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)
January
23, 2008 (January 22, 2008)
Commission
File No. 000-22390
SHARPS
COMPLIANCE CORP.
(Exact
Name Of Registrant As Specified In Its Charter)
|
Delaware
(State
Or Other Jurisdiction Of
Incorporation
Or Organization)
|
|
74-2657168
(IRS
Employer
Identification
No.)
|
9220
Kirby Drive, Suite 500
Houston,
Texas 77054
(Address
Of Principal Executive Offices)
Registrant’s
Telephone Number, Including Area Code)
713-432-0300
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 CFR240.14d-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
January 23, 2008, the Company announced the purchase of its currently leased
disposal facility in Carthage, Texas. The purchase includes an incinerator
with
a maximum capacity of thirty (30) tons per day, a 12,000 square foot building
and 4.5 acres of land. The Company, through a subsidiary, has leased the
facility since June of 2000. The facility is currently permitted to treat eleven
(11) tons per day of waste.
Additionally,
the Company has executed a purchase order for a state-of-the-art autoclave
system and technology capable of treating up to seven (7) tons per day of
medical waste at the same facility. Autoclaving is a process that treats medical
waste with steam at high temperature and pressure to kill pathogens. An
autoclave is environmentally cleaner and is a less costly method of treating
most medical waste versus traditional incineration.
The
new
autoclave is capable of treating not only the Sharps Disposable by Mail System®
products but also traditional medical waste from large quantity generators
such
as hospitals. The autoclave is expected to be operational by the summer of
this
calendar year.
With
the
addition of the autoclave, the Company believes it will own one of only
approximately ten (10) permitted commercial disposal facilities in the country
capable of treating all types of medical waste.
Sharps
Compliance is also expanding its ability to dispose of unused medications and
expired pharmaceutical waste including controlled substances. The Company is
in
the process of installing Drug Enforcement Agency (DEA) approved equipment
necessary to obtain DEA certification for the disposal of controlled substances.
It believes that it will be in a position to accept unused medications and
expired pharmaceutical waste, including controlled substances, for destruction
within the next 30 to 60 days.
The
total
cost of the incineration facility purchase, addition of the autoclave technology
and other planned improvements at the Carthage, Texas facility is estimated
to
be approximately $900,000 and expected to be incurred in the third and fourth
quarters of fiscal year 2008.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits.
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Exhibit No.
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Description
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99.1
|
|
Press
Release Announcing Purchase of Medical Waste Disposal Facility and
Addition of Autoclave Technology
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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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Date:
January 23, 2008
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SHARPS
COMPLIANCE CORP.
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By: |
/s/
David P. Tusa |
| |
Executive
Vice President, Chief Financial Officer, Corporate Secretary and
Business
Development
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