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EXHIBIT 99.1
[VISX LOGO]
NEWS RELEASE COMPANY CONTACTS:
For Immediate Distribution Lola Wood: (877) 463-6847
-------------------------- E-Mail: [email protected]
Web: http://www.visx.com
VISX ANNOUNCES CONTINUING CONSIDERATION OF
STRATEGIC ALTERNATIVES
SANTA CLARA, CALIFORNIA, DECEMBER 8, 2000 -- VISX, Incorporated (NYSE:
EYE) stated in a letter to its stockholders dated today that it has been and
continues to be studying strategic alternatives that may be available to the
Company to enhance stockholder value. In the letter, the Company's Chairman and
Chief Executive, Mark B. Logan, stated that the Company's Board and management,
like many of the Company stockholders, are disappointed with the recent
performance of the Company's stock price, particularly in view of the Company's
record of profitable performance and its industry leadership position. Mr. Logan
said that both the Board and management are committed to enhancing stockholder
value.
In the letter, Mr. Logan said that from time to time over the past few
years the Company has reviewed possible strategic alternatives. Earlier this
year the Company engaged Goldman, Sachs & Co., as its financial advisor, and
Skadden, Arps, Slate, Meagher & Flom LLP, as its outside special counsel, for
the purpose of assisting the Company in pursuing alternatives including a
possible acquisition, merger, sale, strategic alliance or other business
combination transaction involving the Company.
Mr. Logan also stated that while the Company is continuing to pursue
its objective of identifying one or more transactions which may lead to
enhancement of value for stockholders, there can be no assurance that this
process will lead to any agreements or transactions.
A copy of Mr. Logan's letter is attached to this release.
The foregoing statements regarding possible transactions involving the
Company are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are based on current
expectations and actual results could differ materially. Additional discussion
of factors affecting the Company and its business is contained in the Company's
most recent filings with the Securities and Exchange Commission, including
VISX's Annual Report and Form 10-K for the year ended December 31, 1999 and
VISX's Forms 10-Q for the quarters ended March 31, June 30 and September 30,
2000.
VISX is the worldwide leader in the development of refractive laser
technology. VISX systems are commercially available in the United States and
markets worldwide.
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[VISX LOGO]
December 8, 2000
Dear Stockholders:
Like many of you, your management and Board are disappointed with the
recent performance of the Company's stock price, particularly in view of the
Company's record of profitable performance and industry leadership position. Let
me assure you that we are committed to enhancing stockholder value. In that
regard, I am writing to you to describe certain initiatives, in addition to our
normal business activities, that your Board and senior management have been
pursuing.
From time to time over the past few years the Company has reviewed
possible strategic alternatives that may be available to the Company to enhance
stockholder value. Earlier this year the Company engaged Goldman, Sachs & Co.,
as its financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP, as its
outside special counsel, for the purpose of assisting the Company in analyzing
and pursuing various alternatives. These alternatives include possible
acquisition, merger, sale, strategic alliance or other business combination
transactions involving the Company.
While we are continuing to pursue our objective of identifying one or
more transactions which could lead to enhanced stockholder value, we caution
stockholders that there can be no assurance that we will reach any agreement for
any transaction or, if we reach any such agreement, that any transaction will be
consummated or successful.
/s/ MARK B. LOGAN
Mark B. Logan
Chairman of the Board and Chief Executive Officer
