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Write up on HEMA
I've done a little write up on HEMA on my blog.
http://www.nonamestocks.com/2015/08/hemacare-transformation.html
Hi Ezey,
I still follow a little bit. They retrenched, sold off or closed problem businesses and people and now focused on what they do best. Collect Blood for profit. I will do some current DD and get back to you.
is anyone following this co.
I have 300 shares from the 1992
is it going to make it or should I just forget them?
Form 10-Q Released
Form 10-Q Released
HemaCare Corporation today reported results for the quarter ended March 31, 2012. For the period, consolidated revenue from continuing operations increased by 15%, from $3.91 million to $4.48 million, while the net loss from operations fell to $213,000 from $495,000 in the year earlier period. On a quarterly sequential basis, consolidated revenue from continuing operations increased by 8.4% and the net operating loss from continuing operations decreased by 68% compared to the quarter ended December 31, 2011. The 2012 first quarter also included a one-time non-cash gain of $1.92 million due to the discharge of liabilities related to the Company’s former HemaCare BioScience, Inc. Subsidiary (“HemaBio”).
The Company’s balance sheet, reflecting the discharge of HemaBio’s liabilities, substantially improved from the prior quarter. Tangible book value reached $5.9 million, or $0.57 per share, with cash of $2.5 million, or $0.24 per share, and no long-term debt.
Commenting on the results, HemaCare’s Chief Executive Pete van der Wal stated, “We started 2012 with improving results which we intend to build on over the balance of the year. With a dramatically streamlined cost structure, a strengthened balance sheet, and intensified focus on our core businesses following the divestiture of our red blood cell collection operations in 2011, sustained profitable growth remains our near-term objective.”
Starting to look better here
http://stockcharts.com/h-sc/ui?s=HEMA&p=D&yr=0&mn=6&dy=0&id=p35467808142
imo
HemaCare Board Re-Elected and Gerber Named Chairman
May 28, 2009 4:20:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesLOS ANGELES, CA -- (MARKET WIRE) -- 05/28/09 -- HemaCare Corporation (OTCBB: HEMA) announced at its annual meeting of shareholders yesterday, all HemaCare Corporation board members were re-elected by shareholders. Subsequently, the board appointed Steven B. Gerber, M.D. as its Chairman. Dr. Gerber, a member of the HemaCare Board of Directors since 2003, currently chairs the Audit Committee of the Board of Directors.
"I am honored and enthusiastic about my appointment as Chairman, and look forward to working with HemaCare management to achieve our corporate growth objectives," said Gerber, who added, "I also want to acknowledge Jay Steffenhagen, who has served as Chairman since 2002 and Interim CEO in 2007 and 2008. Jay's leadership and operating skills have greatly benefited the Company and its shareholders, and the board and I are very pleased that he will continue as a Director so that HemaCare can benefit from his counsel."
About HemaCare Corporation
Founded in 1978, HemaCare is a provider of blood products and services to the healthcare industry. HemaCare is licensed by the FDA and accredited by the AABB. The Company focuses on the customized delivery of human blood-related products and services.
This press release contains "forward-looking statements" under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Statements herein that are not historical facts are forward-looking statements pursuant to the safe harbor provisions referenced above. You may also identify forward-looking statements by use of the words "anticipates," "expects," "intends," "plans" and similar expressions. These forward-looking statements include, but are not limited to "Jay's leadership and operating skills have greatly benefited the Company and its shareholders, and the board and I are very pleased that he will continue as a Director so that HemaCare can benefit from his counsel." Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified. Such risks and uncertainties include, without limitation, the following: costs increasing more rapidly than market prices could reduce profitability; changes in demand for blood products could affect profitability; declining blood donations could affect profitability; changing economic conditions could impact the ability of customers to pay the Company's invoices; operations depend on services of qualified professionals and competition for their services is strong; industry regulations and standards could increase operating costs or result in closure of operations; the discontinuation of the operation of the Company's Florida-based research subsidiary may hinder the Company's ability to generate profits; the decrease in reimbursement rates may affect profitability; not-for-profit status gives advantages to competitors; the potential inability of the Company to meet future capital needs could impact ability to operate; reliance on relatively few vendors for significant supplies and services could