Shooting Star Technologies Inc. - Gimbel Eye Centre - Vancouver.CALGARY, Alberta--(BUSINESS WIRE)--Feb. 1, 1996--SHOOTING STAR (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :SSJ) Shooting Star announces that an Agreement in Principle to establish a Gimbel Eye Centre Vancouver (GECV) was reached today, February 1, 1996. Shooting Star has entered into an Agreement in Principle with Broadway Eye Surgery Centre (BESC BESC Bioenergy Science Center (Oak Ridge National Laboratory) BESC Biological and Ecological Sciences Coalition BESC Basic Electrical Safety Competence BESC Banco do Estado de Santa Catarina SA ) to acquire 55 percent of the company's refractive eye surgery Refractive eye surgery A general term for surgical procedures that can improve or correct refractive errors by permanently changing the shape of the cornea. Mentioned in: Myopia business. The acquisition of the goodwill of BESC was made for a consideration of 325,000 common shares of Shooting Star's stock. The assets of BESC will be purchased by the Joint Venture once the agreement is completed. BESC is owned by Drs. Hugo Sutton and Michael Berman and approximately 4,500 refractive eye surgeries have been performed there over the past five years. "Most importantly, the Vancouver Centre fits well with Shooting Star's strategic plan by rounding out geographic coverage within Canada, and providing an important port of entry to the Northwestern United States Noun 1. northwestern United States - the northwestern region of the United States Northwest western United States, West - the region of the United States lying to the west of the Mississippi River ," says Ed Belanger, President and C.E.O. of Shooting Star Technologies Inc. The establishment of the GECV is also different from Shooting Star's other joint ventures because by acquiring an interest in BESC, Shooting Star has acquired a revenue stream. In 1995, surgeons at the BESC performed 700 PRK PRK photorefractive keratectomy. Photorefractive keratectomy (PRK) A procedure that uses an excimer laser to make modifications to the cornea and permanently correct myopia. surgeries with revenues totalling approximately one million dollars. Access to the Northwestern United States will provide SSJ with an important strategic market. On October 20, 1995 the 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. in the United States approved the excimer laser for use only for cases of mild to moderate 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 . Surgeons in Canada have been providing refractive surgery services since 1990. In addition, Canadian surgeons can provide surgical correction of nearsightedness, farsightedness and astigmatism, services Americans can not get in their country. BESC and SSJ plan to further define their relationship by developing a Joint Venture Agreement, which will be executed in late February. The operations of the Joint Venture as GECV should commence on or about March 1, 1996. The site will offer excimer laser eye surgery for nearsightedness, farsightness for patients who also have astigmatism and those who do not. Also, surgeons at the GECV will be offering the 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. procedure, which also utilizes the excimer laser. Laser refractive surgeries are elective procedures. PRK and LASIK are two types of refractive surgery designed to reduce or eliminate a person's dependence on glasses or contact lenses. -0- NOTE: The Alberta Stock Exchange has neither approved or disapproved the information contained herein. CONTACT: Shooting Star Technologies Inc. Ed Belanger, (403) 286-6969 extension 199 President & C.E.O. |
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