CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of Earliest Event Reported): August 10, 2009
PARADIGM
MEDICAL INDUSTRIES, INC.
(Exact
name of registrant as specified in this Charter)
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Delaware
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0-28498
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87-0459536
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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2355 South 1070
West, Salt Lake City, Utah
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84119
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
Telephone Number, Including Area Code:
(801)
977-8970
Does
Not
Apply
(Former
name or former address, if changed since last report)
Section
8.01. Other Events.
On August 10, 2009, Paradigm Medical
Industries, Inc. ("Paradigm") intends to file a Form 15, Certification and
Notice of Termination of Registration Under Section 12(g) of the Securities Act
of 1934, as amended (the "Exchange Act"). This is a voluntary filing
by the Company. By filing a Form 15 with the Securities and Exchange
Commission ("SEC"), the Company will terminate the registration of its common
stock under the Exchange Act and suspend its reporting obligations with the
SEC. The Company expects the termination of registration will become
effective 90 days after the date of the filing of the Form 15. The
Company's obligation to file certain reports and forms with the SEC, including
Forms 10-K, 10-Q, and 8-K, will be suspended immediately upon filing the Form
15.
As a result of filing a Form 15 with
the SEC, the Company's common stock will no longer meet the trading requirements
of the OTC Bulletin Board. It is anticipated that quotations for the
Company's common stock will be listed in the Pink Sheets, an electronic
quotation service for over-the-counter securities. The Company
intends to provide information for market makers to be able to quote the
Company's common stock on the Pink Sheets, but the Company can give no
assurances that any broker will make a market in the common stock.
The Company's Board of Directors made
this decision to voluntarily deregister the Company's common stock based on
several factors, including the costs of preparing and filing periodic reports
with the SEC, and the elimination of the substantial legal, audit, and other
costs associated with being a reporting company. The Board of
Directors determined that the increasing financial costs and commitment of
management's time to ongoing SEC reporting and complying with the many new
regulations that have been adopted is not justified in the Company's
circumstances. The Board of Directors believes that freeing up these
resources will create value for the Company's shareholders by allowing
management to better prepare and execute strategic plans, and improve the
Company's long-term financial strength.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly
authorized.
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PARADIGM
MEDICAL INDUSTRIES, INC.
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(Registrant)
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Date:
August 10, 2009
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By:
/s/
Stephen L.
Davis
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Stephen
L. Davis, President, Chief Executive Officer,
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and
Treasurer
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