Laser Medical Technology
This article was originally published in The Gray Sheet
Executive Summary
Eurocapital Ltd. places 1,209,000 shares of firm's stock, formerly owned by company founder Guy Levy and his son Francois Levy, "into the hands of long-term investors." The transaction, which severs "all working relationship with the Levy family," is significant "because Dr. Levy and his sons have been the only important suppliers of stock in the marketplace, particularly in the past few months," Laser Medical says. As a condition of the placement, Eurocapital asked Dr. Levy to sell back to the company his patent royalty agreement expiring in 2010, valued at $84,000 a year plus cost of living adjustment, in exchange for a one time payment of $100,000. Dr. Levy received "50,000 shares with certain restrictions, and an option to buy three lasers at the current distributor price" as part of the transaction. The firm said the deal will result in an extraordinary gain of more than $400,000 for the first quarter ending in March.
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