affect the Company's ability to operate; potential adverse effect from changes in the healthcare industry, including consolidations, could affect access to customers; limited access to insurance could affect ability to defend against possible claims; future technological developments or alternative treatments could jeopardize the business; the ability to attract, retain and motivate management and other skilled employees; product safety and product liability could provide exposure to claims and litigation; targeted partner blood drives involve higher collection costs; environmental risks could cause the Company to incur substantial costs to maintain compliance; the threat of business interruption due to terrorism and the security measures taken in response to terrorism could adversely impact profitability; business interruption due to earthquakes could adversely impact profitability; the evaluation and consideration of strategic alternatives, and other significant projects, may distract management from reacting appropriately to business challenges and lead to reduced profitability; strategy to acquire companies may result in unsuitable acquisitions or failure to successfully integrate acquired companies, which could lead to reduced profitability; the Articles of Incorporation and Rights Plan could delay or prevent an acquisition or sale of HemaCare; quarterly revenue and operating results may fluctuate in future periods and the Company may fail to meet investor expectations; the Company's stock is traded on the OTC Bulletin Board and therefore is subject to greater market risk than those of exchange-traded stocks since they are less liquid; the Company's stock price could be volatile; future sales of equity securities could dilute the Company's common stock; the lack of dividend payments could impact the price of the Company's common stock; the evaluation of internal control and remediation of potential problems will be costly and time consuming and could expose weaknesses in financial reporting; and the other risks and uncertainties discussed from time to time in the documents HemaCare files with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlined in the forward-looking statements contained herein. The Company undertakes no obligation to update any of these forward-looking statements to reflect actual results or events or circumstances after the date hereof.
Contact:
HemaCare Corporation
Robert S. Chilton
Executive Vice President and Chief Financial Officer
877-310-0717
www.hemacare.com
HemaCare Reports Sixth Consecutive Profitable Quarter
May 7, 2009 9:10:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesLOS ANGELES, CA -- (MARKET WIRE) -- 05/07/09 -- HemaCare Corporation (OTCBB: HEMA) announced today first quarter 2009 results, which include a $1.1 million, or 13%, increase in revenue compared to the same quarter of 2008. Sales for the quarter were $9.7 million, compared to $8.6 million for the first quarter of 2008. The Company generated first quarter net income of $69,000, or $0.01 per share, compared to $87,000, or $0.01 per share, in the first quarter of 2008.
Gross profit increased $30,000 in the quarter to $1.535 million. The gross profit margin from continuing operations in the quarter was 16%, compared to 17% in the first quarter of 2008. General and administrative expenses for the quarter increased $38,000, or 3%, compared to the same period of 2008. During the first quarter of 2009, the Company incurred $92,000 in consulting costs associated with Sarbanes-Oxley compliance for 2007 and 2008, which were not incurred in the first quarter of 2008. For the quarter, general and administrative expenses represented 15% of revenue, a decrease from 16% reported for the same quarter of 2008.
Commenting on the results, John Doumitt, the Company's Chief Executive Officer, stated, "Historically, the first quarter is challenging for our industry and this year the usual seasonal pressure on sales was heightened by the poor economy. We are pleased to be able to report increased blood products revenue and overall profitable results in this environment. This is the sixth consecutive quarter of profits from continuing operations and we are encouraged that our many initiatives to rebuild and strengthen HemaCare continue to gain traction. We remain committed to growing sales and margins by delivering exceptional value to customers and improving our own operating efficiencies."
Discussion of Discontinued Operations
The Company's Florida-based research blood products subsidiary was closed on November 5, 2007. This subsidiary generated a first quarter 2009 loss of $12,000, whereas there was no activity recorded for the same period of 2008. Closure activities for this subsidiary are still underway, although it is not expected that they will have a negative impact on future results.
About HemaCare Corporation
Founded in 1978, HemaCare is a provider of blood products and services to the healthcare industry. HemaCare is licensed by the FDA and accredited by the AABB. The Company focuses on the customized delivery of human blood-related products and services.
