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IRVINE, Calif.--(BW HealthWire)--Jan. 16, 1998--Premier Laser Systems (Nasdaq NM:PLSIA - news) Friday announced that it submitted a proposal to the board of directors of Sacramento-based Ophthalmic Imaging Systems Inc. (Nasdaq:OISI - news) to acquire for $1.75 per share in cash in a friendly transaction the approximately 2.7 million shares of OISI common stock not currently owned by Premier Laser. Under the terms of the proposal, OISI must modify its recently adopted shareholder rights plan to permit the transaction to proceed.
The all cash proposal, which is at a 30 percent premium to the current bit price of $1.34 for OISI shares, will be withdrawn if it is not accepted by 5 p.m. PST on Thursday, Jan. 22. Premier Laser has purchased in open-market transactions over the last several months approximately 29 percent of the outstanding shares of OISI. Premier Laser is filing an amendment to the Form 13D previously filed with the Securities and Exchange Commission.
According to the announcement by Premier Laser Systems Chairman, President and CEO Colette Cozean, Ph.D., the addition of the OISI product line ``will be a nice fit with the full range of our ophthalmic products and be beneficial to both companies.''
Premier Laser Systems develops, manufactures and markets several lines of proprietary medical lasers, fiber optic delivery systems, corneal topography systems and associated products and services for a variety of dental, ophthalmic and surgical applications.
The statements in this news release that relate to future events or performance, statements about growth, company performance, levels of sales and market size, future manufacturing capacity and efficiencies, future product shipment rates, and future product introductions are forward-looking statements that involve risks and uncertainties, including risks associated with uncertainties related to the development of markets for and commercial acceptance of the company's products and services, the availability of components, competitors' product introductions, patent or other litigation, and other risks identified in the company's SEC filings.
Actual results may differ from those described in these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
Allen & Caron Inc Matt Clawson (investors) Owen Daley (media) 714/252-8440
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