Laserscope Divests German Subsidiary But Retains Distribution; Transaction Expected To
Net $4.0 Million In Cash
BusinessWire, Friday, February 18, 2000 at 08:01
SAN JOSE, Calif.--(BW HealthWire)--Feb. 18, 2000--Laserscope
(NASDAQ:LSCP) today announced that it has signed a contract with
Wavelight Laser Technologie AG to sell its German subsidiary, NWL
Laser Technologie, GmbH. The sale, which is pending Wavelight
shareholder approval expected by March 31st, will have an effective
date of January 1, 2000.
As part of the transaction, NWL will continue to distribute
Laserscope's products in all countries covered by NWL's current
distribution channels. The transaction is expected to net
approximately $4.0 million to Laserscope (including intercompany
balances of approximately $800,000 owed to Laserscope) but is not
expected to generate a material gain or loss when reported in
Laserscope's first quarter of 2000.
"We are very excited to have been able to put together this
synergistic arrangement with Wavelight and NWL whereby we divest a
non-core business (predominantly industrial marking lasers) but retain
the existing distribution of our medical products in Germany and
Eastern Europe," said Eric Reuter, Laserscope President and CEO. "NWL
has been and will continue to be a strong partner in our European
operations and we are looking forward to working closely with them as
our largest distributor going forward."
"This divestiture marks another successful step in our ongoing
efforts to bring strength to our balance sheet, improve our cash
position, and focus the Company on core medical markets, products, and
technologies."
Laserscope designs, manufactures, sells and services on a
worldwide basis an advanced line of medical laser systems and related
energy delivery devices for the office, outpatient surgical center,
and hospital markets. More information on Laserscope can be found on
the Company's web site at www.laserscope.com.
Except for historical information presented, the matters
discussed in this announcement contain forward-looking statements that
involve risks and uncertainties, including the development and growth
of new markets and treatments such as laser hair removal,
pseudofolliculitis barbae, and vascular lesion treatment, results from
clinical trials, the timing of regulatory approvals outside the U.S.,
the impact of competitive products and technologies, physician and
consumer acceptance and demand for the medical procedures targeted by
the Company, general economic conditions in the U.S. and abroad, and
other risks detailed from time to time in the Company's public
disclosure filings with the U.S. Securities and Exchange Commission
(SEC). Copies of Laserscope's most recent forms 10K and 10Q are
available upon request from its Investor Relations Department.
CONTACT: Laserscope
Eric Reuter, 408/943-0636 (President & CEO)
Dennis LaLumandiere, 408/943-0636 (Financial)
Laserscope Divests German Subsidiary But Retains Distribution; Transaction Expected To
Net $4.0 Million In Cash
BusinessWire, Friday, February 18, 2000 at 08:01
SAN JOSE, Calif.--(BW HealthWire)--Feb. 18, 2000--Laserscope
(NASDAQ:LSCP) today announced that it has signed a contract with
Wavelight Laser Technologie AG to sell its German subsidiary, NWL
Laser Technologie, GmbH. The sale, which is pending Wavelight
shareholder approval expected by March 31st, will have an effective
date of January 1, 2000.
As part of the transaction, NWL will continue to distribute
Laserscope's products in all countries covered by NWL's current
distribution channels. The transaction is expected to net
approximately $4.0 million to Laserscope (including intercompany
balances of approximately $800,000 owed to Laserscope) but is not
expected to generate a material gain or loss when reported in
Laserscope's first quarter of 2000.
"We are very excited to have been able to put together this
synergistic arrangement with Wavelight and NWL whereby we divest a
non-core business (predominantly industrial marking lasers) but retain
the existing distribution of our medical products in Germany and
Eastern Europe," said Eric Reuter, Laserscope President and CEO. "NWL
has been and will continue to be a strong partner in our European
operations and we are looking forward to working closely with them as
our largest distributor going forward."
"This divestiture marks another successful step in our ongoing
efforts to bring strength to our balance sheet, improve our cash
position, and focus the Company on core medical markets, products, and
technologies."
Laserscope designs, manufactures, sells and services on a
worldwide basis an advanced line of medical laser systems and related
energy delivery devices for the office, outpatient surgical center,
and hospital markets. More information on Laserscope can be found on
the Company's web site at www.laserscope.com.
Except for historical information presented, the matters
discussed in this announcement contain forward-looking statements that
involve risks and uncertainties, including the development and growth
of new markets and treatments such as laser hair removal,
pseudofolliculitis barbae, and vascular lesion treatment, results from
clinical trials, the timing of regulatory approvals outside the U.S.,
the impact of competitive products and technologies, physician and
consumer acceptance and demand for the medical procedures targeted by
the Company, general economic conditions in the U.S. and abroad, and
other risks detailed from time to time in the Company's public
disclosure filings with the U.S. Securities and Exchange Commission
(SEC). Copies of Laserscope's most recent forms 10K and 10Q are
available upon request from its Investor Relations Department.
CONTACT: Laserscope
Eric Reuter, 408/943-0636 (President & CEO)
Dennis LaLumandiere, 408/943-0636 (Financial) |
