Exhibit 99.1
January 9, 2001
FOR IMMEDIATE RELEASE
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FOR MORE INFORMATION, CONTACT:
MR. ROBERT MOSIER, CEO
PREMIER LASER SYSTEMS
(714) 432-0800, EXT. 222, OR
MR. RANDY MCDONALD
THE MAGNUM GROUP, INC.
(415) 435-5550
PREMIER SUSPENDS NEGOTIATIONS WITH PRO-LASER
Irvine, CA, January 9, 2001, Premier Laser Systems, Inc. announced today that it
has suspended negotiations with Pro-Laser Ltd. for the purchase of its EYESYS
corneal topography business unit and the planned merger between the companies.
Premier's chief executive officer Robert Mosier stated "The parties could not
reach agreement on the proposed terms of these transactions." Mr. Mosier also
noted "Premier, through its financial advisor, The Magnum Group, Inc., has been
in contact with a number of companies that are interested in the EYESYS asset,
as well as additional companies that would like to pursue merger discussions."
Premier intends to place the EYESYS asset into a sealed bid auction process with
a minimum opening bid being at least $1 million.
Premier filed for Chapter 11 protection in March of 2000. Since then it has been
disposing of certain assets and seeking a merger partner. Premier and Pro-Laser
entered into a letter of intent last September for Pro-Laser to acquire the
EyeSys business unit from Premier. EYESYS manufactures and sells both office
based and hand-held corneal topography systems. EYESYS is a well-known
ophthalmic brand name with approximately 4,000 users worldwide. ProLaser had
also signed a letter of intent to merge with Premier in October 2000.
PREMIER INTENDS TO CONTINUE ITS EFFORTS TO SELL EYESYS AND ITS REMAINING ASSETS
AS WELL AS SEEK A MERGER PARTNER.
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