SALVATORI OPHTHALMICS, INC. ANNOUNCES PROPOSED ACQUISITION OF G.T. LABORATORIES, INC. AND FUSED KONTACTS, INC.
SALVATORI OPHTHALMICS, INC. ANNOUNCES PROPOSED ACQUISITION OF G.T. LABORATORIES, INC. AND FUSED KONTACTS, INC. SARASOTA, Fla., May 15 /PRNewswire/ -- Salvatori Ophthalmics, Inc. (NASDAQ: EYES) announced today that it has entered into an agreement in principle to acquire G.T. Laboratories and Fused Kontacts, Inc., privately owned manufacturers of rigid gas permeable contact lenses and materials. Closing the transaction is subject to the completion of due diligence by the buyer, and the completion of financing arrangements. David Dougherty, the president of Salvatori, noted that, "The combination of Salvatori with G.T. Laboratories and Fused Kontacts reflects the increasing consolidation of our industry segment. We believe that the combined companies will better be able to compete in an environment which is becoming increasingly competitive. In addition, we believe strongly that this acquisition will result in more rapid and more effective service to the customer base of each company." Sam Tripas, general manager and chief operating officer of G.T. Laboratories and Fused Kontacts stated, "We see our integration into Salvatori Ophthalmics as synergistic. Our own presence in the marketplace is ideally different from Salvatori's. So we are excited and believe our acquisition will bring the complementary strengths of two fine companies together into one organization to better serve our customers." Salvatori is a manufacturer of specialty contact lenses, including rigid gas permeable and soft contact lenses for daily and extended wear, sold to eye care professionals. The company has manufacturing facilities located in Sarasota, Fla. and Lincoln, Neb. and is headquartered in Sarasota. Salvatori Ophthalmics' stock is quoted on the National Association of Securities Dealers Automated Quotation System (NASDAQ) under the symbol EYES. G.T. Laboratories/Fused Kontacts is a private company which manufactures a line of blanks, sold under the Fluorex and Sil-O-Flex brand names, from which rigid gas permeable contact lenses are manufactured. In addition, Fused Kontacts manufactures a line of contact lenses, principal among them the Tangent Streak line of rigid gas permeable bifocal and trifocal lenses. -0- 5/15/92 /CONTACT: Thomas P. Dickerson of Salvatori Ophthalmics, Inc., 203-629-8700/ CO: Salvatori Ophthalmics, Inc.; G.T. Laboratories; Fused Kontacts, Inc. ST: Florida IN: MTC SU: TNM
AW-JJ -- FL016 -- 0857 05/15/92 15:17 EDT
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|Date:||May 15, 1992|
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