UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-K/A

                         (Amendment No. 1 to Form 10-K)

[ ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934 For fiscal year ended March 31, 2000 OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 For transition period from ________ to ________

                         Commission File Number 0-16594

                        MEDICAL TECHNOLOGY SYSTEMS, INC.
             ------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)


           Delaware                                              59-2740462
 ------------------------------                              -------------------
(State or Other Jurisdiction of                               (I.R.S. Employer
 Incorporation or Organization)                              Identification No.)


 12920 Automobile Boulevard, Clearwater, Florida                         33762
------------------------------------------------                      ----------
    (Address of Principal Executive Offices)                          (Zip Code)


                                 (727) 576-6311
              ---------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)


Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class                    Name of Each Exchange on Which Registered
-------------------                    -----------------------------------------
       NONE                                             NONE


Securities registered pursuant to Section 12(g) of the Act:


                          COMMON STOCK, PAR VALUE $.01
                          ----------------------------
                                (Title of Class)


                         COMMON STOCK PURCHASE WARRANTS
                         ------------------------------
                                (Title of Class)


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. [X] Yes   [ ] No

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of Registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X] Yes   [ ] No

Aggregate  market  value of  voting  Common  Stock  held by  non-affiliates  was
$3,250,000 as of June 29, 2000.

Indicate  by check mark  whether  the  Registrant  has filed all  documents  and
reports  required  to be  filed by  Section  12,  13 or 15(d) of the  Securities
Exchange Act of 1934 subsequent to the  distribution of securities  under a plan
confirmed by a court. [X] Yes   [ ] No

The number of shares  outstanding  of the  Registrant's  Common Stock,  $.01 par
value, was 6,542,621 as of June 29,


<PAGE>
                                       1



                                 AMENDMENT NO. 1

                            TO THE FORM 10-K FILED BY

                   MEDICAL TECHNOLOGY SYSTEMS ON JULY 6, 2000

     The  following  items  were  omitted  from the Form 10-K  filed by  Medical
Technology  Systems  on July 6,  2000,  and such Form 10-K is hereby  amended to
include PART III as set forth below.

                                    PART III

ITEM 10:  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     INFORMATION CONCERNING DIRECTORS AND EXECUTIVE OFFICERS

     Set forth below is certain  information,  as of July 28, 2000, with respect
to each person who is currently a director or executive officer of the Company.

<TABLE>
<CAPTION>
                                                                                                       Year First
        Name                                     Position(s) Held (1)                             Age   Became a
                                                                                                        Director
--------------------  -------------------------------------------------------------------------  ----  ----------
<S>                   <C>                                                                         <C>     <C>
Todd E. Siegel        Chairman of the Board of Directors, President and Chief Executive Officer   42      1986
David Kazarian        Director                                                                    58      1988
Michael P. Conroy     Director, Chief Financial Officer, Vice President and Secretary             52      1996
John Stanton          Director, Vice Chairman of the Board of Directors                           51      1996
Mark J. Connolly      Principal Accounting Officer and Controller                                 41
</TABLE>

-----------------

(1)  Each director  serves a one-year term that expires at the Annual Meeting or
     when his successor is duly elected and qualified.

     Todd E. Siegel.  Mr. Siegel became President and Chief Executive Officer of
the Company in 1992 and has served as a director of the Company since 1985.  Mr.
Siegel served from 1988 to 1992 as Executive Vice President and Chief  Operating
Officer  of the  Company  and  from  1985 to 1988 as Vice  President  of  Sales.
Additionally,  Mr. Siegel served as the Company's  Secretary  from 1986 to 1996.
See   "Employment   Agreements"   and   "Certain   Relationships   and   Related
Transactions".

     David Kazarian.  Mr. Kazarian has served as a director of the Company since
1988.  Prior to its sale in December 1990,  Mr.  Kazarian and his wife owned and
operated Kazarian Pharmacy.  Since March 1991, Mr. Kazarian has been the founder
and  President of Infuserve  America,  Inc., a firm  involved in the home health
care business.

