MOUNTAIN VIEW, Calif., March 2, 2011 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today announced that it has purchased 75,698 shares of IRIDEX Common Stock from American Medical Systems Holdings, Inc. (Nasdaq: AMMD) (AMS). The shares are the remaining holdings of IRIDEX Common stock that were issued to AMS as part of the consideration for a 2007 transaction in which laser technologies and assets were purchased by IRIDEX from AMS. The negotiated transaction was approved by both companies' Boards of Directors.
Theodore A. Boutacoff, President and CEO, said, "We closed out 2010, having established momentum in our operations, financial results and stock valuation and feel that it was a good time to acquire the remaining block of shares. AMS had been selling shares into the market in a systematic and responsible manner for some time, but we felt that a single transaction would better serve the interests of AMS, IRIDEX and all of our shareholders."
Mr. Boutacoff concluded, "We have a number of opportunities ahead of us that may include use of capital for new products and technologies, but we also view an investment in IRIDEX stock as an excellent use of a portion of our cash on hand."
IRIDEX Corporation was founded in 1989 and is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems and delivery devices. We provide solutions for multiple specialties, including ophthalmology, dermatology and otolaryngology. 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 100 independent distributors into 107 countries. For further information, visit the Company's 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 use of capital to develop new products and technologies and opportunities relating thereto. 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 January 2, 2010 and our Quarterly Report on Form 10-Q for the first quarter ended October 2, 2010, each of which was 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