Exhibit 99.1
News Release
FOR RELEASE SEPTEMBER 26, 2000 AT 7:30 AM EDT
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Contacts:
Michael J. Quinn
President & CEO
Premier Laser Systems, Inc.
(949) 859-0656 x215
J.T. Lin or Tim Shea
SurgiLight
(407) 482-4555
Randy McDonald
The Magnum Group
(415) 435-5550
PREMIER LASER SYSTEMS AGREES TO SELL OPHTHALMIC LASER DIVISION TO SURGILIGHT
Irvine, CA (September 26, 2000) Premier Laser Systems, Inc. (PLSIQ) and
SurgiLight, Inc. (OCTCBB:SRGL) today announced that they have signed an
agreement under which SurgiLight will acquire Premier's ophthalmic laser
division. SurgiLight, based in Orlando, Florida, will acquire the intellectual
property and inventory from Premier. Under the terms of the agreement,
SurgiLight will close this transaction prior to the American Academy of
Ophthalmology (AAO) in the third week of October.
J.T. Lin, Ph. D., Chief Executive Officer of SurgiLight, said "We believe this
is an extremely important milestone in the growth and development of our
Company."
Michael J. Quinn, President and Chief Executive Officer of Premier, said "We are
pleased to be selling the ophthalmic laser technology and inventory to
SurgiLight. The sale of the combined assets enables Premier to obtain optimum
value for its stakeholders."
The transaction between the parties is a culmination of a month long series of
negotiations involving two separate suitors for control of Premier's ophthalmic
laser division. The Magnum Group, Inc. of Tiburon, California, financial
advisors to Premier, managed these negotiations. Randy McDonald, Managing
Director for Magnum stated "We are confident that we have negotiated a deal that
maximizes the asset value of Premier' ophthalmic lasers. In addition, we believe
that SurgiLight will maximize these assets and immediately enter the market with
this important technology."
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The transaction is subject to customary closing conditions, and approval by the
bankruptcy court in which Premier's Chapter 11 case is pending.
Premier had never formally commercialized Premier's ophthalmic laser product
line. Premier was pursuing approvals to use the technology in the treatment of
glaucoma and cataracts.
The statements in this release that relate to future events or
performance, statements about growth, levels of sales and market size, future
manufacturing capacity and efficiencies, future product shipment rates, future
FDA submittals and future product introductions are forward-looking statements
that involve risks and uncertainties, including risks associated with
uncertainties related to the development of markets for and commercial
acceptance of the company's products and services, the availability of
components, competitors' product introductions and other risks identified in the
company's SEC filings. Actual results may differ from those described in these
forward-looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date hereof.
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