SALT LAKE CITY, Oct. 2 -- Laser Corp. announced today it has entered into a stock purchase agreement with BI Acquisitions Inc., (doing business as Broadcast International), under which the shareholders of BI Acquisitions will own approximately 98 percent of Laser's issued and outstanding stock.
Under the agreement, the officers and directors of Laser have resigned and new officers and directors have been appointed. Joyce Wickham, former president of Laser, said the transaction was in the best interest of Laser shareholders, as the Laser business had been in a steady decline for the past couple of years and that it is an opportunity for Laser shareholders to continue to have value in their shares.
Rodney M. Tiede, the new president of Laser and president of BI Acquisitions, said the transaction will give BI access to the capital markets and give Broadcast shareholders the ability to have liquidity in their stock. He said the capitalization of Laser will need to be increased to accommodate the issuances of stock required under the terms of the agreement.
Broadcast International, based in Midvale, Utah, is a corporate communications technology company that provides alternatives for solving business problems using broadband delivery technologies including satellite, Wi-Fi and Internet streaming.
Laser Corp. develops laser technology and provides related services; most of the company's sales come from its American Laser subsidiary, which makes lasers, principally laser tubes filled with krypton or argon gas. Manufacturers employ American Laser's products in applications such as microscopes, laser printers, dentistry equipment and display devices. Subsidiary American Laser Medical (which does business as A.R.C. Laser) makes medical laser systems for dermatological and ophthalmic procedures.
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