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<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION</B> </FONT></P>
<P id=PARA2 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Washington, D.C. 20549</B></FONT></P>
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<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, Times, serif"><B>FORM 8-K</B></FONT></P>
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<P id=PARA5 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CURRENT REPORT</B></FONT></P>
<P id=PARA6 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P>
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<P id=PARA8 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date of Report (Date of earliest event reported): <U>March </U><U>25, </U><U>2015</U></FONT></P>
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<P id=PARA10 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman, Times, serif"><B><U>ERBA Diagnostics, Inc.</U></B></FONT></P>
<P id=PARA11 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Exact name of registrant as specified in its charter)</FONT></P>
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<P id=PARA17 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Delaware </FONT></P></TD>
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<P id=PARA19 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">1-14798 </FONT></P></TD>
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<P id=PARA21 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">11-3500746</FONT></P></TD></TR>
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<P id=PARA27 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(State or other jurisdiction <BR>of incorporation) </FONT></P></TD>
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<P id=PARA29 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Commission<BR>File Number) </FONT></P></TD>
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<P id=PARA31 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(IRS Employer<BR>Identification No.)</FONT></P></TD></TR></TABLE><BR>
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<P id=PARA33 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">14100 NW 57<SUP style="vertical-align: baseline; position: relative; bottom:.33em;">th</SUP> Court, <BR>Miami Lakes, Florida</FONT></P></TD>
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<P id=PARA35 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">33014</FONT></P></TD></TR>
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<P id=PARA39 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Address of principal executive offices) </FONT></P></TD>
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<P id=PARA44 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Registrant&#8217;s telephone number, including area code: <U>305-324-2300</U></FONT></P>
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<P id=PARA46 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U>Not Applicable</U><BR>(Former name or former address, if changed since last report.) </FONT></P>
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<P id=PARA48 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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):</FONT></P>
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<P id=PARA80 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 1.01 Entry into a Material Definitive Agreement.</B></FONT></P>
<P id=PARA81 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA82 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On March 25, 2015, ERBA Diagnostics, Inc. (the &#8220;<U>Company</U>&#8221;) entered into that certain Business Loan Agreement (the &#8220;<U>New Loan Agreement</U>&#8221;) and that certain Promissory Note (the &#8220;<U>New Note</U>&#8221;) with Citibank, N.A. (&#8220;<U>Citibank</U>&#8221;), which provides for a secured, revolving credit facility of up to $3,500,000 (the &#8220;<U>New Line of Credit</U>&#8221;). The New Line of Credit has replaced the secured, revolving credit facility of up to $2,000,000, which the Company had entered into with Citibank on March 1, 2013 (the &#8220;<U>Old Line of Credit</U>&#8221;) and which is no longer outstanding.</FONT></P>
<P id=PARA83 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA84 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amounts outstanding under the New Line of Credit (a) will accrue interest at an annual rate equal to the 30-day LIBOR plus 1.75% and (b) will become due and payable on February 29, 2016, subject to acceleration upon the occurrence of certain specified events of default that the Company believes are customary for transactions of this type. Pursuant to the New Loan Agreement, the Company will be subject to certain specified positive and negative covenants (including, without limitation, the requirements to maintain a specified capital base and a specified leverage ratio) that the Company believes are customary for transactions of this type. </FONT></P>
<P id=PARA85 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA86 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amounts outstanding under the New Line of Credit will be secured by all of the assets of the Company and its wholly-owned subsidiaries located in the United States &#8211; Diamedix Corporation (&#8220;<U>Diamedix</U>&#8221;), ImmunoVision, Inc. (&#8220;<U>ImmunoVision</U>&#8221;), Drew Scientific, Inc. (&#8220;<U>Drew Scientific</U>&#8221;), and JAS Diagnostics, Inc. (&#8220;<U>JAS</U>&#8221;). The security interests were granted pursuant to that certain Commercial Security Agreement (the &#8220;<U>New Security Agreement</U>&#8221;), dated as of March 25, 2015, made by JAS in favor of Citibank, and pursuant to those certain Commercial Security Agreements (the &#8220;<U>Old </U><U>Security Agreement</U><U>s</U>&#8221;), dated as of March 1, 2013, made by each of the Company, Diamedix, ImmunoVision and Drew Scientific in favor of Citibank in connection with the Old Line of Credit. </FONT></P>
<P id=PARA87 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA88 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amounts outstanding under the New Line of Credit will also be secured by the Company&#8217;s pledge of up to sixty-six percent (66%) of the total combined voting power of all classes of capital stock and other equity interests entitled to vote of Delta Biologicals, S.r.L. (&#8220;<U>Delta</U>&#8221;), the Company&#8217;s wholly-owned subsidiary located in Italy. The pledge was granted pursuant to that certain Commercial Pledge Agreement (the &#8220;<U>New </U><U>Pledge </U><U>Agreement</U>&#8221;), dated as of March 25, 2015, made by the Company in favor of Citibank. </FONT></P>