This press release contains "forward-looking statements" under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Statements herein that are not historical facts are forward-looking statements pursuant to the safe harbor provisions referenced above. You may also identify forward-looking statements by use of the words "anticipates," "expects," "intends," "plans" and similar expressions. These forward-looking statements include, but are not limited to "we are encouraged that our many initiatives to rebuild and strengthen HemaCare continue to gain traction", "we remain committed to growing sales and margins by delivering exceptional value to customers and improving our own operating efficiencies" and "closure activities for this subsidiary are still underway, although it is not expected that they will have a negative impact on future results". Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified. Such risks and uncertainties include, without limitation, the following: costs increasing more rapidly than market prices could reduce profitability; changes in demand for blood products could affect profitability; declining blood donations could affect profitability; changing economic conditions could impact the ability of customers to pay the Company's invoices; operations depend on services of qualified professionals and competition for their services is strong; industry regulations and standards could increase operating costs or result in closure of operations; the discontinuation of the operation of the Company's Florida-based research subsidiary may hinder the Company's ability to generate profits; the decrease in reimbursement rates may affect profitability; not-for-profit status gives advantages to competitors; the potential inability of the Company to meet future capital needs could impact ability to operate; reliance on relatively few vendors for significant supplies and services could affect the Company's ability to operate; potential adverse effect from changes in the healthcare industry, including consolidations, could affect access to customers; limited access to insurance could affect ability to defend against possible claims; future technological developments or alternative treatments could jeopardize the business; the ability to attract, retain and motivate management and other skilled employees; product safety and product liability could provide exposure to claims and litigation; targeted partner blood drives involve higher collection costs; environmental risks could cause the Company to incur substantial costs to maintain compliance; the threat of business interruption due to terrorism and the security measures taken in response to terrorism could adversely impact profitability; business interruption due to earthquakes could adversely impact profitability; the evaluation and consideration of strategic alternatives, and other significant projects, may distract management from reacting appropriately to business challenges and lead to reduced profitability; strategy to acquire companies may result in unsuitable acquisitions or failure to successfully integrate acquired companies, which could lead to reduced profitability; the Articles of Incorporation and Rights Plan could delay or prevent an acquisition or sale of HemaCare; quarterly revenue and operating results may fluctuate in future periods and the Company may fail to meet investor expectations; the Company's stock is traded on the OTC Bulletin Board and therefore is subject to greater market risk than those of exchange-traded stocks since they are less liquid; the Company's stock price could be volatile; future sales of equity securities could dilute the Company's common stock; the lack of dividend payments could impact the price of the Company's common stock; the evaluation of internal control and remediation of potential problems will be costly and time consuming and could expose weaknesses in financial reporting; and the other risks and uncertainties discussed from time to time in the documents HemaCare files with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlined in the forward-looking statements contained herein. The Company undertakes no obligation to update any of these forward-looking statements to reflect actual results or events or circumstances after the date hereof.
(Financial Table Follows)
HemaCare Corporation
Condensed Consolidated Data
(Unaudited)
Three Months Ended
March 31,
2009 2008
------------ -------------
Statements of Income
Revenue $ 9,711,000 $ 8,608,000
Gross profit $ 1,535,000 $ 1,505,000
General and administrative expenses $ 1,451,000 $ 1,413,000
------------ -------------
Income from continuing operations before income
taxes $ 84,000 $ 92,000
Provision for income taxes $ 3,000 $ 5,000
------------ -------------
Income before continuing operations $ 81,000 $ 87,000
Loss from discontinued operations $ (12,000) $ -
------------ -------------
Net income $ 69,000 $ 87,000
============ =============
Basic earnings per share $ 0.01 $ 0.01
============ =============
Diluted earnings per share $ 0.01 $ 0.01
============ =============
Weighted average shares outstanding - basic 9,904,000 8,909,000
============ =============
Weighted average shares outstanding - diluted 9,975,000 9,053,000
============ =============
March 31, December 31,
2009 2008
------------ -------------
Balance Sheets
Assets
Cash and cash equivalents $ 197,000 $ 903,000
Other current assets 7,538,000 8,298,000
Non-current assets 4,340,000 4,495,000
------------ -------------
Total assets $ 12,075,000 $ 13,696,000
============ =============
Liabilities and Shareholders' Equity
Current liabilities $ 6,779,000 $ 8,513,000
Deferred rent 635,000 645,000
Shareholders' equity 4,661,000 4,538,000
------------ -------------
Total liabilities and shareholders' equity $ 12,075,000 $ 13,696,000
============ =============
Contact:
HemaCare Corporation
Robert S. Chilton
Executive Vice President and Chief Financial Officer
877-310-0717
www.hemacare.com
FORM 10-Q released. Numbers would look good if there wasn't the huge mess with the ending of the HemaBio unit from 2007. The key is 6 months from now when they report the first Qt. They will be clear from the old issues and can start pumping fresh numbers for investors to infuse.
http://www.sec.gov/Archives/edgar/data/801748/000104746908012321/a2189126z10-q.htm
"Blood services revenue increased $420,000, or 8%, to $6,010,000 in the first nine months of 2008 from $5,590,000 generated in the same period of 2007 primarily due to a 7% increase in the number of procedures performed. The Company's California operations reported a 4% decrease in the number of procedures performed for the period, whereas the Company's Mid-Atlantic operations reported a 17% increase in the number of procedures performed.
