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Wednesday May 6, 8:21 am Eastern TimeCompany Press ReleaseSOURCE: Biolase Technology, Inc.BioLase Technology Signs First Pacific Rim Agreement with Meditec to Distribute its Non-Thermal Laser Systems in Japan Revenues Expected to Exceed $10 Million Over Three Years; Deal Opens Door to Additional Distributors Worldwide
SAN CLEMENTE, Calif., May 6 /PRNewswire/ -- BIOLASE TECHNOLOGY, INC. (Nasdaq: BLTI - news), a provider of laser-based advanced cosmetic, aesthetic, dental and surgical products, announced today that it has reached an exclusive agreement with Tokyo-based Meditec Corporation, a wholly owned subsidiary of the multi-billion dollar Marubeni Corporation, to distribute BIOLASE's newly patented non-thermal laser tissue-cutting products throughout Japan.
The three-year, $10.7 million minimum purchase agreement, which commences upon Japanese regulatory clearance anticipated within fiscal 1999, comes less than two weeks after BioLase received a U.S. patent for its HydroKinetic(TM) Laser Cutting Technology. In simplest terms, this revolutionary technology combines the power of a laser with water to form high speed, atomized water particles that act as a cutting tool for removal of hard and soft human tissue. The result is that a patient's pain is greatly reduced and often eliminated since water, not thermal heat, is used to cut or drill.
''The significant size of the market in Japan, known to be one of the top users of medical laser systems in the world, provides BIOLASE with a tremendous opportunity to expand its product line. They already have in place one of the most sophisticated levels of dental and medical care in the world and, of course, it is a country which appreciates superior technology,'' said Donald A. La Point, President and CEO of BioLase Technology, Inc., adding that ''we are pleased to have such a capable distributor as Meditec on board. Its parent company, Marubeni, is one of the most renowned and reputable corporations in the world. We expect this partnership to bring great successes to both companies.''
Meditec will distribute BIOLASE's two major laser-based systems -- Millennium(TM) for dentistry and DermaLase(TM) for the medical industry where applications can range from tumor and cyst removal to skin resurfacing (wrinkle removal). Both U.S.-made products utilize the HydroKinetic(TM) technology. The agreement makes Meditec the first distributor outside the United States which will sell the two BioLase Systems. Other foreign distributors, predominately in Germany and Canada, currently are licensed only for one product, the Millennium(TM).
''We are pleased to be moving forward quickly on all fronts, both here in the U.S. and abroad,'' said Federico Pignatelli, Chairman of the Board of BIOLASE. ''Receiving the U.S. patent two weeks ago was pivotal for us. Now, securing a Japanese distributor indicates that the 'starting gates' are open for worldwide distribution of our product. We are prepared to move very quickly into other foreign markets, particularly those in Europe, Asia and the Pacific Rim.''
BIOLASE Technology, Inc. manufactures and markets advanced cosmetic, aesthetic, dental and surgical products, including laser systems, Hydro- Kinetic(TM) surgical cutting systems, and develops specialized biomaterials for dentistry and other medical specialties. The Company's products incorporate patented and patent-pending technologies that permit achievement of unique results.
The matters discussed in this news release include forward looking statements which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward looking statements. Such risks, uncertainties and other factors include, but are not limited to, the effect of actions of third parties, including governmental officials, the timely development and acceptance of new products, the impact of competitive products and pricing, and other risks detailed from time-to-time in the Company's filings with the Securities and Exchange Commission, including the reports on Forms 10-KSB and 10Q. Actual results may differ materially from those projected. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE: Biolase Technology, Inc.
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More Quotes and News:Biolase Technology Inc (Nasdaq:BLTI - news)Related News Categories: computers, medical/pharmaceutical
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