Semiconductor Laser International Corporation
Announces Termination of Development Agreement With
Saf T Lok Incorporated
BINGHAMTON, N.Y.--(BUSINESS WIRE)--June 12, 1998--Semiconductor Laser International Corporation(SLI) (NASDAQ: SLIC - news, SLICW - news) announced today the termination of a development agreement with Saf T Lok Incorporated (NASDAQ: LOCK - news).
On May 27, 1998, Semiconductor Laser International Corporation (the ''Company''), announced it had entered into a development agreement with Saf T Lok Incorporated (''Saf T Lok'') to develop an optical laser-driven fingerprint locking mechanism, to prevent unauthorized use of firearms.
On June 11, 1998, following significant changes in management of Saf T Lok, the Company received notice from the new management of Saf T Lok that the development agreement is void. Saf T Lok's new management stated that its former President and CEO ''. . . exceeded the authority the Board of Directors granted him . . .'' in executing this agreement.
The termination of this agreement will not have any material impact on the financial condition of the Company.
Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed of the Company to be materially difference from any future results, performance of achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and assumptions include, among other things, the risks discussed in
documents filed by the Company with the Securities and Exchange Commission. Investors are encouraged to consider the risks detailed in those filings.
Contact:
Richard Anderson
Tel.: (607) 722-3800
Fax.: (607) 722-3900
E-mail: sli@spectra.net |
