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Laser Energetics Provides Joint Venture Update to Shareholders
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PRNewswire
09:00 a.m. 01/31/2008
MERCERVILLE, N.J., Jan 31, 2008 /PRNewswire-FirstCall via COMTEX/ -- Laser Energetics, Inc. (Pink Sheets: LNGT) today provided an update to shareholders on the status of its joint venture with Lantis Laser for the sales and marketing of its BrightStar(TM) Laser for dental applications. The update was provided to clear up some confusion about the transaction that has been expressed by some shareholders.
Robert D. Battis, CEO of Laser Energetics, stated, "We are not placing orders to ourselves through a newly formed entity that we created. Rather, HyGeniLase, Inc., which is a joint venture between LEI and Lantis, has its own capital and corporate existence. LEI is not responsible for funding HyGeniLase, and HyGeniLase has already begun making payments to LEI. That responsibility belongs to Lantis, who has already arranged for funding, and is further contemplating taking HyGeniLase public."
Battis continued, "LEI will supply HyGeniLase on a cost plus basis on every laser system sold to HyGeniLase. In addition to the profit LEI makes on the laser system sale, LEI will, by virtue of being a shareholder, share in additional profits that HyGeniLase will generate from its sales through its worldwide distribution channels. As a result, because of the larger anticipated sales, LEI will effectively generate more profit for every system sale to HyGeniLase than it could otherwise generate by not working with a dental Company such as Lantis."
"We hold ourselves to the highest ethical standards, and will only enter into those transactions which are in the best long term interest of the company. The HyGeniLase transaction meets that exacting requirement. The involvement of Lantis, whose management have an intimate knowledge of the dental field, opens a new market for LEI that we would have otherwise had to ignore at the present time because of our limited size. HyGeniLase is negotiating some significant contracts at this time, and we look forward to making additional exciting announcements in the very near future."
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