     Michael P. Conroy. Mr. Conroy has served as a director of the Company since
1996.  Mr. Conroy was selected as Chief  Financial  Officer,  Vice President and
Secretary by the Board of Directors in August 1996.  Since 1994,  Mr. Conroy has
been  President of CFO Financial  Services,  Inc.  From 1990 through  1994,  Mr.
Conroy was the Vice  President  of Finance  and Chief  Financial  Officer of the
Grant Group of  Companies.  Mr.  Conroy is a Certified  Public  Accountant.  See
"Employment Agreements".

     John  Stanton.  Mr.  Stanton has served as a director of the Company  since
1996.  Since  1981,  Mr.  Stanton  has  been  President  of  Florida  Engineered
Construction  Products Corp.,  which is a privately  owned company.  Mr. Stanton
also serves as President of  EarthFirst  Technologies,  Inc., a publicly  traded
company.


<PAGE>
                                       2


     Mark J. Connolly.  Mr. Connolly was appointed  Controller of the Company in
December 1999. Mr.  Connolly  served as Senior Manager at N.G. Kelly and Company
from November 1997 to December 1999.  Prior to 1999, Mr. Connolly served as Vice
President of Operations  for Hospice of Southwest  Florida from February 1993 to
October 1997. Mr. Connolly is a Certified Public Accountant.


          COMPLIANCE WITH SECTION 16(a) OF THE SECURITIES EXCHANGE ACT

     Section 16(a) of the Securities Exchange Act of 1934 requires the Company's
executive  officers and directors,  and persons who own more than ten-percent of
the Common  Stock of the Company,  to file  reports of ownership  and changes in
ownership with the Securities and Exchange Commission.  Officers, directors, and
ten-percent  stockholders  are  required by the SEC  regulations  to furnish the
Company with copies of all Section 16(a) reports they file.

     Based  solely on its review of the copies of such  reports  received by it,
and written  representations from certain reporting persons that no SEC Forms 3,
4, or 5 were required to be filed by those  persons,  the Company  believes that
during  fiscal year 2000,  its officers,  directors  and ten-percent  beneficial
owners timely complied with all applicable filing requirements.


ITEM 11.  EXECUTIVE COMPENSATION

     Summary Compensation Table. The table below sets forth certain 9information
concerning the  compensation  earned during fiscal years 1998,  1999 and 2000 by
the Company's Chief  Executive  Officer and Chief  Financial  Officer.  No other
executive officer received total annual compensation in excess of $100,000.

<TABLE>
<CAPTION>
                                                                      Annual Compensation
                                                           ----------------------------------------
                                                                                                         Securities
         Name and Principal Position             Fiscal      Salary ($)        SAR/         Other        Underlying
                                                  Year                         Bonus       ($) (1)      Options/SARs
---------------------------------------------    ------    --------------   ----------   ----------   ---------------
<S>                                               <C>        <C>             <C>           <C>            <C>
Todd E. Siegel                                    2000       $209,457        $21,016       $11,766             0
  President and Chief Executive Officer           1999       $191,029             $0       $18,206        79,000  (2)
                                                  1998       $168,450             $0       $14,608        20,000  (2)

Michael P. Conroy                                 2000       $130,508        $18,021        $7,596             0
  Vice   President   and   Chief   Financial      1999       $127,685             $0       $10,537        25,000  (3)
  Officer
                                                  1998        $23,538  (4)        $0       $10,334             0
</TABLE>

-----------------

     (1)  Includes automobile expenses,  health and life insurance premiums paid
          by the Company for the benefit of named individuals.

     (2)  Consists of options to acquire  59,000  shares of Common  Stock issued
          pursuant  to the terms of a $100,000  loan made to the  Company by Mr.
          Siegel.  In addition,  Mr. Siegel receives  options to purchase 20,000
          shares of the Company's  Common Stock per year pursuant to a long-term
          incentive agreement.

