Printer Friendly

TNC MEDIA TO ACQUIRE INTEREST IN ITALIAN LASER SURGICAL COMPANY

 MILFORD, Pa., Dec. 15 /PRNewswire/ -- TNC Media, Inc. (NASDAQ: TNCI) announced today that it has reached an agreement to acquire up to 20 percent of Laser Vision Centres International S.p.A. (LVCI) from certain founders of that company. LVCI is an Italian company headquartered and trading OTC in Milan.
 LVCI owns and operates one laser surgical center in Paderno, Italy, in which it contracts with local ophthalmologists to perform photo refractive keratectomy (PRK procedures) and manages and consults to a second similar facility in Ivrea, Italy. LVCI plans to open, prior to June 30, 1993, PRK surgical centers in Pisa, Italy, and London. TNC Media has agreed to exchange up to 250,000 of its post-split shares plus up to 500,000 $3.00 three-year warrants for up to 500,000 shares (20 percent) of LVCI and an agreement by LVCI founders not to compete in the PRK business for ten years.
 PRK procedures involve the use of an excimer laser by an ophthalmologist to resculpture the cornea of the eye for a permanent correction of vision. They are generally approved in most European and Asian countries. PRK is not expected to get FDA approval for use in the United States until late 1994 or into 1995. At an LVCI annual meeting Dec. 14 in Milan a new board of directors was installed, including one member recommended by TNC.
 Earlier, TNC announced an exchange with Medical Development Resources, Inc. (MDRI) of a cross ownership of 25 percent equity interests as an initial step toward the acquisition of KMI Surgical Products (KMI), a company which manufactures and sells precision surgical instruments, mainly diamond-tipped scalpels, to ophthalmologists for the performance of RK (radial keratectomy) primarily in the United States. RK, the manual surgical equivalent of PRK, is approved by the FDA and is experiencing a resurgence.
 Part of the previously announced MDRI agreement in principle, if successfully concluded, would be the acquisition of a license to exploit the Obsidian blade patented technology to produce a disposable synthetic "volcanic glass" scalpel which has been developed and submitted for FDA 5(10)K approval. On approval and completion of commercial development, KMI would manufacture the Obsidian product and sell it initially into the RK market on a worldwide basis.
 Robert M. Gruschow, current CEO of MDRI and proposed CEO of Obsidian Surgical Technologies (OST) (new name of TNC Media being submitted for shareholders' approval), commented, "If all agreements are executed and approval obtained, our new company, OST, should be positioned to capitalize on the synergies of the renaissance of RK and the emergence of PRK. Some estimates project this to be a potentially multi-billion dollar annual industry for ophthalmologists by the year 2000."
 TNC, which publishes a weekly newspaper in Pike County, Pa., is located at 105 West Catharine St., Milford, PA.
 -0- 12/15/92
 /CONTACT: Thomas Swartwood of TNC Media, 212-742-8900/
 (TNCI)


CO: TNC Media, Inc. ST: Pennsylvania IN: PUB SU: TNM

GK-SH -- NY047 -- 7281 12/15/92 14:22 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 15, 1992
Words:500
Previous Article:CONSOLIDATED NATURAL GAS RAISES DIVIDEND; ANNOUNCES $344 MILLION CAPITAL BUDGET
Next Article:AIRBORNE FREIGHT CORPORATION OFFERS $100 MILLION OF 10-YEAR 8-7/8 PERCENT SENIOR UNSECURED NOTES
Topics:


Related Articles
TNC MEDIA SELLS THURSDAY NIGHT CONCERTS SUBSIDIARY
TNC MEDIA ANNOUNCES ACQUISITION OF FAX SERVICE COMPANY
TNC MEDIA ANNOUNCES ACQUISITION OF INTERNATIONAL FAX PUBLISHING COMPANY
TNC MEDIA ANNOUNCES THIRD QUARTER RESULTS
TNC MEDIA TO ACQUIRE MEDICAL DEVELOPMENT RESOURCES, INC.
TNC MEDIA ANNOUNCES MERGER WITH OPHTHALMIC SURGICAL INSTRUMENT COMPANY
TNC MEDIA ISSUES STATEMENT ON MERGER AGREEMENTS
United States Surgical Corporation Begins Clinical Trials for TMR Heart Surgery
Medical Resources Management Announces Acquisition of Laser Medical, Inc.
Medical Resources Management Reports Third Quarter Results

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