<P id=PARA89 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA90 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In addition, each of Diamedix, ImmunoVision, Drew Scientific and JAS has guaranteed the repayment of amounts drawn on the New Line of Credit pursuant to Commercial Guaranty Agreements (the &#8220;<U>New Guaranties</U>&#8221;). Further, Transasia Bio-Medicals Limited, the indirect parent company of the Company, has also guaranteed the repayment of amounts drawn on the New Line of Credit.</FONT></P>
<P id=PARA91 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA92 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The descriptions of the New Loan Agreement, New Note, New Security Agreement, Old Security Agreements, New Pledge Agreement and New Guaranties set forth under this Item 1.01 do not purport to be complete. Such descriptions are qualified in their entirety by reference to copies of the New Loan Agreement (attached hereto as Exhibit 10.1), the New Note (the form of which is attached hereto as Exhibit 10.2), the New Security Agreement (the form of which is attached hereto as Exhibit 10.3), the New Pledge Agreement (the form of which is attached hereto as Exhibit 10.4), the New Guaranties (the form of which is attached hereto as Exhibit 10.5) and the Old Security Agreements (the form of which was previously filed), as applicable, each of which is incorporated by reference herein. </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
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<P id=PARA95 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 1.02 Termination of a Material Definitive Agreement.</B></FONT></P>
<P id=PARA96 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA97 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The New Line of Credit has replaced the Old Line of Credit, which is no longer outstanding. </FONT></P>
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<P id=PARA99 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA100 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></FONT></P>
<P id=PARA101 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -72pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA102 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.</FONT></P>
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<P id=PARA104 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA105 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 9.01 Financial Statements and Exhibits.</B></FONT></P>
<P id=PARA106 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<TABLE id=MTAB108  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">
<P id=PARA109 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(d)<U></U></FONT></P></TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">
<P id=PARA110 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U>Exhibits</U>.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">10.1 &#8211;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA182 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">Business Loan Agreement, dated as of March 25, 2015, by and between ERBA Diagnostics, Inc. and Citibank, N.A.</P></TD></TR>
<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA183 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P></TD></TR>
<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">10.2 &#8211;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA184 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">Form of Promissory Note, executed on March 25, 2015, made by ERBA Diagnostics, Inc. in favor of Citibank, N.A</P></TD></TR>
<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA185 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P></TD></TR>
<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">10.3 &#8211;&nbsp;&nbsp;&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA186 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">Form of Commercial Security Agreement, dated as of March 25, 2015, made by JAS Diagnostics, Inc. in favor of Citibank, N.A.</P></TD></TR>
<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA187 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P></TD></TR>
<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">10.4 &#8211;&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA188 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">Form of Commercial Pledge Agreement, dated as of March 25, 2015, made by ERBA Diagnostics, Inc. in favor of Citibank, N.A.</P></TD></TR>
<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA189 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P></TD></TR>
<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">10.5 &#8211;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">Form of Commercial Guaranty Agreement, dated as of March 25, 2015, made by each of Diamedix Corporation, ImmunoVision, Inc., Drew Scientific, Inc., and JAS Diagnostics, Inc., in favor of Citibank, N.A.</TD></TR>
<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA191 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P></TD></TR>
<TR>
<TD style="WIDTH: 3%">&nbsp;</TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">10.6 &#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: top">
<P id=PARA192 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">Form of Commercial Security Agreement, dated as of March 1, 2013, made by each of ERBA Diagnostics, Inc., Diamedix Corporation, ImmunoVision, Inc., and Drew Scientific, Inc., in favor of Citibank, N.A. (incorporated herein by reference to Exhibit 10.3 of the Current Report on Form 8-K filed by ERBA Diagnostics, Inc. on March 7, 2013)</P></TD></TR></TABLE>
<P id=PARA111 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 148.5pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -112.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK180  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR180  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM180  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>

<DIV id=PGHDR180  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA180.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA128 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B><U>SIGNATURES </U></B></FONT></P>
<P id=PARA129 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA130 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 28.8pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA131 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 28.8pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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. </FONT></P>
