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STAAR Surgical Appoints Board Member

  • 2003-02-04
  • Press release
MONROVIA, Calif., Feb 4, 2003 /PRNewswire-FirstCall via COMTEX/ --

Retired CFO of Iolab (Johnson & Johnson's ex-ophthalmic Affiliate), Don Duffy, to chair Audit Committee

STAAR Surgical Company (Nasdaq: STAA) today announced that its Board of Directors has appointed Don Duffy, retired Chief Financial Officer of Johnson & Johnson's ex-ophthalmic affiliate Iolab, to the Board. Duffy has also been appointed chair of the Board's Audit Committee. Duffy's appointment followed the resignation of Dr. Peter Utrata from the Board. Dr. Utrata has served on the board since 1987 and is a practicing ophthalmologist from Columbus, Ohio.

David Bailey, president and chief executive officer, commented, "I made a commitment to shareholders that I would bring in a director with a strong financial background to further strengthen our corporate governance. Don Duffy is that strong addition to our board of directors. His exceptional financial background gives us an excellent financial advisor. He will be working with our CFO John Bily and the finance group to further strengthen our financial practices and controls. As Chairman of the Audit Committee, he meets all of the new requirements mandated by the Sarbanes-Oxley Act. Don is expected to be nominated by the Board of Directors as a Class II director. His nomination will be voted on at the annual meeting of shareholders in June 2003."

Duffy spent thirty years with Johnson & Johnson in various senior financial and MIS positions before retiring as chief financial officer of Iolab, the ex-ophthalmic affiliate of Johnson & Johnson. He holds an MBA from Pace University and an undergraduate degree from the University of South Dakota.

For additional information about STAAR Surgical, visit the Company's web site at or . You may wish to contact David Bailey, President, STAAR Surgical, or John Bily, Chief Financial Officer, STAAR Surgical, at (626) 303-7902. To contact Bill Roberts, President, CTC, Inc., or Wayne Buckhout, CTC Inc., please call (937) 434-2700.

This press release contains forward-looking statements that involve risks, uncertainties and assumptions that if they never materialize or prove incorrect, could cause STAAR Surgical Company's results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of earnings, revenue, or other financial items, any statements of the plans, strategies, and objectives of management for future operations, any statements concerning proposed new products, services or developments, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations as of the date of this press release. Actual results may differ materially from those projected because of a number of risks and uncertainties, including those detailed from time to time in STAAR Surgical Company's reports filed with the Securities and Exchange Commission. STAAR Surgical Company assumes no obligation and does not intend to update these forward-looking statements.

SOURCE STAAR Surgical Company

CONTACT:          David Bailey, President, or John Bily, Chief Financial Officer
                  of STAAR Surgical Company, +1-626-303-7902; or Bill Roberts, President, or
                  Wayne Buckhout of CTC Inc., +1-937-434-2700

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