</strong></font></td>
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                  <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Andrew
                  Makrides, President</font></td>
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