Beacon Eye Institute Completes $2.5 million Financing.TORONTO--(BUSINESS WIRE)--Nov. 26, 1997--BeaconEye Inc. (BEY-T), which operates as Beacon Eye Institute ("Beacon") has completed its previously announced $2.5 million convertible debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay with a number of its institutional shareholders. The financing, which has a four-month term and bears interest at 15% per annum, is convertible, at the option of the investors, into BeaconEye Inc. common shares at a conversion price of $2.30 per share. As part of its financing plan, Beacon also, as previously announced, is initiating a process that will permit it to undertake a rights offering. Keith Moore, Beacon 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. , commented, "The closing of this financing evidences our shareholders' continuing support of the company and its efforts to maximize shareholder value." The financing is one element of the shareholder value maximization process that is being pursued by Beacon. Beacon is establishing a committee of its board of directors that will be composed of three directors - Brad Cameron, Richard Lockie, and Denis Denis, king of Portugal: see Diniz. Ho each of whom is independent of management - to oversee the value enhancement process. Beacon and its financial advisor, CIBC Wood Gundy CIBC Wood Gundy was created in 1988 with the purchase of Wood Gundy Inc. by CIBC. CIBC Wood Gundy is a division of CIBC World Markets. Canadian Imperial Bank of Commerce Chief Executive Officer: Gerald T. McCaughey | FY 2006 Statistics: Net income: $2. Securities Inc., currently are in discussions with a number of industry participants with respect to various strategic alternatives. The board of directors of the company has made no determination at this time to pursue any particular transaction other than the debt financing. No assurance can be given that the company will pursue any particular course of action other than the debt financing or that the company will be able to successfully complete any course of action that it may elect to pursue. Beacon provides facilities and services for the performance of laser vision correction including Laser-PRK(TM), or photorefractive keratectomy, and LASIK LASIK laser-assisted in-situ keratomileusis. LA·SIK n. Eye surgery in which the surface of the cornea is reshaped using a laser, performed to correct certain refractive disorders such as myopia. , or laser-assisted in situ keratomileusis laser-assisted in situ keratomileusis n. LASIK. Laser-assisted in situ keratomileusis (LASIK) A type of refractive eye surgery using a laser and another instrument to change the shape of the cornea. . Both procedures are performed with an excimer laser which generates ultraviolet light for reshaping the eye to correct 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. and improve natural vision reducing the need to wear glasses or contact lenses. Beacon now operates 11 laser vision correction centers with locations in Toronto and Markham, Ontario. San Antonio, Austin, Dallas/Fort Worth, and Houston, Texas; Denver, Colorado; Fort Lauderdale and Tampa, Florida; Atlanta, Georgia, and Irvine, California. CONTACT: Keith Moore Chairman, President & CEO Phone: (905) 897-1366 Fax: (905) 897-6130 e-mail: kmoore@beaconeye.com |
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