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STAAR Surgical Reports Dismissal of Shareholder Lawsuit and Repayment of Former Officer/Director Loan

  • 2003-04-28
  • Press release

MONROVIA, Calif., April 28 /PRNewswire-FirstCall/ -- STAAR Surgical Company (Nasdaq: STAA) today reported that the Court of Chancery of the State of Delaware has dismissed a shareholder derivative suit naming STAAR Surgical Company as a nominal defendant filed in December 2000 by Mario Pelegrina. In addition, STAAR has reached an agreement with a former officer and director of the Company for the repayment of notes and loan obligations and as of April 25, 2003 had received payment of approximately $800,000.

"We're delighted that the Court has agreed with our motion to dismiss this action, which we contended was without merit from the very beginning," said David Bailey, president and CEO. "Our defense of this lawsuit was funded from our cash flow and its dismissal will result in the end of these legal expenditures as well as enhance management's ability to focus on executing our business plan. As part of our overall plan, we had a goal of aggressively pursuing all loans to former officers and directors and of building our cash position through the repayment of these outstanding loans. We are satisfied with this most recent development."

About STAAR Surgical

STAAR Surgical is a leader in the development, manufacture and marketing of minimal invasive ophthalmic products employing proprietary technologies. STAAR's products are used by ophthalmic surgeons and include the revolutionary Implantable Contact Lens as well as innovative products designed to improve patient outcomes for cataracts and glaucoma.

Safe Harbor Statement

All statements in this press release that are not statements of historical fact are 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 and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include the need to obtain regulatory approval for new products, acceptance of new products by medical practitioners and consumers, the rapid pace of technological change in the ophthalmic industry, general domestic and international economic conditions, and other factors beyond the control of STAAR Surgical Company, 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.

CONTACT: investors, Douglas Sherk, +1-415-659-2285, or Jennifer Cohn, +1-415-659-2289; or media, Sheryl Seapy, +1-415-272-3323, all of EVC Group for STAAR Surgical Company.

SOURCE  STAAR Surgical Company
    -0-                             04/28/2003
    /CONTACT:  investors, Douglas Sherk, +1-415-659-2285, or Jennifer Cohn,
+1-415-659-2289; or media, Sheryl Seapy, +1-415-272-3323, all of EVC Group for
STAAR Surgical Company /
    /Web site:  http://www.staar.com /
    (STAA)

CO:  STAAR Surgical Company
ST:  California
IN:  HEA MTC
SU:  LAW



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8411 04/28/2003 09:30 EDT http://www.prnewswire.com