Blood services gross profit increased $386,000, or 30%, from $1,296,000 in the first nine months 2007 to $1,682,000 during the same period of 2008, primarily as a result of the increase in revenue. The gross profit percentage for this business segment increased to 28% for the first nine months of 2008, from 23% for the same period of 2007. This improvement is a result of operational efficiencies as a result of an increase in the number of procedures performed, primarily from the Company's Mid-Atlantic based operations."
HemaCare Reports Profitable Second Quarter
LOS ANGELES, CA--(MARKET WIRE)--Aug 13, 2008 -- HemaCare Corporation announced today a substantial improvement in the second quarter of 2008 when compared to the same period of 2007. Net income in the quarter was $428,000. In the second quarter of 2007, the Company reported a loss of $413,000. Sales from continuing operations were $9.6 million, 14% greater than the same period of 2007. Net income from continuing operations was $165,000, compared to a second quarter 2007 loss of $614,000.
http://ca.us.biz.yahoo.com/iw/080813/0424675.html
**My note: I like seeing income vs losses. They could bring in over 40 Million for the year with a profit of half a Million or more. Usually one day later the sec.gov site has an explanation of the earnings. http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000801748&owner=include&count=40
anybody have thoughts on the quarterly?
looking good still
Congrats to the HEMA holders, charts turning up as well. Could be nice, I thought it would of done .50-.70 near term but couldn't wait anymore. Opportunity costs is too high to be in a dead position. But this one may be coming back to life. About Time.
HemaCare Reports Profitable Fourth Quarter Results From Continuing Operations
HemaCare Corporation (OTCBB: HEMA) announced today fourth quarter and year ended December 31, 2007 results. Including discontinued operations, the Company generated a loss in the quarter of $1,431,000, or $.16 per basic and fully diluted share, and for the year an overall loss of $7.8 million, or $0.90 per basic and fully diluted share. In 2006, net income for the quarter and year was $957,000 and $1.9 million, respectively.
Discussion of 2007 Continuing Operations
Fourth quarter revenues were $9.0 million, a decrease of 6% from the prior-year period. Income was $130,000 compared to $745,000 for the same quarter of 2006, which included an income tax benefit of $622,000 from the recognition of a deferred tax asset. Revenue for the year was $34.2 million, a 2% decrease from 2006, with a loss of $1.8 million compared to prior year income of $1.5 million.
The blood products segment gross profit in the quarter decreased $95,000, or 7%, when compared to 2006, principally due to a decline in whole blood collections at the Company's California-based mobile operations and cost increases for product testing, facilities and fuel. The blood services segment reported an $87,000, or 21%, improvement in gross profit for the fourth quarter of 2007 compared to the prior year period, driven mostly by a decrease in staff costs at the Company's Mid-Atlantic operation. For the year, gross profit decreased $1.2 million, or 18%, when compared to 2006.
General and administrative expenses for the year increased $946,000, or 18%, to $6.3 million from $5.4 million in 2006. This increase resulted principally from an increase in outside service costs for accounting, legal and Sarbanes-Oxley compliance consulting and $326,000 in non-recurring severance expense for the Company's former Chief Executive Officer. For all of 2007, general and administrative expenses represented 19% of revenue, an increase from 16% reported in 2006. General and administrative expenses in the fourth quarter increased $15,000, or 1%, compared to the prior year period, and represented 17% of sales.
Discussion of Discontinued Operations
The Company's Florida-based research blood products subsidiary was closed on November 5, 2007. This subsidiary generated a fourth quarter loss of $1,561,000 compared to a $212,000 profit in the same quarter of 2006. The loss includes operating losses for the period, severance and write-downs of assets to expected realizable value. Total losses incurred by this subsidiary in 2007 were $6.0 million, including a third quarter recognition of $4.3 million for goodwill impairment. The Company believes no further negative impact on its financial performance is likely from the closure of this operation.