     (3)  Consists of options to acquire  25,000  shares of Common  Stock issued
          pursuant to Mr. Conroy's Employment Agreement.

<PAGE>
                                       3


     (4)  During  1998,  the Company  retained  the  services  of CFO  Financial
          Services,  Inc. Mr. Conroy was affiliated with CFO Financial Services,
          Inc. The Company paid CFO Financial Services,  Inc. $78,380 during the
          year ended March 31, 1998 for Mr. Conroy's services.

     Compensation of Directors.  Directors,  who are not otherwise  employees of
the Company,  are paid a $750 fee for attending  meetings.  The fee is $350 if a
meeting is held telephonically.  In addition,  for each year that an individual,
who is not  otherwise  an employee of the Company,  serves as a director,  he is
issued  options to acquire  2,000  shares of the  Company's  Common  Stock at an
exercise  price  equal to the fair  market  value of such  shares on the date of
issuance.  However,  if the fair market value of a share of the Company's Common
Stock is $1.00 or less on the date of issuance, the options granted will entitle
the  holder to  purchase  Common  Stock of the  Company  for  $1.00  per  share.
Directors'  options  are  issued  as of the  date  of  each  annual  meeting  of
directors. Directors must serve until the next annual meeting of stockholders to
vest their options  issued in the prior year.  The options  expire 10 years from
their  issuance  date.  During the fiscal year ended March 31, 2000, Mr. Stanton
and Mr.  Kazarian  were each  issued  options  to  acquire  6,000  shares of the
Company's  Common Stock for their  services  during the fiscal years ended March
31, 1997,  1998 and 1999. In addition,  Mr.  Stanton and Mr.  Kazarian were each
issued 23,215 shares of Common Stock in lieu of cash  compensation of $9,250 for
meetings attended during fiscal years ended March 31, 1997, 1998, 1999 and 2000.

     Employment  Agreements.  Effective  September 1, 1994, the Company  entered
into an  Employment  Agreement  with Mr. Todd E. Siegel (the "Siegel  Employment
Agreement").  The Siegel  Employment  Agreement  was for a five-year  term.  Mr.
Siegel's base salary for the period  September 1, 1994 through  August 31, 1995,
was $150,000,  and that amount increases 6% per year to  approximately  $189,000
for the  fifth  year  of his  agreement  ending  August  31,  1999.  The  Siegel
Employment Agreement also provided for bonuses, expense reimbursement, and other
performance-based  incentive  compensation  arrangements.  The Siegel Employment
Agreement  provided Mr. Siegel the right to receive  compensation in the form of
Common Stock of the Company in lieu of cash. The Company and Mr. Siegel have not
entered into a new Employment  Agreement for periods commencing after August 31,
1999,  therefore,  according to its terms, the Siegel  Employment  Agreement was
renewed for a one-year period ending August 31, 2000.

     In connection with the execution of the Siegel  Employment  Agreement,  Mr.
Siegel was granted the right to acquire  40,000 shares of the  Company's  Common
Stock at an exercise  price of $7.00 per share,  which was the fair market value
of those shares as of the date of grant.  In 1996,  the exercise price was reset
to $1.625.  The options are  "non-qualified"  and have an exercise period of ten
years.

     The Siegel Employment  Agreement provides for severance payments equal to a
lump sum payment of 299% of his then  current  base salary in the event of (i) a
change of control and a subsequent  termination  without  cause of Mr. Siegel or
(ii) a material reduction in his compensation.  The Siegel Employment  Agreement
contains a restrictive covenant not to compete, solicit or disclose confidential
information during the term of the agreement.

