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): July 1, 1997 (May 27, 1997)
LASERSIGHT INCORPORATED
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Exact name of registrant as specified in its charter
Delaware
State or other jurisdiction of incorporation
0-19671 65-0273162
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Commission File Number I.R.S. Employer
Identification No.
12161 Lackland Road, St. Louis, Missouri 63146
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Address of Principal Executive Offices
Registrant's telephone number, including area code: (314) 469-3220
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Item 5. Other Events.
Patent Purchase Agreement
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The press release issued by LaserSight Incorporated dated July 1, 1997 is
incorporated by reference herein.
Series A Convertible Preferred Stock
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On May 27, 1997, the Registrant converted the last of its Series A Convertible
Preferred Stock (the "Series A Preferred") to shares of common stock of the
Registrant. Since the issuance of the Series A Preferred in January 1996, an
aggregate of 975,261 shares of Common Stock have been issued in connection with
the conversion of Series A Preferred and payment of dividends thereon.
The Registrant may from time to time issue additional series of convertible
preferred stock ("New Preferred") with conversion terms generally similar to
those of the Series A Preferred. Such conversion terms may include a conversion
price based on the lesser of (A) a price related to the market price of common
stock at the time of the conversion of the New Preferred stock, or (B) a price
based on the market price of the common stock at the time of the initial sale of
the New Preferred. Holders of the New Preferred who benefit from such provisions
would effectively receive limited protection from any future declines in the
market price of the common stock, but other investors can expect to incur
dilution of their ownership in the event of a decline in the price of common
stock.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit 99. Press Release dated July 1, 1997
SIGNATURES
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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 hereunto duly authorized.
LaserSight Incorporated
Date: July 1, 1997 By: /s/ Michael R. Farris
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Michael R. Farris
Chief Executive Officer
EXHIBIT 99
NASDAQ SYMBOL: LASE
LASERSIGHT
St. Louis, MO -- July 1, 1997 -- (NASDAQ: LASE) As previously announced on
February 20, 1997, LaserSight Incorporated entered into a patent purchase
agreement with International Business Machines Corporation (NYSE: IBM) for
fundamental claim stem patents related to ultraviolet light ophthalmic products
and procedures for laser vision correction.
LaserSight today said it is currently working with several potential funding
sources, including other industry participants, and anticipates the transaction
will close in July, subject to the successful completion of the financing
arrangements.
LaserSight Incorporated is a holding company with operating subsidiaries engaged
in the business of laser manufacturing and international sales, third-party
managed vision care administration, ophthalmic practice management, and health
and vision care consulting services.
This press release contains forward-looking statements regarding future events
and future performance of the Company that involve risks and uncertainties that
could materially affect actual results. Investors should refer to documents that
the Company files from time to time with the Securities and Exchange Commission
for a description of certain factors that could cause actual results to vary
from current expectations and the forward-looking statements contained in this
press release. Such filings include, without limitation, the Company's Form
10-K, Form 10-Q and Form 8-K reports.
For additional information please contact: Marti Benfield,
Manager, Investor Relations
LaserSight Incorporated
(314) 469-3220
