Boston Health Funds PixelOptics; Agreement Provides for up to $32 Million in Financing.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- Boston Health Group, Inc. ("Boston") a San Diego-based, wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Boston Equities, and PixelOptics, Inc. ("Pixel") of Roanoke, Va., announced today that a major funding transaction between the two companies has been successfully concluded. The transaction provides for Boston to fund up to $32 million in equity and debt to Pixel over time to finish the development of Pixel's revolutionary dynamic focusing eyeglasses eyeglasses or spectacles, instrument or device for aiding and correcting defective sight. Eyeglasses usually consist of a pair of lenses mounted in a frame to hold them in position before the eyes. for the correction of presbyopia Presbyopia Definition The term presbyopia means "old eye" and is a vision condition involving the loss of the eye's ability to focus on close objects. , grow the company and to begin the commercialization effort. Ronald D. Blum, O.D., President 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 Pixel, stated: "We are absolutely delighted to have successfully concluded this funding transaction. Without question the capital provided by Boston will allow us to now concentrate on finalizing the development of Pixel's dynamic (changing optical power) focusing eyeglasses and growing our business. In addition, we are very pleased and honored to be part of the Boston Health Group portfolio and their very exciting and compelling business model." Pixel provides presbyopes (loss of near vision after the age of 45) superior vision correction with proprietary eyeglass eye·glass n. 1. eyeglasses Glasses for the eyes. 2. A single lens in a pair of glasses; a monocle. 3. See eyepiece. 4. See eyecup. technology that changes focus automatically to correct the wearer's visual needs for near, intermediate or distance vision. The eyeglasses provide vision clarity no matter where the wearer is looking. Pixel eyeglasses will significantly reduce head tilt, visual distortion and the adaptation period associated with bifocal bifocal /bi·fo·cal/ (bi-fo´-) (bi´fo-k'l) 1. having two foci. 2. containing one part for near vision and another part for distant vision, as in a bifocal lens. or progressive addition lenses. Ross Lyndon James, CEO of Boston Equities and Chairman of Boston Health, noted: "During 2005, Boston Health reviewed over 200 health care technologies. We selected Pixel because of its proprietary technology, the size of its target market and because its patent portfolio is one of the most robust we have ever seen. Pixel's ability to dynamically correct and adjust for far, intermediate and near vision distances without using a bifocal or progressive addition lens will revolutionize the optical market and how patients will see. The presbyopic pres·by·o·pi·a n. Inability of the eye to focus sharply on nearby objects, resulting from loss of elasticity of the crystalline lens with advancing age. world has been waiting for this product for a long time." Babak Nemati, Ph.D., CEO of Boston Health Group, added: "Currently there are an estimated 110 million individuals over the age of 45 in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and 1.6 billion worldwide. This number is growing and accelerating due to the aging of the world's population. Currently, all eyeglasses that correct for presbyopia are static (fixed optical power) solutions. Pixel represents a real transformational change. The dynamic focusing lens that Pixel has invented and is developing for commercialization could represent the most significant advance in eyeglasses for presbyopes (those over 45 yrs. of age) since Benjamin Franklin invented bifocals in 1784." The Magnum Group, Inc. (Tiburon, Calif.), a business development and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" firm, facilitated the transaction between Boston Health and PixelOptics. Boston Equities is a global merchant banking firm acting as a financial and business partner to entrepreneurial technologies. Boston Health Group is a subsidiary of Boston Equities that invests in new technologies and products in the healthcare, medical products and pharmaceutical industries. The Group's mission is to acquire, develop and manage innovation in the life sciences by acquiring and commercializing intellectual property-based businesses and maximizing their value. Please visit www.BostonEquities.com for additional information. PixelOptics, Inc. is a Roanoke-based company, with offices in California, devoted to developing and exploiting electro-active dynamic corrective solutions to enhance vision. Please visit www.PixelOptics.com for additional information. This press release may contain forward-looking statements 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. . These statements relate to future events and are subject to risks, uncertainties and assumptions. The forward-looking statements made in this release are made only as of the date hereof and PixelOptics, Inc., Boston Health Group, Inc. and Boston Equities disclaim any intention or responsibility for updating such statements, except as may be required by law. |
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