BEAM NEWS:
Thursday August 26, 6:59 am Eastern Time
Company Press Release
Sterling Vision, Inc. and Summit Technology, Inc. Announce
Signing of Partnership Vision Plan Agreements
WALTHAM, Mass.--(BUSINESS WIRE)--Aug. 26, 1999--Sterling Vision, Inc. (NASDAQ:ISEE - news) one of the USA's leading optical retailers and
an operator of corrective eye laser surgery centers and Summit Technology, Inc. (NASDAQ:BEAM - news), a leading manufacturer of excimer laser systems for use in laser vision correction, today announced that Insight Laser Centers, Inc., a Sterling subsidiary, has entered into agreements with Summit for the purchase of up to six of Summit's state of the art, Apex Plus Laser Systems.
Dr. Robert Cohen, Chairman of Insight's Board of Directors, stated ''Insight's purchase of these new excimer lasers strengthens our commitment to become one of the Northeast's leading providers of laser vision correction services. In addition to already having installed one such laser in its premier Trump Tower facility, the Company is readying two (2) new Centers in New York City, including a Soho location schedule to open in September. The Northeast expansion plan also anticipates at least four (4) more Centers in the near future.''
Dr. Cohen further stated that ''As part of Sterling's rollout of its Insight Laser Centers, it has appointed Robert Greenberg as Insight's new President and Chief Executive Officer, signaling a major step in the aggressive expansion of Sterling's laser division.''
Commenting on the relationship, Robert J. Palmisano, Summit's Chief Executive Officer, stated, ''Summit Technology is committed to building customer satisfaction and I believe that Sterling Vision's decision to acquire Apex Plus Systems for their Insight Laser Centers is a clear signal that we are delivering on that promise. I am delighted to have the opportunity to work with Dr. Cohen and Mr. Greenberg and I look forward to our ongoing
relationship.''
Founded in 1985, Summit Technology is a leading developer, manufacturer and marketer of ophthalmic laser systems and related products designed to correct common vision disorders such as nearsightedness, farsightedness and astigmatism. In 1995, Summit was the first excimer laser company to receive FDA approval for its excimer laser system for the correction of mild to moderate myopia in the U.S. Autonomous, a wholly owned subsidiary, is engaged in the design and development of next-generation excimer laser instruments for laser refractive surgery. The Company's LADARVision System combines laser radar eye tracking with narrow beam shaping technology. In addition, through its wholly owned subsidiary, Lens Express, Summit sells
contact lenses and related products.
Summit Technology, Inc.
Cautionary Statement under ''Safe harbor'' Provisions 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.
Among these risks and uncertainties are: competition from other manufacturers and vision correction technologies, delays in obtaining regulatory
approvals, challenges to patents owned and licensed by the Company affecting per procedure revenues, adverse litigation results, difficulties in
commercializing the LADARVision system and dependence on sole source suppliers. For additional information and risks associated with the Company's
business prospects and future operating results, please refer to Summit's public filings with the Securities and Exchange Commission.
Sterling Vision, Inc.
All statements contained herein (other than historical facts) are based upon current expectations. These statements are forward looking in nature and
involve a number of risks and uncertainties. Actual results may differ materially from the anticipated results or other expectations expressed in the
Company's forward looking statements. Generally, the words ''anticipate'', ''believe'', ''estimate'', ''expects'' and similar expressions as they relate to the
Company and/or its management, are intended to identify forward looking statements.
Contact:
Summit Technology, Inc.
Kate Sturgis Burnham, 781/672-0517
kate.burnham@sum-tech.com
or
Sterling Vision, Inc.
Eliezer Becher, 914/271-5361
More Quotes and News:
Summit Technology Inc (Nasdaq:BEAM - news)
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