     The  Company  and  Mr.   Siegel  have  entered  into  an  Executive   Stock
Appreciation  Rights and  Non-Qualified  Stock Option  Agreement (the "Long-Term
Incentive  Agreement") to provide for the long-term  incentive of Mr. Siegel and
the  alignment of his interest  with those of the  Company's  stockholders.  The
Long-Term  Incentive  Agreement  grants Mr.  Siegel a stock  appreciation  right
("SAR") equal to 3.25% of the  incremental  increase in the value of the Company
between  successive  fiscal  years.  Originally,  value was  defined to mean the
difference  between  the total  market  capitalization  of the  Company  between
successive  fiscal year ends.  Now that the Common Stock has been  delisted from
NASDAQ,  value will be  determined  by the average of the high bid and ask price
for the Common Stock as quoted on the NASD OTC bulletin board.  The total market
capitalization  means the total  number  of shares of Common  Stock  outstanding
multiplied  by the  closing  price of the Common  Stock  traded on the NASDAQ or
other  quotation  service.  The amount payable to Mr. Siegel under the Long-Term
Incentive Agreement for fiscal 2000 was $26,890.

     Mr.  Siegel has the option of receiving  his rights to the SARs in the form
of cash or the  Company's  Common  Stock equal to the cash value.  The shares of
Common  Stock  issued to Mr.  Siegel are valued at  one-half  of the fair market
value of the Company's Common Stock as of the March 31 in the year for which the
SARs are granted (the "Valuation  Date"). In the event of a change of control or
sale  of the  Company's  business,  Mr.  Siegel's  rights  under  his  SARs  are
accelerated and immediately vested.

<PAGE>
                                       4


     Pursuant to the  Long-Term  Incentive  Agreement,  the Company  granted Mr.
Siegel the right to acquire up to 20,000 shares of its Common Stock on an annual
basis at a purchase  price equal to the fair  market  value of such shares as of
the end of each fiscal year during the term of this agreement.  However,  if the
fair  market  value of a share of Common  Stock is $1.00 or less at the end of a
particular fiscal year, options granted during that year will entitle Mr. Siegel
to  purchase  shares of  Common  Stock for $1.00  per  share.  The  options  are
non-qualified  and have a ten-year  term.  The  options  granted in 1998 have an
exercise price of $1.00 per share.

     Effective March 1, 1998, the Company  entered into an Employment  Agreement
with Mr.  Michael  P.  Conroy,  the  Chief  Financial  Officer.  The  Employment
Agreement  is for a  three-year  term and  provides for an annual base salary of
$125,000,  $130,000  and  $136,000 in each of the three  years.  Pursuant to the
Employment  Agreement,  Mr. Conroy received  options to acquire 25,000 shares of
the Company's Common Stock,  exercisable for a period of ten years at a price of
$1.00.

     Aggregated  Option  Table.  The  following  table  sets  forth  information
concerning options held by the Chief Executive Officer at the end of fiscal year
2000.

<TABLE>
<CAPTION>
                              Number of Securities Underlying Exercised        Value of Unexercised in-the-Money
          Name                     Options/SARS at Fiscal Year End              Options/SARS at Fiscal Year End
                                                 (#)                                          ($)
------------------------    ---------------------------------------------    --------------------------------------
     <S>                                     <C>                                            <C>

     Todd E. Siegel                          199,000 (1)                                    -0- (2)

</TABLE>

-----------------

     (1)  All such options held by Mr. Siegel are currently exercisable.

     (2)  Value of options is based on the bid price of a share of the Company's
          Common Stock as of March 31, 2000  ($0.31),  minus the exercise  price
          (which ranges from $0.75-$1.625) multiplied by 100,000, which yields a
          negative figure.


ITEM 12:  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     The  following  table sets forth,  as of July 30, 2000 certain  information
regarding the  beneficial  ownership of the Common Stock by (i) each director of
the  Company,  (ii) each  executive  officer  named in the Summary  Compensation
Table,  (iii) each person who is known by the Company to be the beneficial owner
of more  than 5% of the  outstanding  shares  of  Common  Stock,  and  (iv)  all
directors and executive officers of the Company as a group.

