Here's some news that I missed.
Ed
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Laserscope acquires controlling interest in NWL Laser-Technologie, GmbH
BusinessWire, Thursday, June 19, 1997 at 08:07
SAN JOSE, Calif.--(BW HealthWire)--June 19, 1997--Laserscope (NASDAQ:LSCP) today announced that it has acquired controlling interest in NWL Laser-Technologie, GmbH.
Based in Eckental, Germany, near Nuremberg, NWL Laser-Technologie is a manufacturer and distributor of laser systems for medicine and industry as well as the exclusive distributor of Laserscope products in Germany. Laserscope now owns 52 percent of NWL Laser-Technologie and, as a result, will consolidate NWL's financial operations with those of Laserscope as of June 13, 1997. Laserscope signed a definitive agreement with NWL in March 1995, which included an initial investment in NWL by Laserscope, options for Laserscope to make additional investments in NWL Laser-Technologie, and a cross-development and distribution arrangement.
A private company, NWL achieved revenues of approximately U.S. $6.5 million and a pre-tax operating profit of 5 percent in 1996. Included in these revenues was approximately U.S. $1.9 million relating to the sale of Laserscope products by NWL under the existing distribution agreement.
NWL's business is divided between industrial and medical laser products. It markets Laserscope's product line in Germany as well as its own line of Erbium:YAG, pulsed Nd:YAG, Ruby, Argon, Krypton and CO2 lasers. NWL's Erbium:YAG laser is used in skin resurfacing, while its Ruby laser is used for both hair and tattoo removal.
"NWL is strategically important to Laserscope," said Robert V. McCormick, Laserscope President and CEO. "NWL is a leader in the German laser market, Europe's largest laser market, and the world's third largest behind the United States and Japan." Laserscope's product line also will be enhanced by the addition of NWL's line of industrial laser systems. According to industry sources, the size of the industrial laser market is estimated to be $800 million in annual worldwide sales. "NWL also gives Laserscope a very important European manufacturing and R&D site," said McCormick. "This significant resource is an ideal fit with our future diversification and international expansion plans."
"This is a very exciting step forward for us," said McCormick. "We have obtained majority interest in a successful business enterprise, gained incremental presence in the German marketplace, and entered the industrial laser market."
Laserscope designs, manufactures, sells and services on a worldwide basis an advanced line of medical laser systems and related energy delivery devices for the office, outpatient surgical center and hospital markets. Laserscope's Ascent Medical Systems(TM)(AMS) family of products includes operating and treatment room lights, ceiling-mounted equipment organizers, video systems, operating room tables and centralized smoke evacuation systems.
Statements in this announcement about future results are preliminary and based on partial information and assumptions. There can be no assurance that Laserscope will elect to make additional, future investments in NWL Laser-Technologie. Except for the historical information presented, the matters discussed in this announcement contain forward-looking statements that involve risks and uncertainties, including the timely introduction and acceptance of new products in both the medical and industrial laser markets, the development and rate of growth of markets, applications and procedures, the certainty, effect and timing of regulatory approvals, the Company's ability to distribute and support products for non- medical applications, and other risks detailed from time to time in the Company's public disclosure filings with the U.S. Securities and Exchange Commission (SEC). Copies of the most recent Forms 10K and 10Q are available upon request from Laserscope's Investor Relations Department.
CONTACT: Laserscope
Richard Wood, 408/943-0636 (IR/Media)
Dennis LaLumandiere, 408/943-0636 (Finance)
or
Hilary Kaye Associates (Agency contact)
Hilary Kaye or Shelle Murach, 714/851-5150
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: MEDICINE COMPUTERS/ELECTRONICS COMED
MERGERS/ACQ |
