Printer Friendly


 FREMONT, Calif., Oct. 7 /PRNewswire/ -- Phoenix Laser Systems Inc. (AMEX: PXS) announced today that it has amended its previously announced agreement to sell shares of common stock to certain foreign investors.
 As reported in the company's 1992 Report on Form 10-K filed with the Securities and Exchange Commission in Sept. 10, 1993, the original terms of the transaction permitted the investors to purchase up to 5,720,000 shares of common stock and warrants to purchase up to an additional 11,440,000 shares of common stock, all at $1.75 per share. (The press release originally issued last month erroneously indicated that the investors would purchase up to 2,860,000 shares of common stock and warrants to purchase an additional 5,720,000 shares.)
 By agreement between the company and the investors, the terms of the transaction have been modified to provide that the investors will purchase two million shares of Phoenix common stock immediately following the company's 1993 Annual Meeting of Stockholders, currently scheduled for Oct. 8, 1993, provided that all of the company's board nominees are elected at that meeting. The sale of up to 3,720,000 additional shares of common stock and warrants to purchase an additional 11,440,000 shares of common stock has been authorized by the company's board of directors but will not occur, if at all, until all regulatory and other approvals (including stockholder approval, if required) have been obtained. In all other material respects, the terms of the transaction (including the price of $1.75 per share for the common stock, and $1.75 as the exercise price of the warrants) remain the same.
 (Footnote 17(j) to the company's audited 1992 financial statements erroneously stated that the transaction involved only one investor and that the chairman is a representative of the investor. In fact, the transaction involves five investors, and the chairman is not a representative of any of the investors.)
 The company reported an actual net loss for the year ended Dec. 31, 1992, of $37.8 million, which was less than the previously reported estimated net loss of $44.6 million. The reduction in the estimated net loss is the result of one transaction, involving the potential issuance of stock valued at an estimated $6.7 million, having been incorrectly included in the estimated financial statements for year ended Dec. 31, 1992. This transaction was properly recorded in the quarter ended March 31, 1993. The recording of this transaction in the quarter ended March 31, 1993, was the primary reason for the original estimated loss of $2.3 million, increasing to an actual loss of $4.1 million for the quarter ended March 31, 1993.
 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 aims to permit surgery to correct nearsightedness, farsightedness and astigmatism, as well as a large number of eye disorders that are untreatable or only partially treatable with current technology.
 -0- 10/7/93
 /CONTACT: Jon Solow of Phoenix Laser Systems, 510-249-0300/

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

PK-TM -- SF017 -- 9970 10/07/93 19:11 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 7, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters