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): February 25, 1997
(February 20, 1997)
LASERSIGHT INCORPORATED
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Exact name of registrant as specified in its charter
Delaware
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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.
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The press release issued by LaserSight Incorporated dated February 20, 1997 is
incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(c) Exhibits
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Exhibit 99. Press Release dated February 20, 1997
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Regis-
trant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
LaserSight Incorporated
Date: February 25, 1997 By: /s/ Michael R. Farris
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Michael R. Farris
Chief Executive Officer
EXHIBIT 99
NASDAQ SYMBOL: LASE
St. Louis, MO --February 20, 1997..... LaserSight Incorporated (NASDAQ: LASE)
announced it has entered into an agreement with International Business Machines
Corporation (NYSE: IBM) which provides for LaserSight to acquire certain IBM
patents relating to Ultraviolet Light Ophthalmic products and procedures of
ultraviolet ablation. These patents have issued in Australia, Austria, Belgium,
Brazil, Canada, France, Germany, Italy, Japan, Spain, Sweden, Switzerland, and
the United Kingdom, as well as the United States.
In addition, the agreement provides for IBM to transfer to LaserSight all of
IBM's rights under its patent license agreement with Summit Technology, Inc. and
its patent license agreement with VISX, Inc. Subject to the closing of the
transaction by July 1, 1997, LaserSight will be entitled to receive all
royalties accrued on or after January 1, 1997, under the patent license
agreements with Summit and VISX.
Commenting on the significance of the agreement, Michael R. Farris, president
and chief executive officer of LaserSight, said, "We believe that we can
maximize the economic potential of the ophthalmic rights to this patent
portfolio because of our focus on this industry. These IBM patents, in
conjunction with our existing patent portfolio covering scanning technology for
PRK; ultraviolet solid-state lasers for PRK; calibration of UV lasers for PRK;
and the use of UV lasers for glaucoma laser trabeculodissection, will enhance
our royalty revenue stream and provide strategic leverage for us to negotiate
licenses on reasonable terms. LaserSight intends to carry on its licensing
activities pertaining to the IBM patents on a reasonable, nondiscriminatory
basis.
An escrow agreement between IBM and LaserSight is to be negotiated and executed
by March 7, 1997, providing for LaserSight to place a $1 million deposit of
LaserSight stock into escrow, pursuant to the negotiated escrow agreement. If
the escrow agreement has not been executed by such date, the agreement is null
and void. If the transaction does not close on July 1, 1997, IBM may terminate
the agreement. In such event, LaserSight's sole obligation is to deliver from
the escrow or otherwise LaserSight stock and/or cash with a value of $1 million
on July 1. Among other things, the transaction is subject to LaserSight's
arrangements for payment of the purchase price and regulatory clearances.
LaserSight Incorporated is a holding company with four 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 and the Company's prospectus dated July 12,
1996 (File No. 333-2198).
For additional information, please contact:
Marti Benfield, Investor Relations
