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STAAR Surgical Completes $5M Debt Financing for Purchase of Japanese Joint Venture
Date:12/17/2007

ant to a Senior Promissory Note issued by STAAR. $4 million of the proceeds will pay the cash portion of the consideration to be paid for the Canon interests in Canon Staar, and the remainder will be used for related transaction and integration costs. The balance of the purchase price will be paid in the form of 1.7 million newly issued shares of convertible preferred stock. The Note has a term of three years and bears interest at a rate of 7% per annum. The Note is not secured by any collateral, may be pre-paid by the Company at any time without penalty, and is not subject to covenants based on financial performance or financial condition. As additional consideration for the loan, the Company also entered into a Warrant Agreement with Broadwood granting the right to purchase up to 700,000 shares of common stock at an exercise price of $4.00, exercisable for a period of six years. If the Company has any indebtedness outstanding on the Note on June 29, 2009, it will issue additional warrants on the same terms as outlined in the initial Warrant Agreement in a number equal to 700,000 times the percentage of the original $5 million principal that remains outstanding. A description of the terms of the Note and the Warrant Agreement and the full text of each are available in the Company's Current Report on Form 8-K filed today with the SEC.

About STAAR Surgical

STAAR is a leader in the development, manufacture and marketing of minimally invasive ophthalmic products employing proprietary technologies. STAAR's products are used by ophthalmic surgeons and include the Visian ICL(TM), a tiny, flexible lens implanted to correct refractive errors, as well as innovative products designed to improve patient outcomes for cataracts and glaucoma. Manufactured in Switzerland by STAAR, the ICL is approved by the FDA for use in treating myopia, has received CE Marking and is sold in more than 40 countries. More than 85,000 ICLs have been sold w
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