Commenting on the 2007 results, Jay Steffenhagen, the Company's Interim Chief Executive Officer, stated, "We are pleased to report progress toward a return to profitable operations. Renewed focus on collections and cost containment initiatives have produced some positive results in the fourth quarter, strengthened by collections at schools, which re-opened after the summer break. The company continues to seek better operating results, but it is important to note that the first quarter of 2008 is expected to be seasonally weak, with sequentially lower sales when compared to the fourth quarter of 2007. Challenges remain, but everyone at HemaCare is striving for sales growth and profitability. I look forward to reporting on our progress in future quarters."
About HemaCare Corporation
Founded in 1978, HemaCare is a provider of blood products and services to the healthcare industry. HemaCare is licensed by the FDA and accredited by the AABB. The Company focuses on the customized delivery of human blood-related products and services.
I did some of it, it's outdated now. Anything new with HEMA?
Posted by: fusi0n
Join Date: Feb 2008
Posts: 22
HemaCare Corporation Patents:
US Patent No. Title
7125552 Method for high yield purification of immune globulins from blood plasma and blood plasma intermediates
6893639 Method for high yield purification of immune globulins from blood plasma and blood plasma intermediates
agree-today a good day for hema
Great stuff, the light volume over the last few months sure does make me think this might be ready to trend back up...
First PR in quite a while definetly helps too!
yep - morecash is the man
morcash is that your handy work in the Ibox here?
Is it the asst mod's DD then? it would be nice to know...
Nice board G, did you do the DD in the Ibox?
From the Ibox (why the PPS Declined)
On October 17th HEMA filed a 8-k form with the SEC stating that the company was defaulting on notes related to the acquisition of Teragenix/HemaBio. HemaBio was apparently loosing money and HemaCare was setting up the closing of HemaBio. At that time pps fell to .80, then the fun began. Praetorian Capital Offshore hedgefund which owned 1.2M shares decided to exit their position dumping their shares into the market and bringing the pps down to .26. Just as the charts were lining up for a rebound the company submitted another 8-k filing. This time they announced that HemaBio was closed and pps dropped on 11/8 to a low of .13 and closed at .19.
The notes in default are secured by assets of HemaBio - so what closing it anyways.
HemaCare is cleaning up thier business and eliminating the failing division which they paid too much for. By default, the debt for the notes will be removed as the note holders put claim on the HemaBio assets. Wait it gets better, those notes are subordinate to the Bank to which HemaCare has a credit line established with. Thus, HemaCare is woring with Comercia bank to close HemaBio's failing division.
Outcome: As stated in the 8-k filings HemaCare has nonrecurring restructuring charges which will be recognized in Q3 and Q4 07. Clearing the way to higher profitability in 2008.
Do the math, company market cap is only 1.67M as of close 11/8. It was as high as 29M earlier this year and 11.5M early October. The compay is restructuring for higher profitability and is set to continue operations.
WHAT NOW? Well the fundamentals of the company haven't changed this week, they had 36.4M in Revenue 2006 and were on track as of last qtr to beat that number. Book value is 1.13pps.
Praetorian Capital
Offshore Hedge fund. Held 1.2M shares purchased in 2006 with an average pps over 2.00.
May 2007 sold 5,000
10/18 sold 130k
10/19 sold 130k
10/22 sold 77,100
10/23 sold 140k
As of 10/23 still held 792,900 shares
10/30 sold 5k for .342
10/31 sold 240k for .3084 share remaning 547,900
Since our last Form 13G filing dated October 19, 2007, through
the date of this filing, the Funds made the following
transactions:
November 1, 2007 sold 117,500 shares
November 2, 2007 sold 80,000 shares
November 5, 2007 sold 35,000 shares
November 6, 2007 sold 10,000 shares
November 7, 2007 sold 47,500 shares
November 8, 2007 sold 257,900 shares
Since we no longer own more than 5% of the shares of the issuer,
no further Form 13G filings will be made unless we are one again
required to do so.
Reports Profitable 4th QT Results From Continuing Operations
LOS ANGELES, CA--(MARKET WIRE)--Mar 3, 2008 -- HemaCare Corporation (OTC BB:HEMA.OB - News) announced today fourth quarter and year ended December 31, 2007 results. Including discontinued operations, the Company generated a loss in the quarter of $1,431,000, or $.16 per basic and fully diluted share, and for the year an overall loss of $7.8 million, or $0.90 per basic and fully diluted share. In 2006, net income for the quarter and year was $957,000 and $1.9 million, respectively.......
http://biz.yahoo.com/iw/080303/0369885.html
Mr Wolf is now up to 800,000 shares http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?FilingID=5701423&Type=HTML
Looks like it's digging itself out of the hole?
