BEAM Taking Off Today...
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Summit and VISX Sign Comprehensive Settlement
Agreement
Pillar Point Partners Dissolved
WALTHAM, Mass.--(BW HealthWire)--June 8, 1998--Summit
Technology, Inc.
(NASDAQ NM Symbol:BEAM - news) and VISX, Incorporated (NASDAQ
NM
Symbol:VISX - news) announced today that they have signed a
definitive
settlement agreement and resolved all differences between the two
companies.
Both parties have agreed to dissolve Pillar Point Partners and end all
pending disputes and litigation between the two companies. Each
party will retain all rights to license other manufacturers to
their own patents. VISX and Summit have also granted each
other a worldwide, royalty free cross license. Each party will
have full rights to license their laser system users to all
patents owned by either company relating to laser ablation
of corneal tissue including all patents presently included, or
includable, in Pillar Point. Under the settlement agreement,
VISX has agreed to pay Summit a total of $35 million.
''I am pleased that the resolution of these issues has been achieved
in a rational and fair manner,'' stated Robert J. Palmisano, Chief
Executive Officer of Summit. ''We now enter a new era in which we
will focus one hundred percent of our efforts on growing the already
expanding market of consumers who will benefit from laser vision
correction,'' continued Palmisano.
''The formation of Pillar Point Partners in 1992 was critical in
enabling VISX and Summit to bring laser vision correction to its
current status as a safe and effective alternative to glasses and
contact lenses,'' commented Mark Logan, Chairman, President and
CEO of VISX. ''Without Pillar Point there would not be the vital,
dynamic new industry we see today. It is now time to move on to the
next exciting stage in the development of this market,'' Mr. Logan
added.
Both companies believe this agreement is to their respective benefit
and will allow each to focus their energies on the development of
the laser vision correction industry.
Cautionary Statement Under ''Safe Harbor'' Provision of The Private
Securities Litigation Reform Act of 1995: Statements made in this
news release 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. For further
information
regarding cautionary statements and factors affecting future
operating results, please refer to Summit's Annual Report and Form
10-K for the year ended December 31, 1997 or VISX's Annual
Report and Form 10-K for the year endedDecember 31, 1997.
Contact:
VISX, Incorporated
Lola Wood, 408/773-7010
or
Summit Technology, Inc.
Kate Burnham, 781/672-0518
This is the beginning of a major breakout from a two year base...
iqc.com.
Jim |
