UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): March 29, 2006
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ROCKWELL MEDICAL TECHNOLOGIES, INC.
(Exact name of registrant as specified in its Charter)
Michigan 000-230-661 38-3317208
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
30142 Wixom Road, Michigan 48334
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (248) 960-9009
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Not applicable
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(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):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On March 29, 2006, LaSalle Bank Midwest National Association, formerly
known as Standard Federal Bank National Association (the "Lender"), approved a
renewal of its Loan and Security Agreement (the "Loan Agreement") with Rockwell
Medical Technologies, Inc. ("Rockwell"). The Lender's commitment to make
revolving borrowings under the Loan Agreement now expires on April 1, 2007. The
Loan Agreement provides for revolving borrowings by Rockwell up to $2,750,000.
Borrowings under the Loan Agreement are secured by accounts receivable,
inventory and certain other assets, and are guaranteed by Rockwell's subsidiary,
Rockwell Transportation, Inc. ("Transportation").
The annual interest rate payable on revolving borrowings under the Loan
Agreement is the Lender's prime rate, as it may change from time to time, plus
0.75%. Interest on revolving borrowings is payable monthly, and principal is
payable in full at maturity.
There is no material relationship between Rockwell and the Lender other
than in respect of the Loan Agreement.
The foregoing description is qualified in its entirety by reference to
the Loan Agreement, the revolving note executed by Rockwell for the benefit of
the Lender and the guaranty executed by Transportation for the benefit of the
Lender, copies of which were filed as Exhibits 99.1, 99.2 and 99.3,
respectively, to Rockwell's Form 8-K filed on March 31, 2005, and the letter
dated March 29, 2006 from the Lender to Rockwell, a copy of which is filed
herewith as Exhibit 99.1, all of which are hereby incorporated by reference.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION
UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
The information described above under "Item 1.01 Entry into a Material
Definitive Agreement" is hereby incorporated herein by reference.
ITEM 7.01 REGULATION FD DISCLOSURE.
The information described above under "Item 1.01 Entry into a Material
Definitive Agreement" is hereby incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
The following exhibit is filed with this Form 8-K
Exhibit Description
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99.1 Letter dated March 29, 2006 from LaSalle Bank Midwest
National Association to Rockwell Medical Technologies, Inc.
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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.
ROCKWELL MEDICAL TECHNOLOGIES, INC.
Date: April 11, 2006 By: /s/ Thomas E. Klema
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Thomas E. Klema
Vice President and Chief Financial Officer
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EXHIBIT INDEX
Exhibit Description
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99.1 Letter dated March 29, 2006 from LaSalle Bank Midwest
National Association to Rockwell Medical Technologies, Inc.