Laser Industries Ltd. enters hair removal market with strong patent position.TEL AVIV, Israel--(BUSINESS WIRE)--Dec. 27, 1995--Laser Industries Ltd. (AMEX AMEX See: American Stock Exchange : LAS), a leading international producer of surgical laser systems and accessories, today announced that it is entering the lucrative field of laser hair removal Epilation performed by laser was performed experimentally for about 20 years before it became commercially available in the mid 1990s. Intense Pulsed Light (IPL) epilators, though technically not a laser, use xenon flash lamps that emit full spectrum light. by forming a new Joint Venture Company with Classy Lady By Mehl of Puerto Rico Inc. The Joint Venture Company was granted a license from Classy Lady to U.S. Patent 5,095,192, a broad patent, covering laser hair removal technologies, and to additional intellectual property in this field. The patent was exclusively licensed to Classy Lady by the inventor, Dr. Nardo Zaias, a dermatologist based in Miami Beach, Florida “Miami Beach” redirects here. For the beach in Barbados, see Miami Beach, Barbados.
Under the agreement entered into between Laser Industries and Classy Lady, the new venture will aim to capitalize on the tremendous potential of the application of hair removal by lasers. Classy Lady is permitted to enter into not more than one additional license arrangement with a financial partner. The joint venture will also be entitled to a license for lasers which may be developed by the other licensee. The Joint Venture will be managed and run by Laser Industries which will appoint the entire board of directors as well as the executive officers. Ownership of the Joint Venture Company will be equally held by Laser Industries and Classy Lady. The annual U.S. hair removal market is estimated to exceed one billion dollars. Among the companies who plan to participate in this burgeoning market with laser techniques are Thermolase Corporation (AMEX: TLZ TLZ Tactical Landing Zone TLZ Transfer on Less Than Zero , Market Capitalization approximately $900 million) and Palomar Medical Technologies Inc. (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 : PMTI PMTI Potomac Massage Training Institute PMTI Project Management Training Institute , Market Capitalization approximately $80 million). Classy Lady announced on December 18, 1995 that it had entered into a definitive merger agreement with Selvac Corporation (NASDAQ: SLVC SLVC Sensorless Vector Control (motor drive control option) SLVC super linear variable capacitor ) who will succeed to all of Classy Lady's rights upon completion of their merger. Selvac will be renamed Mehl Biophile International Corporation. Benjamin Givli, 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 Laser Industries commented: "Our entrance into the field of laser hair removal is a natural move for our Company, being a leader in the field of lasers for aesthetic applications. We believe that our Company's ability to introduce state-of-the-art laser products to the market together with the intellectual property and patent protection offered by the Zaias Patent, should give us a very strong edge in this promising area." CONTACT: Yacha Sutton, President and COO Robert Rinderman Hadar Solomon, Vice President The Anne McBride Co. Laser Industries Ltd. Tel. 212-752-0504 Tel. +972-3-645-4545 |
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