STAAR Surgical to Purchase Canon's Interest in Japanese Joi...( Buy-Out for Cash and Preferred Stock...),Health
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STAAR Surgical to Purchase Canon's Interest in Japanese Joint Venture
Date:10/26/2007
Buy-Out for Cash and Preferred Stock Expected to Strengthen International
Growth Opportunities
MONROVIA, Calif, Oct. 26 /PRNewswire-FirstCall/ -- STAAR Surgical Company (Nasdaq: STAA), a leading developer, manufacturer and marketer of minimally invasive ophthalmic products, today announced that it has entered into an agreement to acquire the interests of all other shareholders in Canon Staar Co., Inc., a joint venture that was formed by STAAR, Canon Inc. and Canon Marketing Japan, Inc. in 1988 to develop, manufacture and sell in Japan products using STAAR's technology. On the closing of the transaction the entity will be renamed STAAR Japan, Inc. and become a wholly owned subsidiary of STAAR.
At closing STAAR will pay to the Canon companies $4 million in cash and 1.7 million newly issued shares of Series A Convertible Preferred Stock, and will acquire the 50% interest in Canon Staar currently owned by the Canon companies. The Series A Convertible Preferred Stock will be convertible into common stock at a one-to-one ratio, and under certain circumstances will be redeemable for cash at $4 per share.
Canon Staar's current business consists of manufacturing and selling the Preloaded Injector, which is a silicone or acrylic intraocular lens packaged and shipped in a pre-sterilized, disposable injector ready for use in cataract surgery. Canon Staar is also currently seeking approval from the Japanese regulatory authorities to market in Japan STAAR's Visian(R) ICL(TM), Collamer(R) IOL and AquaFlow(R) Device. Canon Staar recorded worldwide sales of $10.4 million in fiscal year 2006.
At closing STAAR Japan will take over the intraocular lens distribution
business currently op
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| SOURCE STAAR Surgical Company Copyright©2007 PR Newswire. All rights reserved |
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