Premier Laser to Sell its Piece of Ophthalmic Imaging

IRVINE, Calif., July 19 -- Premier Laser Systems Inc. will sell all of its stock in Ophthalmic Imaging Systems Inc. (OIS), a provider of Ophthalmic digital imaging systems, to MediVision Medical Imaging Ltd. MediVision Medical Imaging, an Israel-based company, will acquire all of Premier Laser System's intercompany receivable from OIS, and its inventory of OIS products for $3.2 million in cash and registered MediVision stock.
MediVision will end up owning 73 percent of OIS common stock by the end of the transaction. It will convert the intercompany receivable into OIS stock at a conversion price of $0.55 per share. MediVision will provide about $260,000 in secured financing to OIS and will loan the company up to $1.5 million in working funds upon completion of the transaction, said MediVision.
Our investment in OIS reflects high synergy in technology between the companies as well as in their marketing territories, said Noam Allon, CEO of MediVision. It enhances each company's strength, strategies and needs. We estimate that subject to the completion of such a transaction, MediVision's scope of activity in the United States will considerably increase.