Numbers soon?
SS
Someone forward looking perhaps...
That is what I was unsure of..The debt is following the others and not staying with us
GLTY IMO it should see .40-.50 again but it's going to take a positive update from Chilton on operations. Watching from a distance.
Nothing new. We knew were letting Hemcarebio go and that the associated debts were secured by Hemacarebio assets so it's expected to see that let go. The good news is that the writeoffs from last QTR didn't forcast relief from Hemacarebio assets so IF they receive a gain that will help HEMA next qtr.
So what do you think that means for them now morcash?
thanks. i still have a small position. i will buy more if it ever shows signs of life.
That was expected, surprised it took so long to show up fwiw.
Nothing. lol, dead at the moment. Looks like a few exited with higher than normal days about a two weeks ago. I'm out at the moment with a big loss but can't let it sit idle for too long. IMO - They'll either be positioned for a turnaround and stock will bounce hard in Jan or they'll dillute the stock since they don't have funds or access to credit. IMO - the pivotal moment will be the next qtr filing.
morcash - whats up with this one these days?
Here are our big current holders:
James G. Wolf 650,000
Gil Avidar 706,901
Banque Carnegie Luxembourg S.A. 775,519
Total Shares: 2,132,420 (24.2%) out of 8,799,955 shares of Common Stock as of 11/6/2007 (Per 10-Q)
I know..Looked like good news to me..Your thoughts?
Here is the HEMA income statement that was released yesterday:
http://finance.yahoo.com/q/is?s=hema.ob
Flatsixer
Leonidas...That 8K was filed by Hemacare Corporation to officiall announce the closing of their SUBSIDIARY in Florida which has the name HemaBio.
Flatsixer
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 Exch a nge Act of 1934
Date of Report (Date of the earliest event reported): December 7, 2007
HEMACARE CORPORATION
(Exact name of registrant as specified in its charter)
California 000-15223 95-3280412
(State or other jurisdiction
of incorporation or organization) (Commission
File Number) (I.R.S. Employer
Identification No.)
15350 Sherman Way, Suite 350, Van Nuys, CA 91406
(Address of principal executive offices) (Zip Code)
(818) 226-1968
(Registrant’s telephone number, including area code)
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:
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 November 5, 2007, HemaCare BioScience, Inc. (“HemaBio”), the wholly owned Florida-based research products subsidiary of HemaCare Corporation (the “Company”), ceased operations. See the Company’s Current Report on Form 8-K filed with the SEC on November 7, 2007.
On December 4, 2007, HemaBio executed and delivered an Assignment for Benefit of Creditors, under Florida Statutes Section 727.101 et seq. (“Assignment”), assigning all of its assets to an assignee, who is responsible for taking possession of, protecting, preserving, and liquidating such assets and ultimately distributing the proceeds to creditors of HemaBio according to their priorities as established by Florida law.
The Assignment is a legally prescribed business liquidation mechanism under the Florida State law that is an alternative to a formal bankruptcy proceeding. A designated assignee will serve in a fiduciary capacity in connection with the foregoing Assignment and will assume his duties effective immediately.
The designated Assignee in this matter is:
Phil Von Kahle
Michael Moecker & Associates
6861 SW 196 th Avenue
Building 201
Fort Lauderdale, FL 33332
Phone: (954) 252-1560
Fax: (954) 252-2791
The Assignee filed a petition commencing the assignment proceedings in the Circuit Court of Broward County, Florida on December 7, 2007 as Case Number CACE0734166.
Under the terms of the Assignment, HemaBio transferred to the Assignee, in trust for the benefit of each of HemaBio’s creditors, all property, including (but not limited to) the assets, accounts receivable, inventory, lists of creditors, books and records, etc. Under Florida State law, the Assignee has the full power and authority to dispose of the property, sue for and recover in his own name everything belonging to HemaBio, compromise and settle all claims, disputes and litigations of, and review any transfers of HemaBio’s property.
Item 9. Exhibits
Exhibit No. Description
99.1 Assignment for the Benefit of Creditors
2
--------------------------------------------------------------------------------
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: December 14, 2007 HEMACARE CORPORATION
By /s/ Robert S. Chilton
Robert S. Chilton,
Executive Vice President and Chief Financial Officer
Getting a little buying today, could be the start of something nice for a change here.
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