<TABLE id=TBL144  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 45%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: middle" colSpan=2>&nbsp; </TD></TR>
<TR>
<TD style="WIDTH: 45%; VERTICAL-ALIGN: top">
<P id=PARA132 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date: March 30, 2015&nbsp;</FONT></P></TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: middle" colSpan=2>
<P id=PARA133 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ERBA Diagnostics, Inc.<BR><BR>&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 45%; VERTICAL-ALIGN: middle">
<P id=PARA134 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: top">
<P id=PARA135 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By:&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA136 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">/s/ Mohan Gopalkrishnan</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 45%; VERTICAL-ALIGN: middle">
<P id=PARA137 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: middle">
<P id=PARA138 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: middle">
<P id=PARA139 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Name: Mohan Gopalkrishnan,&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 45%; VERTICAL-ALIGN: middle">
<P id=PARA140 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 5%; VERTICAL-ALIGN: middle">
<P id=PARA141 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: middle">
<P id=PARA142 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Title:&nbsp; &nbsp;Chief Executive Officer</FONT></P>
<P id=PARA143 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR></TABLE>
<P id=PARA145 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK149  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR149  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM149  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>

<DIV id=PGHDR149  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA149.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA150 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; TEXT-TRANSFORM: uppercase"><B><U>Exhibit Index</U></B></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><STRONG><U></U></STRONG><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25">
<TABLE id=MTAB108  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 1%">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA110 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Exhibit</FONT></B></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid"><B>Description</B></TD></TR>
<TR>
<TD style="WIDTH: 1%">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 1%">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top; PADDING-LEFT: 18pt">10.1</TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">Business Loan Agreement, dated as of March 25, 2015, by and between ERBA Diagnostics, Inc. and Citibank, N.A.</TD></TR>
<TR>
<TD style="WIDTH: 1%">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top; PADDING-LEFT: 9pt">&nbsp;</TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 1%">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top; PADDING-LEFT: 18pt">10.2</TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">Form of Promissory Note, executed on March 25, 2015, made by ERBA Diagnostics, Inc. in favor of Citibank, N.A</TD></TR>
<TR>
<TD style="WIDTH: 1%">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 1%">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top; PADDING-LEFT: 18pt">10.3</TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">Form of Commercial Security Agreement, dated as of March 25, 2015, made by JAS Diagnostics, Inc. in favor of Citibank, N.A.</TD></TR>
<TR>
<TD style="WIDTH: 1%">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 1%">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top; PADDING-LEFT: 18pt">10.4</TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">Form of Commercial Pledge Agreement, dated as of March 25, 2015, made by ERBA Diagnostics, Inc. in favor of Citibank, N.A.</TD></TR>
<TR>
<TD style="WIDTH: 1%">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 1%">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 8%; VERTICAL-ALIGN: top; PADDING-LEFT: 18pt">10.5</TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">Form of Commercial Guaranty Agreement, dated as of March 25, 2015, made by each of Diamedix Corporation, ImmunoVision, Inc., Drew Scientific, Inc., and JAS Diagnostics, Inc., in favor of Citibank, N.A.</TD></TR></TABLE></P>
<P id=PARA111 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 148.5pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -112.5pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT>&nbsp;</P></BODY></HTML>
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erb20150325_8k.htm
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):
March
25,
2015
ERBA Diagnostics, Inc.
(Exact name of registrant as specified in its charter)
Delaware
1-14798
11-3500746
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
14100 NW 57
th
Court,
Miami Lakes, Florida
33014
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
305-324-2300
Not Applicable
(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 (17 CFR 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 25, 2015, ERBA Diagnostics, Inc. (the "
Company
") entered into that certain Business Loan Agreement (the "
New Loan Agreement
") and that certain Promissory Note (the "
New Note
") with Citibank, N.A. ("
Citibank
"), which provides for a secured, revolving credit facility of up to $3,500,000 (the "
New Line of Credit
"). The New Line of Credit has replaced the secured, revolving credit facility of up to $2,000,000, which the Company had entered into with Citibank on March 1, 2013 (the "
Old Line of Credit
") and which is no longer outstanding.
Amounts outstanding under the New Line of Credit (a) will accrue interest at an annual rate equal to the 30-day LIBOR plus 1.75% and (b) will become due and payable on February 29, 2016, subject to acceleration upon the occurrence of certain specified events of default that the Company believes are customary for transactions of this type. Pursuant to the New Loan Agreement, the Company will be subject to certain specified positive and negative covenants (including, without limitation, the requirements to maintain a specified capital base and a specified leverage ratio) that the Company believes are customary for transactions of this type.
