Autonomous and Summit Issue Joint Proxy/Prospectus Material.ORLANDO, Fla.--(BW HealthWire)--March 30, 1999--Autonomous Technologies Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM: ATCI ATCI Albany Transcomm International ) and Summit Technology, Inc. (NASDAQ NM: BEAM) announced today that the Joint Proxy/Prospectus for the proposed merger of Autonomous into a subsidiary of Summit has been made effective by the Securities and Exchange Commission and that copies of the document have been mailed to stockholders of both companies. "We are extremely pleased to announce that the joint proxy/prospectus has been mailed and we are ready for the stockholders to vote on the merger. We believe the merger will provide significant benefits to our stockholders, customers, and employees," commented Randy Frey, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Autonomous. On October 1, 1998, Autonomous and Summit announced the agreement to merge Autonomous with or into a subsidiary of Summit Technology, subject to a vote by the stockholders of both companies. The Board of Directors of both companies has unanimously approved the merger. The total merger consideration for Autonomous stockholders is 11,650,400 shares of Summit stock and an equal amount of value in cash, up to $50 million in cash. The per share consideration will be a function of the average closing Summit stock price for the five days before the closing of the merger and is more fully described in the Joint Proxy/Prospectus that has been mailed to stockholders. A special meeting of stockholders and closing date is scheduled for April 29,1999. Autonomous designs, develops and markets next generation excimer laser A gas laser in which a very short electrical pulse excites a mixture containing a halogen such as fluorine and a rare gas such as argon or krypton. It produces a brief, intense pulse of ultraviolet light. instruments for laser vision correction. The company's LADARVision(R) System is the only FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approved laser vision correction system that combines high-speed, laser radar eye tracking with precisely controlled small beam shaping technology. For more information, contact Autonomous Technologies at 2800 Discovery Drive, Orlando, FL 32826 (407) 384-1600, or visit us on the web at www.autonomous.com. Founded in 1985, Summit Technology is a leading developer, manufacturer and marketer of ophthalmic laser systems designed to correct common vision disorders such as nearsightedness nearsightedness or myopia, defect of vision in which far objects appear blurred but near objects are seen clearly. Because the eyeball is too long or the refractive power of the eye's lens is too strong, the image is focused in front of the , farsightedness and astigmatism astigmatism (əstĭg`mətĭz'əm), type of faulty vision caused by a nonuniform curvature in the refractive surfaces—usually the cornea, less frequently the lens—of the eye. . 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 myopia: see nearsightedness. in the U.S. In addition, through its wholly-owned subsidiary, Lens Express, Summit sells contact lenses and related products. This press release contains a forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. with regard to the company's belief as to the benefits of the merger. Actual results could differ materially from those projected in the forward-looking statement as a result of a number of important factors including a decline in the price of Summit stock prior to the closing, the failure of the shareholders of both companies to take the necessary actions to effectuate the transaction and the failure to realize the expected benefits of the merger of the two companies. |
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