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): June 8, 1998 (June 8, 1998)
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.
12249 Science Drive, Suite 160, Orlando, Florida 32826
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Address of Principal Executive Offices
Registrant's telephone number, including area code: (407) 382-2700
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Item 5. Other Events.
The press release issued by LaserSight Incorporated dated June 8, 1998 is
incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit 99 Press Release dated June 8, 1998
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: June 8, 1998 By: /s/ Michael R. Farris
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Michael R. Farris
Chief Executive Officer
EXHIBIT 99
NASDAQ SYMBOL: LASE
LASERSIGHT INCORPORATED ANNOUNCES STRATEGIC INVESTMENT BY TLC THE LASER CENTER,
INC. AND PLANS TO LAUNCH MOBILE EXCIMER LASER BUSINESS
COMPANY REPURCHASES SERIES B PREFERRED STOCK
AND PAYS OFF OUTSTANDING DEBT
ORLANDO, Fla. (June 8, 1998) - LaserSight Incorporated (Nasdaq: LASE) announces
that TLC The Laser Center, Inc. (Nasdaq: LZRCF) has invested $8 million in the
company. TLC is the largest provider of laser vision correction in North
America. In addition, LaserSight and TLC senior managers are working together to
develop and launch a mobile excimer laser business.
TLC's investment is in the form of 2 million shares of preferred stock,
convertible on a fixed, one-for-one basis into 2 million shares of LaserSight
common stock. Pursuant to the existing agreement with the company's Series B
preferred stockholders, LaserSight repurchased all of its outstanding Series B
preferred stock on June 5. The company also received $4.3 million on June 5 from
Vision Twenty-One, Inc., of which $2 million was used to pay off all of the
company's outstanding indebtedness to Foothill Capital Corporation.
LaserSight's President and Chief Executive Officer Michael Farris says that this
strategic business relationship with TLC provides LaserSight the opportunity to
develop a mobile strategy that would provide access to excimer laser and related
technology, along with value-added services developed by TLC to expand
refractive surgeon practices. Those services include training and education;
group purchasing; patient financing; marketing and advertising resources and
expertise; and advanced Internet-based information systems, including patient
outcome analyses and database management.
TLC's core business strategy is providing excimer laser eye surgery in
partnership with its network of more than 6,000 affiliated doctors. TLC's
investment in LaserSight is intended to support the development and launch of a
mobile strategy that will enhance TLC's currently successful business strategy
throughout North America.
Farris adds, "We are delighted to have TLC as an investor in the company and
look forward to exploring all the ways in which this strategic business
arrangement will benefit our customers and will enhance shareholder value for
both companies. Our LSX scanning laser platform, A*D*K, patents and commitment
to education will be strengthened by this newly formed and very important
business relationship."
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LaserSight Incorporated provides quality technology solutions for laser
refractive surgery and other innovative applications, especially in the vision
correction industry. The company sells its products in more than 30 countries.
LaserSight's laser system has an investigational device exemption status for
clinical trials in the United States and is currently not available in that
market. This March, the company submitted its pre-market approval application
for the scanning laser system to the U.S. Food and Drug Administration, and it
was accepted for filing in May.
This press release contains forward-looking statements regarding future events
and future performance of the company, which 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.
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For additional information please contact: Julie Tockman, APR
Director, Corporate Relations
LaserSight Incorporated
(314) 469-3220 Ext. 3060
Visit us on the Internet at www.lase.
com
