BIOLASE to Explore Possible M&A Transactions
BIOLASE to Explore Possible M&A Transactions
Board Authorizes Management to Engage Investment Bank to Maximize Shareholder Value
IRVINE, CA -- (Marketwired) -- 11/11/13 -- BIOLASE, Inc. (NASDAQ: BIOL), the world's leading manufacturer and distributor of dental lasers, and a pioneer in laser surgery in other medical specialties, today announced that its Board of Directors ("Board") has authorized BIOLASE to seek the services of an investment bank to explore possible M&A transactions with the goal of maximizing shareholder value.
Federico Pignatelli, Chairman and CEO of BIOLASE, said, "The Company is currently valued at approximately one-times revenue, and we believe that certain of its assets could be worth significantly more. With developmental pre-launch business opportunities in ophthalmology, otolaryngology, orthopedics, podiatry, pain management, and veterinary therapeutic laser products, BIOLASE has more opportunities than we can pursue on our own. Selling one or more of them could generate the funds that could give us the working capital we need for our core businesses.
"BIOLASE has already begun the process of interviewing and evaluating several investment banks and is committed to conducting a review of potential opportunities as promptly as practicable; however, there can be no assurance that any particular opportunity will be pursued or that any transaction will occur, or on what terms or as to the timing. We will provide additional information during the process, as appropriate," concluded Pignatelli.
About BIOLASE, Inc. BIOLASE, Inc. is a biomedical company that develops, manufactures, and markets innovative lasers in dentistry and medicine and also markets and distributes high-end 2D and 3D digital imaging equipment and CAD/CAM intraoral scanners; products that are focused on technologies that advance the practice of dentistry and medicine. The Company's proprietary laser products incorporate approximately 300 patented and patent-pending technologies designed to provide biologically clinically superior performance with less pain and faster recovery times. Its innovative products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE's principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. BIOLASE has sold more than 23,900 lasers. Other laser products under development address ophthalmology and other medical and consumer markets.
For updates and information on WaterLase and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc, Pinterest at www.pinterest.com/biolase, LinkedIn at www.linkedin.com/company/biolase, Google+ at www.google.com/+BIOLASEIrvine, Instagram at www.instagram.com/biolaseinc and YouTube at www.youtube.com/biolasevideos.
BIOLASE(R) and WaterLase(R) are registered trademarks of BIOLASE, Inc.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 Statements contained in this press release that refer to BIOLASE's estimated or anticipated future results or other non-historical facts are forward-looking statements, as are any statements in this press release concerning prospects related to BIOLASE's strategic initiatives, product introductions and anticipated financial performance. Forward-looking statements can also be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," and variations of these words or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE's current perspective of existing trends and information and speak only as of the date of this release. Actual results may differ materially from BIOLASE's current expectations depending upon a number of factors affecting BIOLASE's business. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that may be detailed, from time-to-time, in BIOLASE's reports filed with the SEC. BIOLASE does not undertake any responsibility to revise or update any forward-looking statements contained herein.
For further information, please contact: Michael Porter Porter, LeVay & Rose, Inc. 212-564-4700