Now a thin film/optics company...favored sector<GG>...selling around 3.00:
Laser Power Completes Sale of Microlaser Business
SAN DIEGO--(BUSINESS WIRE)--Dec. 20, 1999--Laser Power Corp.
(Nasdaq:LPWR - news) today reported that it had completed the sale of its microlaser business to Melles Griot Inc., a
member of Barlow Scientific Group Ltd.
The sale agreement provided for initial payments for the purchase of most of the assets of Laser Power's microlaser operations
at book value, and for future royalty payments of up to $2.7 million based on sales of products incorporating microlaser
technology. Laser Power intends to use the initial payments for partial paydown of term debt and for general corporate
purposes.
Commented Dick Sharman, Laser Power Corp.'s chief executive officer, ``We are pleased that we were able to conclude the
sale of our microlaser business to a quality organization such as Melles Griot. We believe that Melles will be able to provide the
financial support to this business to enable it to achieve its full potential. Also, we were fortunate in finding a buyer located near
to our microlaser facility, which will permit the transfer of our microlaser employees with a minimum of operating and personal
disruptions.
This sale represents a milestone in our plan to increase shareholder value by concentrating on our core competencies in optics
and thin film coatings. We believe we can leverage these competencies into growth opportunities in higher value added optical
components and assemblies. We expect that our stronger financial position will allow us to pursue these opportunities both
internally and through targeted acquisitions.``
Founded in 1979, Laser Power Corp. designs, manufactures and markets high performance optics for industrial, medical and
military applications. The company's laser optics products are sold to laser system OEMs and end users as original and
replacement components in high power CO2 and other lasers. The company's infrared optics products consist of a variety of
infrared windows, missile domes and other optical elements primarily for military applications.
This news release contains forward-looking statements that involve risks and uncertainties. The actual future results of Laser
Power may differ materially from these statements due to a number of factors, including but not limited to risks and uncertainties
relating to the company's government contract business and exposure to government markets, the consolidation of the
company's businesses and operations, changes in management, fluctuations in the company's future performance, competition
and general economic conditions in the company's markets. These and other factors are more fully addressed in Laser Power's
most recent quarterly reports on Form 10-Q and annual report on Form 10-K.
Contact:
Laser Power Corp.
Paul P. Wickman, 858/755-0700 |
