Laser Energetics, Inc. (LNGT)

[G56B22]

LNGT Update with Hygenilase (LLSR) - NOT OFF TOPIC!


http://ih.advfn.com/p.php?pid=nmona&cb=1270597081&article=42162165&symbol=NB%5ELLSR


In December 2007, we entered into a joint venture with Laser Energetics, Inc., an Oklahoma corporation (“LEI”), pursuant to which we and LEI formed HyGeniLase, Inc., a Delaware corporation (“HyGeniLase”), with each party owning 50% of HyGeniLase. HyGeniLase was formed to develop, manufacture, market, sell and distribute to the dental markets worldwide a laser instrument, based on LEI alexandrite laser technology, for the treatment and removal of tartar and deposits from teeth. As of December 31, 2009, the Company has delayed the joint venture project with LEI due to failure on LEI’s part to comply with their end of the agreement as well as funding. As a result, the Company reserved the remaining $81,332 of the investment on their books.