IRIDEX Receives Final $510,000 From Sale Of Aesthetic Business Unit Funds Released from Escrow Account Marks Final Chapter in Sale
MOUNTAIN VIEW, Calif., May 16, 2013 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today announced that it has received the final $510,000 cash payment from the February 2012 sale of its aesthetic business unit. The cash was released to IRIDEX from an escrow account set up as part of the transaction.
"The release of the funds from escrow marks the final chapter in the sale of our aesthetics business," said IRIDEX President and CEO Will Moore. "The sale has been a successful transaction. It's great to have the final milestone behind us and have the funds added to our cash balance. We continue to explore new business opportunities and relationships to leverage our cash and technology resources to grow the business."
Moore added that the $510,000 in escrow had previously been reported on the Company's financial statements as part of current assets from discontinued operations.
IRIDEX Corporation was founded in 1989 and is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology market. We maintain a deep commitment to the success of our customers, with comprehensive technical, clinical, and service support programs. IRIDEX is dedicated to a standard of excellence, offering superior technology for superior results. IRIDEX products are sold in the United States through a direct sales force and internationally through a combination of a direct sales force and a network of approximately 70 independent distributors into over 100 countries. For further information, visit the IRIDEX website at http://www.iridex.com/.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, relating to the Company's strategic growth plans and opportunities. These statements are not guarantees of future performance and actual results may differ materially from those described in these forward-looking statements as a result of a number of factors. Please see a detailed description of these and other risks contained in our Annual Report on Form 10-K for the fiscal year ended December 29, 2012 and Quarterly Report on Form 10-Q for the fiscal quarter ended March 30, 2013 which were filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and will not be updated.
SOURCE IRIDEX Corporation