<TABLE>
<CAPTION>
                                                               Amount and
           Name and Address of                Title of          Nature of         Common Stock     Percentage of Voting
          Beneficial Owner (1)                 Class           Beneficial          Percentage           Shares (6)
                                                               Ownership
----------------------------------------     ----------     ----------------     --------------    --------------------
<S>                                           <C>               <C>                  <C>                   <C>
Todd E.  Siegel,  individually  and           Common              775,082            11.5%                 69.8%
through  the  Siegel   Family  QTIP                             6,500,000
Trust(2)(3)(4)                                Preferred

David Kazarian (5)                            Common               89,215             1.4%                  0.5%

Michael P. Conroy (7)                         Common              165,000             2.5%                  0.8%

John Stanton (8)                              Common              139,215             2.1%                  0.7%

All Officers and Directors as a               Common            1,168,512            17.2%                 71.8%
Group (4 persons)                                               6,500,000
                                              Preferred
</TABLE>
------------------------

<PAGE>
                                       5


     (1)  The business address for Messrs. Siegel, Kazarian,  Conroy and Stanton
          is 12920 Automobile Boulevard, Clearwater, Florida 33762.

     (2)  Todd E.  Siegel  is the  trustee  of the  Siegel  Family  QTIP  Trust,
          established  pursuant  to  the  Siegel  Family  Revocable  Trust  (the
          "Trust"),  and accordingly  controls the shares owned of record by the
          Trust.  The  Trust  is the  managing  partner  of JADE  Partners  (the
          "Partnership")  and accordingly  controls the Partnership.  Currently,
          Mr.  Siegel owns  185,769  shares of Common  Stock  individually.  The
          Partnership owns 390,313 shares of Common Stock.

     (3)  The  Partnership  is the owner of record  of  6,500,000  Shares of the
          Company's  Voting  Preferred  Stock,  which  represents  100%  of  the
          outstanding  Voting  Preferred  Stock.  Each share of Voting Preferred
          Stock has the power to cast two votes per share on any matter on which
          the Common Stock is entitled to vote.

     (4)  Includes  options to acquire  199,000 shares of Common Stock, of which
          80,000  options  are  exercisable  at $1.625  per  share,  60,000  are
          exercisable  at $1.00 per share and 59,000  exercisable  at $.75.  (5)
          Includes  options  to  acquire  41,000  shares,  of which  35,000  are
          exercisable at $1.00 and 6,000 are  exercisable at $1.625 and includes
          25,000 shares of Common Stock held by his wife for which Mr.  Kazarian
          disclaims  beneficial  ownership.  (6) Combined  voting  percentage of
          Common and  Voting  Preferred  Stock,  including  6,500,000  shares of
          Voting  Preferred  Stock held of record by the  Partnership,  of which
          Todd E. Siegel may be deemed to be the beneficial owner.

     (7)  Includes options to acquire 25,000 shares of Common Stock  exercisable
          at  $1.00  per  share  granted  in  connection   with  his  Employment
          Agreement. See "Executive Compensation-Employment Agreements".

     (8)  Includes  options to acquire 6,000 shares of Common Stock  exercisable
          at $1.00 per share.


ITEM 13:  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     The JADE Partners (the  "Partnership") is currently the holder of 6,500,000
shares of Voting  Preferred  Stock.  The Siegel  Family QTIP Trust,  established
pursuant to the terms of the Siegel Family Revocable Trust (the "Trust"),  which
originally  acquired  the  shares  of  Voting  Preferred  Stock  in 1986 for the
aggregate  par value of the  shares  ($650.00),  transferred  the  shares to the
Siegel Family Limited Partnership in 1993. The Siegel Family Limited Partnership
transferred  the shares to the Partnership in 1994. Mr. Siegel is the trustee of
the  Trust,  which is the  managing  general  partner  of the  Partnership,  and
accordingly, controls the shares held by the Partnership.

