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) May 5, 1999
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)
3400 West Warren Avenue, 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 address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On May 5, 1999, Sunrise Technologies International, Inc. (the
"Company") issued a press release to announce the conversion of the
Company's 12% Convertible Subordinated Pay-in-Kind Notes Due 2001,
including secondary notes issued in respect of interest thereon, into
common stock of the Company.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
99 Press Release dated May 5, 1999.
<PAGE>
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: May 5, 1999 By: /s/ C. Russell Trenary, III
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Name: C. Russell Trenary, III
Title: President and Chief Executive Officer
EXHIBIT 99
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SUNRISE
TECHNOLOGIES
FOR IMMEDIATE RELEASE
CONTACT: Investor Relations
Susan Lorigan (510) 623-9001
Ed Coghlan (510) 771-2399
SUNRISE TECHNOLOGIES INTERNATIONAL, INC. ANNOUNCES CONVERSION OF 12%
CONVERTIBLE SUBORDINATED PAY-IN-KIND NOTES ISSUED IN JANUARY 1998
FREMONT, CALIFORNIA -- MAY 5, 1999 -- SUNRISE TECHNOLOGIES INTERNATIONAL,
INC. (NASDAQ/NMS: SNRS) - today announced that it will convert its 12%
Convertible Subordinated Pay-In-Kind Notes Due 2001 into common stock
effective April 22, 1999.
In addition, the company will pay its final interest payment to the
noteholders pro-rata in cash, instead of in common stock.
The 12% Convertible Subordinated Pay-In-Kind Notes Due 2001 were part of a
private placement the company announced on Jan. 15, 1998. The company had
the right to convert the notes into common stock when the share price of
the company's common stock averaged over $10.00 per share for 30
consecutive trading days. That occurred on April 21, 1999. Approximately
1.25 million shares of common stock will be issued to the noteholders to
conclude the conversion.
"The combination of our strong cash position and of the performance of our
stock allows us to conclude the financing of these notes," said C. Russell
Trenary III, president and CEO of Sunrise Technologies International, Inc.
Founded in 1987, the company 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.
These Systems(a) incorporate a non-contact simultaneous application for
correction of hyperopia (farsightedness), presbyopia (loss of focus due to
natural aging), and overcorrection resulting from PRK and LASIK treatments
for myopia. The system is currently in use in Europe and the Americas, and
is in 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 the company's Securities and
Exchange Commission (SEC) filings. These forward-looking statements
represent the company's judgment, as of the date of this release, and the
company disclaims any intent or obligation to update these forward-looking
statements.
(a) Caution-Investigational Device: Federal law restricts this device
to investigational use in the U.S. Internet users can access Sunrise's
World Wide Web site at http://www.sunrise-tech.com.
