Sunrise Technologies
May 17, 1999 07:03 AM
FREMONT, Calif.--(BW HealthWire)--May 17, 1999--Sunrise Technologies International, Inc., SNRS announced that it's Board of Directors amended the Stockholder Rights Agreement to increase the exercise price of stock issued pursuant to the rights to $70 from $20.
The Rights will be exercisable only if a person or group acquires beneficial ownership of 15% or more of the Company's common stock, or commences a tender or exchange offer upon consummation of which, such person or group would beneficially own 15% or more of the Company's common stock. The Company will be entitled to redeem the Rights at $.001 per Right at any time until 10 days following a public announcement that a 15% position has been acquired.
The Company is not aware of any activity to acquire a control position in its stock and the Company has undertaken no discussions with any potential acquirors. The Board was advised on the amendment by Credit Suisse First Boston.
Details of the amended Stockholder Rights Agreement are outlined in a document which will be filed with the Securities and Exchange Commission. A copy of the amended Stockholder Rights Agreement is available free of charge from the Rights Agent. The Rights Agreement will expire on October 24, 2007. This summary description of the Rights does not purport to be complete and is qualified in its entirety by reference to the Stockholder Rights Agreement.
The Sunrise LTK(TM) System differs from excimer laser procedures (PRK and LASIK) and traditional incisional surgeries (Radial Keratotomy) because no corneal tissue is cut or removed. It is an office-based instrument that applies two rings of laser energy to the mid-periphery of the cornea. Each ring of energy is applied in 1.4 seconds and gently heats collagen in the cornea to change corneal shape. The application of energy is accomplished without physically contacting the cornea with instrumentation or any other apparatus. The patient sits upright opposite the ophthalmic surgeon, and total chair time, including focusing, is designed to be less than 5 minutes.
Founded in 1987, the Company produces and markets high technology products revolutionizing treatment methods in eye care. The Company develops Holmium laser-based systems, which utilize a patented process for shrinking collagen developed by Dr. Bruce Sand (the "Sand Process") in correcting ophthalmic conditions. These Systems* incorporate a non-contact simultaneous application for correction of hyperopia (farsightedness), presbyopia (loss of focus due to natural aging), and overcorrection resulting from PRK and LASIK treatments for myopia. The system is currently in use in Europe and the Americas, and is in clinical trials in the United States.
Except for historical information, this news release contains certain forward-looking statements that involve risk and uncertainties which may cause actual results to differ materially from the statements made, including market potential, regulatory clearances, business growth and other risks listed from time to time in the Company's Securities and Exchange Commission (SEC) filings. These forward-looking statements represent the Company's judgment, as of the date of this release, and the Company disclaims any intent or obligation to update these forward-looking statements.
--Caution-Investigational Device: Federal law restricts this device to investigational use in the U.S. Internet users can access Sunrise's World Wide Web site at sunrise-tech.com.
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