Josef Wilms Info - Immucor 10-K (08/27/97)
Technetx,
I don't have any reliable data on instrument sales at this time. Mr. Gallup may make an announcement by September 5th as he indicated that placements would be made within the next 60 days from the July 5th ABS2000 FDA Approval press release date.
As for the Josef Wilms matter the only info available is contained in the following excerpt from Immucor's 10-K filed with the SEC on 08/27/97.
5. ACCOUNTS RECEIVABLE, OTHER
In fiscal 1997, Mr. Josef Wilms, the former president of the Company's German subsidiary, Immucor GmbH, borrowed, prior to his resignation, $300,000 from the Company at 6% interest, secured by his warrants to purchase 143,750 shares of the Company's Common Stock. At May 31, 1997, the amount outstanding under this loan was $309,000 including accrued interest.
In July 1997, management of the Company discovered that Mr. Wilms had caused Immucor GmbH to make unauthorized loans to him since 1994. The amounts advanced were documented in the records of Immucor GmbH, including interest rates ranging from 7.75% to 9.5%, and were generally paid down by the end of each accounting period, but were not disclosed to the Company's management. The largest aggregate amounts outstanding under the Immucor GmbH loans were $29,560 in fiscal 1994, $290,422 in fiscal 1995, $669,398 in fiscal 1996 and $1,310,730 in fiscal 1997. At May 31, 1997, the aggregate outstanding amount under the Immucor GmbH loan was approximately $1,300,000.
Mr. Wilms, his wife and son have granted liens on certain property owned by them in Germany and Portugal to collateralize the loans from the Company and Immucor GmbH, and Mr. Wilms has agreed to grant liens on additional property owned by him and located in the United States. Management believes that the value of the collateral significantly exceeds the outstanding loan amounts.
Mr. Wilms has agreed to pay all amounts borrowed from the Company and Immucor GmbH, plus interest at 8.25%, plus the Company's expenses in securing the loans, by October 31, 1997. If these amounts are not fully repaid by that date, the Company intends to arrange for the sale of some or all of the collateral to the extent necessary to recover the unpaid balance.
Mr. Wilms is expected to remain as a consultant to the Company through December 31, 1997 on European sales and marketing matters.
sec.gov
Perhaps there will be an update contained in the next 10-K unless the loan has been paid in full as agreed.
Regards,
Tom |
