AJ,
The following is the article about the suit filed by VISX against Beam:
BW0064 AUG 28,1996 8:08 PACIFIC 11:08 EASTERN
( BW)(VISX-PARTNER)(VISX) Summit Technology Sued for Failure to Pay
Royalties
Business Editors & Legal Writers
WILMINGTON, Del.--(BUSINESS WIRE)--Aug. 28, 1996--VISX Partner
Inc. today announced that it has sued Summit Technology Inc.
("Summit") on behalf of Pillar Point Partners in the United States
District Court in Boston, Mass.
The lawsuit alleges that Summit has failed to meet certain
royalty obligations contained in the License Back Agreement between
Summit and Pillar Point Partners. Efforts by the parties to settle
this disagreement through other dispute resolution mechanisms have
been unsuccessful.
The parties disagree about the ongoing calculation of net
selling price, and about the obligation to pay equipment royalties
on past sales. Specifically, the complaint disputes the method
Summit employs to calculate the net selling price of its systems,
which is the royalty base.
It also alleges that Summit has failed to pay royalties on
those systems it sold before receipt of FDA approval to market the
Summit system for PRK. Liz Davila, an officer of VISX Partner and a
managing director of Pillar Point Partners, said, "We believe it is
in the best interests of the Partnership to resolve this business
dispute as soon as possible."
VISX Partner Inc. is a wholly-owned subsidiary of VISX Inc.
(NASDAQ: VISX).
--30--ML/sf* jm/sf
CONTACT: VISX Partner Inc.
Lola Wood, 408/733-2020
KEYWORD: CALIFORNIA DELAWARE MASSACHUSETTS
INDUSTRY KEYWORD: MEDICINE GOVERNMENT
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
It looks pretty petty to me and really relates more to VISX trying to intimidate BEAM shareholders. I'm not intimidated, are you?
Best,
Greg |
