Canon Staar's acrylic Preloaded Injector, currently approved for sale in Japan and China, employs an acrylic lens supplied Nidek Co., Ltd. under an arrangement that will continue after the transaction. Nidek has also acted as a Japanese subdistributor for Canon Staar's silicone Preloaded Injectors, and STAAR anticipates that Nidek will continue to handle this sales channel after the closing of the transaction.
The closing of the acquisition is subject to customary closing conditions and is scheduled to occur on December 28, 2007 or after all conditions to closing have been met. STAAR has sufficient cash reserves to pay the cash consideration under the Purchase Agreement and complete the transaction. STAAR may, however, elect to seek financing for the transaction and additional working capital purposes. Based on recent indications of interest, STAAR believes it could obtain such financing on reasonably acceptable terms should it choose to do so.
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, 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 worldwide. More information is available at http://www.staar.com.
Forward Looking Statements
All statements in this press release that are not statements of
historical fact are forward-looking statements, including statements
regarding the proposed acquisition of the Canon companies' interest in
Canon Staar Co., Inc
|SOURCE STAAR Surgical Company|
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