IRVINE, Calif., Sept. 28 -- After a month-long series of negotiations with two potential buyers, Premier Laser Systems Inc. has agreed to sell its ophthalmic laser division to SurgiLight Inc. in Orlando, Fla. Under terms of the agreement, which Premier Laser Systems' financial advisor Magnum Group Inc. negotiated, SurgiLight will acquire the intellectual property and inventory of the laser division.
We are confident that we have negotiated a deal that maximizes the asset value of Premier's ophthalmic lasers, said Randy McDonald, managing director for Magnum. In addition, we believe that SurgiLight will maximize these assets and immediately enter the market with this important technology.
The transaction is subject to customary closing conditions, and approval by the bankruptcy court in which Premier's Chapter 11 case is pending.