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HARRIER CONTRACTS TO SELL BIOPTRON LAMP SUBSIDIARY; RETAINS EXCLUSIVE DISTRIBUTION RIGHTS IN WESTERN HEMISPHERE

 HARRIER CONTRACTS TO SELL BIOPTRON LAMP SUBSIDIARY;
 RETAINS EXCLUSIVE DISTRIBUTION RIGHTS IN WESTERN HEMISPHERE
 LOS ANGELES, July 1 /PRNewswire/ -- Harrier, Inc., an environmental and healthcare technology company, has entered into an agreement which, if fully completed, would result in the sale of its Bioptron A.G. subsidiary to a group of German and Swiss investors for approximately $3.3 million in cash and notes.
 The expected closing of the transaction will take place in two stages. The first calls for the transfer to the investor group of patents, trademarks, manufacturing and certain distribution rights to the Bioptron(R) Lamp for approximately $2 million in cash. Of this amount, approximately $330,000 has been received by Harrier with the balance to be transferred next week.
 The second stage of the closing will take place upon the investor group's exercise of a six-month option to purchase the subsidiary and the balance of its assets for approximately $1.3 million. Such payment would be made in 4 percent notes maturing in three equal intervals over an 18-month period. This phase of the transaction is subject to the approval of Harrier's shareholders to whom proxy materials will be mailed shortly.
 The agreement further calls for Harrier to receive a 4 percent royalty on shipments over 10 years, and to retain the exclusive right to distribute the Lamp in North, Central and South America. The investors will supply the product to Harrier for an agreed-upon price, and will support Harrier's efforts to gain FDA approval of the Lamp's use in the United States as a medical device. In return, Harrier will share the test data with the investors.
 Harrier recently filed an application for 510(k) marketing authorization by the FDA which, if approved, would permit the Lamp to be marketed with limited medical claims. For approximately the last year the product has been sold in limited quantities in the United States exclusively as a cosmetic device.
 The Bioptron Lamp utilizes linearly polarized incoherent light of specific wavelength and power density to produce a biostimulative effect on cells, the beneficial results of which have been confirmed by independent biological studies. The product is being sold in a number of European and Asian countries for the treatment of wounds, arthritis, acne and other medical ailments, and as a cosmetic device.
 -0- 7/1/92
 /CONTACT: Kevin DeVito, vice president-U.S. operations of Harrier, 310-376-7721/
 (HARE) CO: Harrier, Inc.; Bioptron A.G. ST: California IN: HEA SU:


GK-SM -- NY039 -- 5606 07/01/92 10:45 EDT
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Publication:PR Newswire
Date:Jul 1, 1992
Words:419
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