MONROVIA, Calif., March 31 /PRNewswire-FirstCall/ -- STAAR Surgical
Company (Nasdaq: STAA), a leading developer, manufacturer and
marketer of minimally invasive ophthalmic products, today announced
that STAAR and all other parties to the matters Parallax Medical
Systems v. STAAR Surgical Company and Scott C. Moody, Inc. v. STAAR Surgical
Company entered into a Stipulation for Settlement that globally
resolves all pending disputes among them. This settlement
satisfies in full the $4.9 million
judgment against STAAR in the Parallax matter and the
$6.5 million judgment against STAAR
in the Moody matter. In exchange for complete mutual
releases, the Stipulation provides for payment by STAAR of
$4 million as its contribution to the
global settlement. The funds will be paid from the deposit
made by STAAR with the court in June
2009. The balance of those funds, approximately
$3.4 million, will be returned to
STAAR.
STAAR expects the settlement to result in positive adjustments
to preliminary financial information previously provided for the
fiscal year ended January 1, 2010. In particular,
STAAR's Form 12b-25 filed on March 18,
2010 reported that it believed that the report of its
independent registered public accounting firm included in its
audited financial statements would again include an explanatory
paragraph indicating that substantial doubt exists regarding the
STAAR's ability to continue as a going concern. STAAR
believes that the settlement will resolve this doubt and that it
will receive an unqualified opinion on its audited financial
statements. STAAR also expects that its audited consolidated
statements of operations and balance sheet will reflect positive
adjustments from the preliminary financial information included in
its press release and recent Form 8-K/A.
About STAAR Surgical
STAAR is a leader in the development, manufacture and marketing
of minimally invasive ophthalmic products employing proprietary
technologies. STAAR's products are used by ophthalmic surgeons and
include the Visian ICL, a tiny, flexible lens implanted to correct
refractive errors, as well as innovative products designed to
improve patient outcomes for cataracts and glaucoma. Manufactured
in Switzerland by STAAR, the ICL
is approved by the FDA for use in treating myopia, has received CE
Marking and is sold in more than 50 countries. More information is
available at www.staar.com.
Safe Harbor
All statements in this report that are not statements of
historical fact are forward-looking statements, including any
statements of the intent, plans, strategies or objectives of
management. These statements are subject to risks and
uncertainties, including the fact that our audited financial
statements and the associated opinion will remain subject to change
until filed in our Annual Report on Form 10-K. In addition,
while STAAR believes that its sources of liquidity and capital
resources are sufficient to satisfy is obligations through fiscal
year 2010; these resources remain finite and STAAR's access to
financing remains limited. Unexpected obligations or contingencies
could exceed our available resources, including the material risks
to our business described in our Annual Report on Form 10-K for the
year ended January 2, 2009 and
Quarterly Report on Form 10-Q for the period ended October 2, 2009, under the caption "Risk
Factors." STAAR assumes no obligation to update its forward-looking
statements to reflect future events or actual outcomes and does not
intend to do so.
CONTACT:
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Investors
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Media
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EVC Group
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EVC Group
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Douglas Sherk, 415-896-6820
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Christopher Gale, 646-201-5431
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Barbara Domingo, 415-896-6820
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SOURCE STAAR Surgical Company