Amounts outstanding under the New Line of Credit will be secured by all of the assets of the Company and its wholly-owned subsidiaries located in the United States – Diamedix Corporation ("
Diamedix
"), ImmunoVision, Inc. ("
ImmunoVision
"), Drew Scientific, Inc. ("
Drew Scientific
"), and JAS Diagnostics, Inc. ("
JAS
"). The security interests were granted pursuant to that certain Commercial Security Agreement (the "
New Security Agreement
"), dated as of March 25, 2015, made by JAS in favor of Citibank, and pursuant to those certain Commercial Security Agreements (the "
Old
Security Agreement
s
"), dated as of March 1, 2013, made by each of the Company, Diamedix, ImmunoVision and Drew Scientific in favor of Citibank in connection with the Old Line of Credit.
Amounts outstanding under the New Line of Credit will also be secured by the Company's pledge of up to sixty-six percent (66%) of the total combined voting power of all classes of capital stock and other equity interests entitled to vote of Delta Biologicals, S.r.L. ("
Delta
"), the Company's wholly-owned subsidiary located in Italy. The pledge was granted pursuant to that certain Commercial Pledge Agreement (the "
New
Pledge
Agreement
"), dated as of March 25, 2015, made by the Company in favor of Citibank.
In addition, each of Diamedix, ImmunoVision, Drew Scientific and JAS has guaranteed the repayment of amounts drawn on the New Line of Credit pursuant to Commercial Guaranty Agreements (the "
New Guaranties
"). Further, Transasia Bio-Medicals Limited, the indirect parent company of the Company, has also guaranteed the repayment of amounts drawn on the New Line of Credit.
The descriptions of the New Loan Agreement, New Note, New Security Agreement, Old Security Agreements, New Pledge Agreement and New Guaranties set forth under this Item 1.01 do not purport to be complete. Such descriptions are qualified in their entirety by reference to copies of the New Loan Agreement (attached hereto as Exhibit 10.1), the New Note (the form of which is attached hereto as Exhibit 10.2), the New Security Agreement (the form of which is attached hereto as Exhibit 10.3), the New Pledge Agreement (the form of which is attached hereto as Exhibit 10.4), the New Guaranties (the form of which is attached hereto as Exhibit 10.5) and the Old Security Agreements (the form of which was previously filed), as applicable, each of which is incorporated by reference herein.
Item 1.02 Termination of a Material Definitive Agreement.
The New Line of Credit has replaced the Old Line of Credit, which is no longer outstanding.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
.
10.1 –
Business Loan Agreement, dated as of March 25, 2015, by and between ERBA Diagnostics, Inc. and Citibank, N.A.
10.2 –
Form of Promissory Note, executed on March 25, 2015, made by ERBA Diagnostics, Inc. in favor of Citibank, N.A
10.3 –
Form of Commercial Security Agreement, dated as of March 25, 2015, made by JAS Diagnostics, Inc. in favor of Citibank, N.A.
10.4 –
Form of Commercial Pledge Agreement, dated as of March 25, 2015, made by ERBA Diagnostics, Inc. in favor of Citibank, N.A.
10.5 –
Form of Commercial Guaranty Agreement, dated as of March 25, 2015, made by each of Diamedix Corporation, ImmunoVision, Inc., Drew Scientific, Inc., and JAS Diagnostics, Inc., in favor of Citibank, N.A.
10.6 –
Form of Commercial Security Agreement, dated as of March 1, 2013, made by each of ERBA Diagnostics, Inc., Diamedix Corporation, ImmunoVision, Inc., and Drew Scientific, Inc., in favor of Citibank, N.A. (incorporated herein by reference to Exhibit 10.3 of the Current Report on Form 8-K filed by ERBA Diagnostics, Inc. on March 7, 2013)
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.
Date: March 30, 2015
ERBA Diagnostics, Inc.
By:
/s/ Mohan Gopalkrishnan
Name: Mohan Gopalkrishnan,
Title:   Chief Executive Officer
Exhibit Index
Exhibit
Description
10.1
Business Loan Agreement, dated as of March 25, 2015, by and between ERBA Diagnostics, Inc. and Citibank, N.A.
10.2
Form of Promissory Note, executed on March 25, 2015, made by ERBA Diagnostics, Inc. in favor of Citibank, N.A
10.3
Form of Commercial Security Agreement, dated as of March 25, 2015, made by JAS Diagnostics, Inc. in favor of Citibank, N.A.
10.4
Form of Commercial Pledge Agreement, dated as of March 25, 2015, made by ERBA Diagnostics, Inc. in favor of Citibank, N.A.
10.5
Form of Commercial Guaranty Agreement, dated as of March 25, 2015, made by each of Diamedix Corporation, ImmunoVision, Inc., Drew Scientific, Inc., and JAS Diagnostics, Inc., in favor of Citibank, N.A.