SurgiLight Acquiring IRVision,Seeking Joint Venture in Japan

ORLANDO, Fla., Feb. 17 -- SurgiLight Inc. has arranged to purchase San Jose, Calif.-based IRVision Inc. for approximately $3.2 million in SurgiLight common stock. The company indicated that the acquisition might speed clinical trial approvals of the infrared technology for LASIK developed by SurgiLight and acquired from IRVision. The terms of the acquisition call for SurgiLight to acquire all assets and shares of IRVision, including one US patent and nine patents pending in the US and elsewhere.
SurgiLight also said it hopes that the acquisition will improve prospects for a joint venture with Japan's Hoya Inc., a 40-percent owner of IRVision. SurgiLight and Hoya are negotiating to market and gain approval in Japan for SurgiLight's IR laser for correction of presbyopia. Hoya Holdings Inc. of San Jose, Calif. is handling negotiations of the terms of the joint venture.