[The Magnum Group Logo Here]
News Release
FOR RELEASE OCTOBER 19, 2000 AT 7:30 AM PDT
CONTACTS:
Ronnie Jaegermann
Pro-Laser Ltd.
011-972-54-2020-54
Randy McDonald
The Magnum Group, Inc. (Financial Advisors for Premier)
(415) 435-5550
[email protected]
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PROLASER TO ACQUIRE EYESYS
Irvine, CA (October 19, 2000) Premier Laser Systems, Inc. (PLSIQ) and Pro-Laser
Ltd. (EASDAQ--PROL) today announced that they have signed a letter of intent
under which Pro-Laser will acquire Premier's EyeSys Corneal Topography division.
Pro-Laser, based in Duesseldorf, Germany will acquire the intellectual property,
customer base and inventory of the EyeSys Corneal Topography division from
Premier. Under the terms of the agreement, Pro-Laser expects to close this
transaction, on or about December 8, 2000. In addition, Premier and Pro-Laser
have executed an additional letter of intent to proceed towards a merger of
Premier into Prolaser at the conclusion of Premier's Chapter 11 case. The close
of both transactions are subject to completion of due-diligence review, Premier
and Pro-Laser Board approval, Bankruptcy Court approval and the completion of
definitive agreements.
Ronnie Jaegermann, chief executive officer and president of Pro-Laser, said, "We
believe that acquiring the EyeSys Corneal Topography product line--one of the
leading topography systems in the world, will enhance our ophthalmic diagnostic
product offering and enable Pro-Laser to form a closer relationship with
refractive surgeons worldwide."
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Fredric J. Feldman, Ph.D. chairman, board of directors of Premier, said "We feel
that the transactions with Pro-Laser will benefit our customers, shareholders
and creditors. We are pleased to be moving forward with a company of the
magnitude of Pro-Laser."
The transaction between the parties is a result of negotiations involving three
separate suitors for control of Premier's EyeSys assets. The Magnum Group, Inc.
of Tiburon, CA, financial advisors to Premier, managed these negotiations. Randy
McDonald, managing director for Magnum stated, "Premier has approximately 4,000
EyeSys customers and 3,500 shareholders. This merger agreement and acquisition
of the EyeSys assets by Pro-Laser will benefit a large number of parties."
McDonald also noted that this is the third major business division to be
divested and that other assets will continue to be sold as part of Premier's
plan of reorganization.
Premier has been seeking a merger partner since it filed Chapter 11 last March.
EyeSys is a well-known brand name in the field of ophthalmic topography.
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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