CALYPTE BIOMEDICAL CORP - Recent Material Event

Item 1.01                      Entry into a Material Definitive Agreement
 
The Registrant and David Khidasheli have entered into a Memorandum of Understanding dated October 10, 2011 (the “MOU”) pursuant to which Mr. Khidasheli has agreed to invest a total of $1,000,000 in the Registrant. The investment will consist of a series of advances to the Registrant pursuant to a schedule to be determined by the parties within 30 days following the execution of the MOU. The first such advance, in the amount of $50,000, was made on October 10, 2011.
 
The Registrant expects that such advances will eventually be converted to Common Stock. During 2010 Mr. Khidasheli made a total of $500,000 in advances to the Registrant, which were converted to Common Stock at a rate of one share for every $0.03 advanced. The Company and Mr. Khidasheli have not entered into a definitive agreement under which Mr. Khidasheli’s advances will be converted to stock. Until such agreement is entered into, Mr. Khidasheli’s advances will represent debt obligations on the part of the Registrant.
 
A copy of the Registrant’s press release relating to the MOU is attached hereto as Exhibit 99.1.
 
Item 9.01                      Financial Statements and Exhibits
 
(d)           Exhibits
 
Exhibit No.
Description
99.1
Press release issued by the Registrant on October 14, 2011

 
SIGNATURES

Pursuant to the requirement 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:    October 14, 2011
 
Calypte Biomedical Corporation
 
       
 
By:
/s/ Adel Karas  
   
Adel Karas
President and Chief Executive Officer
 
       

 
 
 
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