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 20, 1998
(January 20, 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.
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 January 20, 1998 is
incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit 99. Press Release dated January 20, 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: January 20, 1998 By: /s/ Michael R. Farris
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Michael R. Farris
Chief Executive Officer
EXHIBIT 99
NASDAQ SYMBOL: LASE
LASERSIGHT INCORPORATED TO RECEIVE $7.5 MILLION
FOR PATENT AGREEMENT WITH NIDEK CO., LTD.
ST. LOUIS, MO (Jan. 20, 1998) - LaserSight Patents, Inc., a wholly owned
subsidiary of LaserSight Incorporated (Nasdaq: LASE), and Nidek Co., Ltd. signed
definitive patent-related agreements that would yield LaserSight $7.5 million in
cash at closing of this transaction. The total payment is subject to a
withholding of up to $340,000 for Japanese taxes.
Under the agreements, LaserSight will retain all patent ownership rights within
the United States relating to the use of an ultraviolet laser to ablate human
tissue. LaserSight will transfer to Nidek the ownership of the related non-U.S.
patents. LaserSight also will grant Nidek a nonexclusive license to use the U.S.
patents. These patents were originally acquired from International Business
Machines Corporation (IBM) in August 1997.
Nidek's acquisition does not affect any outstanding license agreements relating
to non-U.S. patents that have been previously granted to LaserSight and other
companies. The agreements also provide for LaserSight to continue to have the
exclusive right to use and sublicense the non-U.S. patents in all fields other
than ophthalmic, cardiovascular and vascular. LaserSight transferred an
exclusive license for cardiovascular and vascular uses to an unaffiliated
company for $4 million in September 1997.
The transactions are expected to close later this month, and are subject to the
approval of the holders of LaserSight's Series B Preferred Stock and of Foothill
Capital Corporation, LaserSight's secured lender.
Upon closing of this transaction, Nidek will hold the ophthalmic patent rights
in Australia, Austria, Belgium, Brazil, Canada, France, Germany, Italy, Japan,
Spain, Sweden, Switzerland and the United Kingdom. Nidek will be entitled to
receive certain future royalties relating to such patent rights.
The transactions are not expected to result in either a gain or loss for the
current period. It will however, reduce LaserSight's amortization expense over
the remaining life of the patents. The transactions also will result in
approximately $1.2 million of prepaid royalties that will be amortized to income
over time.
LaserSight Incorporated is a technology company dedicated to providing quality
laser-based solutions for refractive, medical and other innovative applications,
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especially in the vision correction industry. The company sells its laser system
in more than 30 countries, and provides consulting and education programs for
ophthalmologists.
Founded in 1971, Nidek provides surgical and diagnostic products for vision care
throughout the world. The company is based in Gamagori, Japan, and works in more
than 90 countries through a network of wholly owned subsidiaries and specialist
independent distributors.
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
