FREMONT, Calif., Sept. 13 -- Sunrise Technologies International Inc. has entered into an agreement with Silicon Valley Bank to extend the due date of its credit facility until October 6, 2001, provided that the payments listed below are paid on time. The extension agreement requires the company to pay $1 million by September 14, 2001, which will be funded from a $1.75 million payment due to Sunrise from C-MAC Industries pursuant to the recently signed manufacturing agreement between the two companies. This will reduce the amount of the credit loan to approximately $3.9 million. Another $1 million payment is due under the terms of the extension agreement on September 21.
Sunrise, a refractive surgery company, has developed holmium: YAG laser-based systems that utilize a patented process for shrinking collagen developed by Bruce Sand (the "Sand Process") in correcting ophthalmic refractive conditions.