     The Voting Preferred Stock has two votes per share on all matters submitted
to a vote of other holders of Common Stock. In addition to  preferential  voting
rights,  the Voting  Preferred Stock is entitled to receive upon  dissolution or
liquidation  of the  Company,  the first  $10,000  of  proceeds  distributed  to
stockholders of the Company upon such events.  Thereafter,  the Voting Preferred
Stock is entitled to no additional  amounts upon  dissolution  or liquidation of
the  Company.  The Voting  Preferred  Stock has no dividend  rights,  redemption
provisions,  sinking fund  provisions or  conversion,  or preemptive or exchange
rights.  The  Voting  Preferred  Stock  is  not  subject  to  further  calls  or
assessments by the Company.

     The Voting  Preferred  Stock was issued to assure  complete and  unfettered
control of the Company by its holder. The issuance of the Voting Preferred Stock
constitutes  an  anti-takeover  device  since  the  approval  of any  merger  or
acquisition of the Company will be completely dependent upon the approval of the
Trust.

     Harold B. Siegel was the  inventor  of the  patents  and other  proprietary
rights for the  equipment  and  processes  that the Company uses and sells.  The
Trust is the  assignee  of all such  proprietary  and patent  rights used in the
Company's  business.  In October  1986,  the Company  was  granted  rights to an
exclusive  perpetual  license  from the Trust to utilize the know-how and patent
rights  assigned to the Trust by Harold B. Siegel in the manufacture and sale of
the Company's medication dispensing systems.


<PAGE>
                                       6

     The license  granted to the Company by the Trust may only be  terminated by
the Trust in the event the Company:  (i) ceases to utilize the know-how  created
by the Trust;  (ii)  defaults in making any royalty  payment and fails to remedy
such default within 40 days after written notice by the Trust;  or (iii) becomes
insolvent,  makes any  assignment  for the  benefit of  creditors,  is  adjudged
bankrupt,  or if a receiver or trustee of the  Company's  property is appointed.
Under such circumstances, the license will automatically terminate. In addition,
the Trust has granted the Company  the right to  sublicense  the rights  granted
under the license agreement between the Company and the Trust.

     The Trust was  originally  entitled to receive a royalty of 2% of the gross
revenues realized from the sale of the Company's products. The license agreement
further provided that the Trust would waive any royalty fees owed by the Company
in the event the Company did not generate a pretax profit in any fiscal year.

     In September 1990, the Company, the Trust and Harold B. Siegel entered into
an agreement  whereby the Company  issued the Trust  1,500,000  shares of Common
Stock and the Trust and Harold B. Siegel agreed to reduce  future  royalties due
under the license  agreement  from 2% to 1%. For fiscal  year 2000,  the Company
paid $50,000 to the Trust for royalties. In addition,  royalties of $266,000 are
due for fiscal years ending through March 31, 2000.

     Todd E. Siegel is a guarantor  of the  Company's  outstanding  restructured
credit facility with SouthTrust Bank. On September 4, 1996, the Bankruptcy Court
confirmed the Company's  restructured  indebtedness to the Bank in the amount of
approximately $28.0 million.  The $28.0 million  indebtedness has been separated
into two notes,  Plan Note I and Plan Note II, and is  scheduled to be repaid as
follows:

     Plan Note I, in the stated principal amount of approximately $27.0 million,
provides for a portion of the principal  amount,  $15.0  million,  to be due and
payable as follows:

     (1)  Interest  at the  rate  of  7.5%  for a  period  of two  years  ending
          September 1, 1998.

     (2)  Installments  of  principal  and  interest at the rate of 7.5% payable
          monthly for a period of ten years ending  September 1, 2006.  At which
          time,  the then  outstanding  principal  amount is due and  payable in
          full.  The  monthly   installments   of  principal  and  interest  are
          calculated  based on the principal  amount  amortized in level monthly
          payments over twenty years.

