KeraVision's Assets to Addition Technology.Business Editors FREMONT, Calif.--(BUSINESS WIRE)--May 21, 2001 KeraVision, Inc., a vision correction company, today announced that the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , Oakland Division, has approved a sale of substantially all of KeraVision's assets to Addition Technology, Inc. for $1,033,000.00. The Company expects this sale to close in the next month. After the closing, the Company expects to convert its bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most case to a Chapter 7 liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy . In its bankruptcy filing papers, the Company previously cited its inability to obtain sufficient financing and the large capital expenditures required to develop its business as factors that have had an adverse affect on the Company's ability to continue to operate. The statements contained in this release which are not historical facts may be deemed to 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. . Actual results may differ materially from those expressed or implied in any forward-looking statement as a result of certain risks and uncertainties. Note to Editors: KERAVISION and INTACS Intacs™ Ophthalmology A device inserted into the periphery of the cornea, reshaping it to correct myopia of –1.0 to –3.0 diopters. See LASIK. are protected trademarks of KeraVision, Inc. in the U.S. and foreign countries. |
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