SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 26, 1997
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Sunrise Technologies International, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-10428 77-0148208
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(State of or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
47265 Fremont Boulevard, Fremont, California 94538
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(Address of principal executive offices) (Zip Code
Registrant's telephone number, including area code (510) 623-9001
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On June 26, 1997, the Registrant issued the press release attached as
Exhibit 99.1 announcing that it had completed the sale of its assets related to
its dental operations and that, effective with the closing of the sale of the
dental business, Mr. David W. Light, the Chairman of the Board and Chief
Executive Officer of the Company, announced his resignation effective on such
date. The information contained in this press release is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Release of Registrant dated June 26, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SUNRISE TECHNOLOGIES INTERNATIONAL, INC.
(Registrant)
DATE: August 6, 1997 By: /s/ Clara R. Munley
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Name: Clara R. Munley
Title: Vice President, Finance and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Number Item
99.1 Press Release
EXHIBIT 99.1
SUNRISE
TECHNOLOGIES
FOR IMMEDIATE RELEASE
CONTACT:
Myke Bengtzen - Director
Corporate Communications & Investor Relations
(510) 623-9001
SUNRISE TECHNOLOGIES ANNOUNCES SUCCESSFUL
COMPLETION OF DENTAL ASSET DIVESTITURE
AND REALIGNMENT OF TOP MANAGEMENT
Fremont, California, June 26, 1997 -- Sunrise Technologies International, Inc.
(OTC:SNRS)--announced today that it has successfully completed the sale of its
assets related to its dental operations. Sunrise had previously announced it had
agreed, subject to certain conditions, to sell the dental operations to Lares
Research, a privately-held California corporation. Sunrise received a
consideration of $4.0 million in cash plus a note for $1.5 million which is
payable over four years.
Sunrise will now totally focus on its ophthalmic business. Proceeds from the
dental business sale will be used to fund the clinical trials required for FDA
approval and the eventual commercialization of the company's Corneal Sparing
LTK(TM) System*, an ophthalmic laser (thermal keratoplasty) technology for the
treatment and correction of hyperopia (farsightedness). The LTK System is
currently in use outside of the United States and is in clinical trials in the
U.S.
With the closing of the sale of the dental business, David W. Light, Chairman
and CEO, announced his resignation effective immediately. "I have accomplished
what I initially set out to do, which was to reorganize Sunrise with strong
management in order to focus on the development of the ophthalmic business. With
experienced ophthalmic management in place, it is time for me to move on to a
new challenge."
The Sunrise Board of Directors has appointed C. Russell Trenary III as President
and Chief Executive Officer. Mr. Trenary has served as President and COO of
Sunrise since December 1996, after serving as President and COO of the Sunrise
ophthalmic subsidiary between May and November 1996. Mr. Trenary, 39, joined
Sunrise with more than 15 years of ophthalmic industry experience, including his
experience at Allergan where he held several managerial positions,
<PAGE>
including Senior Vice President and General Manager of their ophthalmic business
group, AMO Surgical Products, with sales exceeding $180 million during his last
year with Allergan.
"The Sunrise Corneal Sparing LTK(TM) procedure for hyperopia is being received
with great enthusiasm by the surgeons involved in our FDA study. Patient
enrollment for our second phase is now complete and we look forward to beginning
the final phase in the near future," stated Mr. Trenary. "Over the past year, we
have assembled a wonderful team of executives representing over 100 years of
experience in the ophthalmic or laser field. They have managed sales and
marketing, clinical and regulatory, and operations/product development in both
large and small companies in the ophthalmic industry with terrific results. I
believe this new team will bring results that will benefit our shareholders,
customers, and patients."
In a related announcement, Joseph D. Koenig was appointed Chairman of the Board
of Directors. Mr. Koenig has served on the Board since December 1994; he also
served as a director from August 1991 through January 1994. Mr. Koenig currently
serves as a director for three other companies. He has been a consultant for
Koenig Associates, a management consulting firm, since October 1994.
Founded in 1987, Sunrise Technologies International, Inc., produces and markets
high-technology products revolutionizing treatment methods in eye care. The
company develops Holmium laser- based systems which utilize a patented process
for shrinking collagen developed by Dr. Bruce Sand (the "Sand Process") in
correcting ophthalmic conditions. Its Corneal Sparing LTK(TM)System* is a
non-contact simultaneous application for correction of hyperopia
(farsightedness), presbyopia (loss of near vision), and overcorrection resulting
from PRK and LASIK treatments for myopia. The system is currently in use in
Europe and the Americas, and is in FDA clinical trials in the United States.
Except for historical information, this news release contains certain
forward-looking statements that involve risk and uncertainties which may cause
actual results to differ materially from the statements made, including market
potential, regulatory clearances, business growth, and other risks listed from
time to time in Sunrise Technologies' U.S. Securities and Exchange Commission
(SEC) filings. These forward-looking statements represent Sunrise Technologies'
judgment, as of the date of this release, and the company disclaims any intent
or obligation to update these forward-looking statements.
Internet users can access Sunrise's World Wide Web site at
http://www.sunrise-tech.com.
*Caution--Investigational Device: Federal law restricts this device to
investigational use in the U.S.
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