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): April 8, 1997 (April 7, 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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<PAGE>
Item 5. Other Events.
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The press release issued by LaserSight Incorporated dated April 7, 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 April 7, 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: April 8, 1997 By: /s/ Michael R. Farris
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Michael R. Farris
Chief Executive Officer
EXHIBIT 99
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NASDAQ SYMBOL: LASE
LASERSIGHT COMPLETES FINANCING
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St. Louis, MO -- April 7, 1997..... LaserSight Incorporated (NASDAQ:LASE)
announced the closing of an $8 million credit facility with Foothill Capital
Corporation, a commercial finance unit of Norwest Corporation, on April 1, 1997.
LaserSight was represented by A.G. Edwards & Sons in its discussions with
Foothill.
The asset-based financing consists of a $4 million term loan with interest at
12.5 percent and a $4 million revolver at prime plus 1.5 percent. The revolver
is based on eligible receivables and is currently available to the Company.
Principal on the term loan is payable in installments between May and July 1998.
The amount available under the revolver will decrease in monthly installments
beginning August 1, 1998. LaserSight has granted the lender five-year warrants
to purchase 500,000 shares of LaserSight common stock (approximately 5.6% of the
shares outstanding) exercisable commencing on March 31, 1998 at a price of
$6.0667 per share. LaserSight continues to explore various alternatives to
enable it to fund the purchase price under its previously announced agreement to
purchase certain patent rights from IBM on or before July 1, 1997.
The Company has used a portion of the net proceeds of the term loan to pay in
full the balance due under its note to the former owners of MEC Health Care,
Inc., a wholly owned subsidiary of LaserSight acquired in October 1995.
Michael R. Farris, LaserSight's president and chief executive officer, said, "We
are pleased with Foothill Capital Corporation's vote of confidence in
LaserSight. With this financing we have satisfied our MEC obligation and will
allocate resources necessary to pursue the growth of our managed care lives. We
will further strengthen our engineering and field service function to support
laser sales internationally. This credit facility is LaserSight's first
opportunity to secure this type of financing. Foothill's financing commitment to
LaserSight is evidence of the progress made by the Company over the last several
months to strengthen the Company fundamentally."
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.
For additional information please contact: Marti Benfield
Investor Relations Manager
LaserSight Incorporated
(314) 469-3220
