Thoughts on BEAM adding 4M shares?
Summit Technology Announces Filing of Public Offering
Business/Technology Editors
WALTHAM, Mass.--(BUSINESS WIRE)--July 20, 1999--Summit
Technology, Inc. (NASDAQ:BEAM) announced today that it has filed a
registration statement with the Securities and Exchange Commission to
sell 4,000,000 shares of its common stock. The offering is being
managed by Hambrecht & Quist LLC, U.S. Bancorp Piper Jaffray and Dain
Rauscher Wessels, a division of Dain Rauscher Incorporated. Summit has
also granted the underwriters an option to purchase an additional
600,000 shares to cover over-allotments.
The net proceeds of the offering will be used to help fund the
commercial introduction of the LADARVision system and for general
corporate purposes.
A preliminary prospectus relating to these securities will be
available from Hambrecht & Quist LLC, One Bush Street, San Francisco,
CA 94104, (415) 439-3423.
A Registration Statement relating to the securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. These securities may not be sold nor may offers to
buy be accepted prior to the time the Registration Statement becomes
effective. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities law of any such state.
Founded in 1985, Summit Technology is a leading developer,
manufacturer and marketer of ophthalmic laser systems and related
products designed to correct common vision disorders such as
nearsightedness, farsightedness and astigmatism. In 1995, Summit was
the first excimer laser company to receive FDA approval for its
excimer laser system for the correction of mild to moderate myopia in
the U.S. Autonomous, a wholly owned subsidiary, is engaged in the
design and development of next generation excimer laser instruments
for laser refractive surgery. The Company's LADARVision system
combines laser radar eye tracking with narrow beam shaping technology.
In addition, through its wholly-owned subsidiary, Lens Express, Summit
sells contact lenses and related products.
Cautionary Statement under "Safe Harbor" Provisions of the
Private Securities Litigation Reform Act of 1995: Statements made in
this report contain information about the Company's future business
prospects. These statements may be considered "forward-looking." These
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those set forth in or implied
by such forward-looking statements. Among these risks and
uncertainties are: competition from other manufacturers and vision
correction technologies, delays in obtaining regulatory approvals,
challenges to patents owned and licensed by the Company affecting per
procedure revenues and adverse litigation results. For additional
information and risks associated with the Company's business
prospects, and future operating results, please refer to Summit's
annual report on Form 10-K for the year ended December 31, 1998.
--30--mb/bos*
CONTACT: Summit Technology, Inc.
Kate Sturgis Burnham, 781/672-0518
kate.burnham@sum-tech.com
KEYWORD: MASSACHUSETTS
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS
INTERACTIVE/MULTIMEDIA/INTERNET
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Jul-20-1999 11:12 GMT
Symbols:
US;BEAM
Source BW Business Wire |
