[Magnum Group Logo Here]
FOR IMMEDIATE RELEASE
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FOR MORE INFORMATION, CONTACT:
MR. RANDY MCDONALD
THE MAGNUM GROUP, INC.
(415) 435-5550 OR
[email protected]
MAGNUM GROUP RETAINED TO SELL ASSETS OF PREMIER LASER SYSTEMS.
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San Francisco, CA - July 14, 2000 - The Magnum Group, Inc., a California-based
business development advisory firm, has been retained by Premier Laser Systems,
Inc. to sell all assets of the Company and to seek merger opportunities,
according to Randy McDonald, The Magnum Group's managing director.
Premier Laser Systems, which filed for Chapter 11 Bankruptcy protection in March
2000, is a manufacturer of proprietary medical laser devices and fiber optic
delivery systems with applications in ophthalmology, dentistry, general surgery
and dermatology. The Company's sales for the fiscal year ended March 31, 1999
were $14 million. Through the first nine months (December 31, 1999) of fiscal
year 2000 sales were $9.1 million. Due to the bankruptcy proceeding, the Company
has not yet completed its financial statements for the year ended March 31,
2000.
-more-
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The Magnum Group, Inc. o 1632 Tiburon Boulevard. o Tiburon, CA USA 94920
Tel: 415.435.5550 Fax: 415.435.5522
E-mail: [email protected]
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Premier's core products in ophthalmology include, the EyeSys corneal topography
systems and an Erbium:YAG laser for cataract and glaucoma treatment, with
potential application in refractive eye surgery. Dermatology products include an
Erbium:YAG laser for skin resurfacing treatments and an Nd:YAG laser for tissue
melding applications. Products in dentistry include an Erbium:YAG laser for
dental hard tissue (teeth), a diode laser for dental/periodontal soft tissue
(gums) and the BluLaze dental curing and teeth whitening system. The Company
also marketed a diode laser for general surgery.
In ophthalmology, Premier has marketed its corneal topography and imaging
products through EyeSys Vision Group, a company that Premier purchased in late
1997. Premier also has a 51 percent stake in OIS, Ophthalmic Imaging Systems,
Inc.
Michael Quinn, president of Premier Laser Systems, said that despite the
Company's financial setbacks, management will "fulfill its responsibility to our
stakeholders and creditors to obtain the maximum value for our assets. We will
be working closely with The Magnum Group to present the Company's portfolio of
intellectual property and corresponding business units.
The Magnum Group's Managing Director, Randy McDonald, said that Premier has a
successful track record in technology development and performance because of its
established stable of intellectual property for diverse medical laser
applications. "What we have inherited here,"
-more-
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The Magnum Group, Inc. o 1632 Tiburon Boulevard. o Tiburon, CA USA 94920
Tel: 415.435.5550 Fax: 415.435.5522
E-mail: [email protected]
<PAGE>
McDonald explained, "is a research and technology-rich corporation that, from
the beginning, has pursued a fundamental objective: The creation of safe and
effective medical laser technology with a breadth of applications. And," he
added, "they've been highly successful at it. There is a diverse core of
technology and products here."
McDonald said that executive summaries would be available on each of Premier's
business units. Robert Schulz of Anacapa Advisors has been retained by The
Magnum Group to act as investment advisor on the project. Qualified candidates
interested in pursuing investment opportunities should contact The Magnum Group
at (415) 435-5550 or email: [email protected].
The Magnum Group, located in Tiburon, CA, is a business development advisory
company formerly known as Magnum Marketing.