     Plan Note II, in the stated  principal  amount of  $1,000,000  provided for
payment of  $750,000  on or about the date of the  confirmation  of the Plans of
Reorganization.  The Company made the payment of $750,000 on or about  September
5, 1996 and in accordance  with the terms of Plan Note II, the stated  principal
amount was deemed fully satisfied.

     Plan Note I further  provides that the net sales  proceeds from the sale of
Vangard,  would  be paid to the  Bank.  In  addition,  certain  other  mandatory
prepayments of the stated  principal amount were required upon the occurrence of
a capital  transaction in which any of the Company's  subsidiaries  are sold, as
well as upon the receipt of any proceeds resulting from certain causes of action
commenced  by the  Company.  Plan  Note I also  provides  that the  full  stated
principal amount of  approximately  $28 million will be due and payable upon the
occurrence of specified major events of default.

     Effective  March 31, 1997, the stated  principal  amount of Plan Note I was
reduced to $15.0 million.  Thereby,  permanently  removing any contingent amount
due  including  the  additional  $12 million  principal  amount,  except for the
mandatory  prepayments  for  any  capital  transactions.  As a  result  of  this
modification  and the receipt of proceeds from the sale of Vangard,  the Company
realized  an  extraordinary  gain of  approximately  $10.3  million,  after  the
mandatory payment from the Vangard sales proceeds of approximately $3.1 million.

<PAGE>
                                       7

     Mr. Siegel agreed to unconditionally  guarantee the full and timely payment
of the SouthTrust Bank credit facility. Should the Company default on any of the
above payments,  Mr. Siegel agreed to immediately cure such default on demand of
the Bank. If Mr. Siegel fails to cure the default, the Bank may proceed directly
against  Mr.  Siegel  for  payment  in a court  of  competent  jurisdiction.  In
addition,  Mr.  Siegel,  as trustee of the Siegel  Family QTIP  Trust,  which is
managing general partner of the JADE Partnership,  has pledged 100,000 shares of
the Company's  Common Stock held by the JADE  Partnership to SouthTrust  Bank to
secure repayment of the Partnership's obligations in the amount of approximately
$300,000.

         In August  1998,  Mr.  Siegel  loaned the Company  $100,000 for general
working  capital  needs.  The terms of the loan provide for repayment in monthly
installments of $17,625 including  interest at 18% per annum commencing July 31,
2000. In addition,  Mr. Siegel received options to purchase 59,000 shares of the
Company's Common Stock at $0.75 per share.

         The Company has entered into  indemnification  agreements  with each of
its directors,  including Mr. Siegel. The indemnification  agreements  authorize
indemnification  of such directors to the full ext authorized or permitted by
law.

<PAGE>
                                       8


                                   SIGNATURES

     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange Act of 1934, the registrant has duly caused this Form 10-K to be signed
on its behalf by the undersigned, thereunto duly authorized.

                        MEDICAL TECHNOLOGY SYSTEMS, INC.

 Dated: July 28, 2000                              By: /s Todd E. Siegel
                                         ---------------------------------------
                                         Todd E. Siegel, Chief Executive Officer


     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
registrant and in the capacities and on the dates indicated.



         Signature                  Title                               Date
------------------------    ----------------------                --------------


 /s Todd E. Siegel          Chairman of the Board of Directors,    July 28, 2000
 -----------------------    President and Chief Executive Officer
  Todd E. Siegel


 /s David W. Kazarian       Director                               July 28, 2000
 -----------------------
 David W. Kazarian


 /s Michael P.Conroy        Director, Chief Financial Officer      July 28, 2000
 -----------------------    and Vice President
 Michael P. Conroy


 /s John Stanton           Director and Vice Chairman of the       July 28, 2000
------------------------   Board of Directors
 John Stanton


 /s Mark J. Connolly       Principal Accounting Officer            July 28, 2000
-----------------------    and Controller
 Mark J. Connolly