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PHOENIX LASER SYSTEMS, INC. SIGNS LETTER OF INTENT WITH STORZ INSTRUMENT COMPANY

 PHOENIX LASER SYSTEMS, INC. SIGNS LETTER OF INTENT WITH STORZ
 INSTRUMENT COMPANY
 SAN FRANCISCO, Sept. 29 /PRNewswire/ -- Phoenix Laser Systems, Inc. (AMEX: PXS), announced late yesterday that it signed a letter of intent with Storz Instrument Company, a subsidiary of American Cyanamid Company (NYSE: ACY), for the marketing and distribution of its ophthalmic laser workstation.
 The letter of intent contemplates that Storz will invest $5 million in preferred stock of Phoenix convertible into common stock at $17 per share and will receive an option to invest an additional $20 million in Phoenix common stock and to market and distribute Phoenix products on an exclusive worldwide basis. The options will expire on Jan. 1, 1994, and must be exercised as a package. Completion of the preferred stock purchase and these option agreements is subject to negotiation of definitive agreements satisfactory to both parties and obtaining all required government approvals.
 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- 9/29/92
 /CONTACT: Michelle Coon of Phoenix, 415-922-4061/
 (PXS ACY) CO: Phoenix Laser Systems, Inc.; Storz Instrument Company ST: California IN: HEA SU:


GK -- NY027 -- 4272 09/29/92 10:00 EDT
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Publication:PR Newswire
Date:Sep 29, 1992
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