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): January 2, 1998
(December 31, 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.
The press release issued by LaserSight Incorporated dated December 31, 1997 is
incorporated by reference herein. Additional information regarding this
transaction will be included in an additional Current Report on Form 8-K to be
filed on or before January 14, 1998.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit 99. Press Release dated December 31, 1997
SIGNATURES
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: January 2, 1998 By: /s/ Michael R. Farris
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Michael R. Farris
Chief Executive Officer
EXHIBIT 99
NASDAQ SYMBOL: LASE
LASERSIGHT INCORPORATED FOCUSES ON TECHNOLOGY;
SELLS TWO HEALTH SERVICES SUBSIDIARIES
ST. LOUIS, MO (Dec. 31, 1997) -- LaserSight Incorporated (NASDAQ: LASE) has sold
two subsidiaries -- MEC Health Care, Inc. and LSI Acquisition, Inc. -- to Vision
Twenty-One, Inc. (NASDAQ: EYES) for approximately $13 million, including $6.5
million paid in cash at closing and approximately $6.5 million paid in common
stock of Vision Twenty-One.
MEC Health Care, Inc. administers HMO and self-insured vision plans. It was
acquired by LaserSight in October 1995. LSI Acquisition, Inc. is a practice
management company that manages the ophthalmic business known as the Northern
New Jersey Eye Institute. It was established by LaserSight in July 1996.
LaserSight's estimated after-tax gain of $1.5 million to $2 million from this
transaction is subject to post-closing adjustments.
This transaction improves LaserSight's current liquidity and allows management
to focus the company's resources on its leading platform for refractive surgery.
Michael R. Farris, LaserSight's president and chief executive officer, says that
LaserSight was founded on state-of-the-art technology, and that it's always been
one of the company's cornerstones. He adds that several 1997 achievements make
this technology focus a natural step: the expansion of the company's patent
portfolio; final development and clinical validation of the company's LSX
refractive laser system; and the acquisition and development of the automated
disposable keratome (AoDoK).
"These achievements, coupled with the emergence of the refractive surgery
industry around LASIK, confirm that our strategic position is on target for
1998," he adds.
A total of $3.5 million from the net proceeds is being repaid to Foothill
Capital Corporation on the company's loans. In addition, no financial covenant
compliance will be required until the adjusted due date of the loans, which is
June 15, 1998.
"We also are exploring options for the use of the balance of the proceeds, such
as further reduction in debt, enhancing the capital base of the company or
redeeming a portion of the company's Series B Preferred Stock," Farris says.
"And the company's continuing to negotiate with potential licensees regarding
the patent portfolio the company acquired from International Business Machine
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earlier this year." LaserSight Incorporated is a technology company that
provides quality, innovative solutions for refractive, medical and laser
applications, in addition to consulting and education programs for
ophthalmologists. The company sells its laser system in more than 30 countries.
Vision Twenty-One is an eye care practice management company that provides a
wide range of services to its integrated networks of optometrists,
ophthalmologists, ambulatory surgical centers and retail optical centers.
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
