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ASIAN INVESTORS SUE PHOENIX LASER SYSTEMS

 FREMONT, Calif., April 19 /PRNewswire/ -- Phoenix Laser Systems Inc. (AMEX: PXS) today announced that on April 13, 1993, a complaint was filed in the Delaware Court of Chancery against Phoenix Laser Systems Inc. ("Phoenix") and its directors by Bernard Szeto, one of three Asian investors in Phoenix who recently revealed a plan to attempt to take over control of Phoenix. Szeto, who had previously sued the company to compel an annual meeting, along with Sun Sun Chan, Eleanor Wong and Freddie Wong is a target of a lawsuit for fraud, misappropriation of funds, misrepresentation and tortious interference filed by Phoenix in California on April 6, 1993, brought an action in Delaware seeking injunctive relief, rescission and damages based upon allegations that Phoenix's management had, in violation of Delaware law, transferred substantially all of Phoenix's assets to two new companies which would not be controlled by Phoenix. In Phoenix management's opinion, the lawsuit is without merit and will be defended vigorously. Szeto has previously stated that he plans to launch a proxy fight to seize control of Phoenix.
 Phoenix Laser Systems Inc. is a developer of integrated laser workstations primarily for use by the medical community. The company's initial efforts have been focused on the design, development and testing of its first product, the Phoenix Ophthalmic Laser Workstation. The company's technology permits surgery designed to correct nearsightedness, farsightedness and astigmatism, as well as a large number of eye disorders which are untreatable or only partially treatable with current technology.
 -0- 4/19/93
 /CONTACT: Jon Solow of Phoenix Laser Systems, 510-249-0300/
 (PXS)


CO: Phoenix Laser Systems Inc. ST: California, Delaware IN: MTC SU:

GT-SG -- SF016 -- 7689 04/19/93 20:03 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
Words:281
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