SALT LAKE CITY, Feb. 14 -- Paradigm Medical Industries Inc. said it has completed the acquisition of Innovative Optics for an undisclosed amount of common stock.
Innovative Optics is privately owned and is a manufacturer and marketer of equipment used in microkeratome procedures, which involve cutting the flap in the cornea in preparation for LASIK surgery.
"Innovative Optics represents a nice fit with our company's strategy of introducing high-technology products for eye care and associated consumable products," said Mark R. Miehle, Paradigm Medical president and COO. "Innovative Optics' sales are under $1 million. We expect the acquisition to be accretive to Paradigm's results during the first full year of operation."
Paradigm Medical acquired Innovative Optics' manufacturing site in Albuquerque, N.M., along with its patents and inventory.