SurgiLight Makes Second Agreement With Premier Laser
ORLANDO, Fla., Dec. 5 -- SurgiLight, Inc. said it has executed a second agreement with Premier Laser Systems Inc. to acquire its remaining Er:YAG inventory (original cost of approximately $3,000,000), two additional ophthalmic laser products and the right to license or acquire additional patents. The purchase price is $350,000 in cash and $1,350,000 in common stock. Both the stock and cash payments are conditional on Premier's bankruptcy court approval and delivery of certain assets from Premier and will be paid in installments from December 2001 through May 2002. In addition, SurgiLight has agreed to pay associated legal and distribution fees.
The first delivery of assets is scheduled for Dec. 15 and will include CE marked finished goods lasers that SurgiLight can immediately sell to international clinical sites.
"We are pleased to conclude this additional purchase from Premier," said Timothy Shea, SurgiLight COO. "We have an immediate need for more CE marked OptiVision lasers. The new technology should enhance our research and development programs.
"In addition, Premier's shareholder base, which will be receiving the SurgiLight shares as part of the purchase price, is perfectly tailored for our company because it consists of ophthalmologists and investors interested in laser companies," Shea said. "The Premier shareholder base of more than 10,000 shareholders will augment our current shareholder list, helping us reach one of the criteria for becoming a Nasdaq Small Cap stock."
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