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Exhibit 99.1
To: Bill Roberts
E-Mail: [email protected] Ph. #: 937-434-2700
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Date: December 18, 2000
Contact: Mr. LaMar F. Laster, Jr.
NovaStaar Investments, LLC
Phone: (713) 662-8561
Fax: (713) 662-8504
STAAR SURGICAL COMPANY SUED BY NOVASTAAR INVESTMENTS, LLC AND LAMAR F. LASTER
Houston, Texas - December 18, 2000 - LaMar F. Laster and NovaStaar Investments,
LLC filed a complaint against Staar Surgical Company (NASDAQ:STAA) in the Court
of Chancery of the State of Delaware demanding to inspect, and make copies and
extras of, certain documents of Staar.
The complaint is being filed by Mr. Laster and NovaStaar Investments, both
shareholders of Staar, in response to the refusal of Staar to provide certain
documents to NovaStaar Investments as provided for under Delaware General
Corporation Law.
The documents requested by NovaStaar Investments include the following of Staar:
(1) stock ledger, (2) list of stockholders, (3) minute books, and (4) minutes
and consents representing all proceedings by shareholders, directors or
committees not contained in the minute books.
Additionally, NovaStaar Investments has requested all other books and records of
Staar relating to:
1) approximately $6,000,000 in loans by Staar to certain of its officers and
directors;
2) services provided by and fees paid by Staar to Pollet & Richardson, of which
Andrew F. Pollet, a Director and acting Chief Executive Officer of Staar, is
a partner;
3) services provided by and fees paid to Iotech, Inc., a company controlled by
John R. Wolf, a Director of Staar and its former Chief Executive Officer;
4) Staar's plan of restructuring which provided approximately $24,000,000 of
write-offs and charges;
5) recent management changes, including the termination of employment of John
R. Wolf, Vladimir Feingold, William C. Huddleston, Michael Lloyd, Thomas
Chambers, and Richard Leza;
6) defaulted loans and other credit arrangements with Wells Fargo Bank and
other lenders;
7) Staar's deteriorating current ratio and decreasing sales and profits;
8) litigation and arbitration proceeding involving Canon-Staar, Inc. and Canon,
Inc.,
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Japan;
9) the recent promotion of John Santos to the office of President and Chief
Executive Officer, and subsequent demotion; and
10) recent Board of Directors activity including the termination of Andrew F.
Pollet as Chairman, President and Chief Executive Officer and the subsequent
cancellation of the same, and the appointment of Richard Priske, allegedly
Andrew F. Pollet's brother-in-law, as a Director of Staar.
NovaStaar Investments, LLC is based in Houston, Texas. NovaStaar Investments'
Chief Executive Officer and Chairman is LaMar F. Laster, the former Chairman and
Chief Operating Officer of Staar and one of Staar's founders.
