Unassociated Document
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 Exchange Act of
1934
Date
of
Report (date of earliest event reported): October 15, 2007
MEDICAL
DISCOVERIES, INC
(Exact
Name of Registrant as Specified in Charter)
Utah
|
(State
of
Incorporation)
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000-24569
|
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87-0407858
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(Commission
File Number)
|
|
(I.R.S.
Employer Identification
No.)
|
|
|
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6033
W. Century Blvd, Suite 1090, Los Angeles,
California
|
|
90045
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(Address
of Principal Executive
Offices)
|
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(Zip
Code)
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(801)
582-9583
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(Registrant’s
Telephone Number, Including Area
Code)
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1338
S. Foothill Drive, #266, Salt Lake City,
Utah 84108
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(Former
Name or Former Address, if Changed Since
Last Report)
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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:
¨
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Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425).
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¨
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Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12).
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¨
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Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c)).
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ITEM
1.01 |
ENTRY
INTO A MATERIAL AGREEMENT
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On
October 15, 2007, Medical Discoveries, Inc. (the “Registrant”)
entered into a Service Agreement (the “Agreement”)
with
Corporativo LODEMO S.A DE CV, a Mexican corporation (collectively, the
“LODEMO
Group”).
As
previously disclosed, the Registrant has commenced developing a new business
to
produce and sell seed oil harvested from the planting and cultivation of the
Jatropha
curcas plant
for
the purpose of providing feedstock oil used to produce bio-diesel (“Jatropha
Business”).
Jatropha is a hardy, fast-growing plant that is native to Central America,
Mexico and the Caribbean.
The
Registrant has decided to initiate its Jatropha Business in Mexico, and has
already identified parcels of land in Mexico to plant and cultivate Jatropha.
In
order to obtain all of the logistical and other services needed to operate
a
large-scale farming and transportation business in Mexico, the Registrant
entered into the Agreement with the LODEMO Group, a privately held Mexican
company with substantial land holdings, significant experience in diesel
distribution and sales, liquids transportation, logistics, land development
and
agriculture.
Under
the
supervision of the Registrant’s management, the LODEMO Group will be responsible
for the establishment, development, and day-to-day operations of the
Registrant’s Jatropha Business in Mexico, including the extraction of the oil
from the Jatropha seeds, the delivery of the Jatropha oil to buyers, the
purchase or lease of land in Mexico, the establishment and operation of one
or
more Jatropha nurseries, the clearing, planting and cultivation of the Jatropha
fields, the harvesting of the Jatropha seeds, the operation of the Registrant’s
oil extraction facilities, and the logistics associated with the foregoing.
Although the LODEMO Group will be responsible for identifying and acquiring
the
farmland, ownership of the farmland or any lease thereto will be held directly
by the Registrant or by a Mexican subsidiary of the Registrant. The LODEMO
Group
will be responsible for hiring and managing all necessary employees. All direct
and budgeted costs of the Jatropha Business in Mexico will be borne by the
Registrant.
The
LODEMO Group will provide the foregoing and other necessary services for
a fee
primarily based on the number of hectares of Jatropha under cultivation.
The
Registrant has agreed to pay the LODEMO Group a fixed fee per year of $60
per
hectare of land planted and maintained with minimum payments based on 10,000
hectares of developed land, to follow a planned planting schedule. The Agreement
has a 20-year term but may be terminated earlier by the Registrant under
certain
circumstances. The LODEMO Group also will potentially receive incentive
compensation for controlling costs below the annual budget established by
the
parties, production incentives for increase yield and a sales commission
for
biomass sales.
On
October 19, 2007, the Company filed a press release (the “Press
Release”)
announcing the execution of the Agreement. A copy of the Press Release is filed
as an exhibit to this Current Report on Form 8-K.
ITEM
9.01 |
FINANCIAL
STATEMENTS AND EXHIBITS
|
|
(a) |
The
Agreement will be filed with the next periodic report that the Registrant
is required to file pursuant to the Securities Exchange Act of
1934.
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Exhibit
No.
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|
Description
|
99.1
|
|
Press
Release dated October 19, 2007 relating to the
Agreement
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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.
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MEDICAL
DISCOVERIES, INC. |
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|
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Date: October
19, 2007 |
By: |
/s/ RICHARD
PALMER |
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Richard
Palmer |
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President
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EXHIBIT
INDEX
Exhibit
No.
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|
Description
|
99.1
|
|
Press
Release dated October 19, 2007 relating to the
Agreement
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