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Premier Laser Systems

This article was originally published in The Gray Sheet

Executive Summary

Irvine, California-based laser firm going public in an initial offering of 3 mil. units at a price of $3.50 per unit, according to a registration statement filed with the Securities and Exchange Commission. The units are comprised of one share Class A common stock, one Class A warrant, and one Class B warrant. The offering is being underwritten by D. H. Blair Banking Corp., which receives an over-allotment option to purchase up to 450,000 additional units at the public offering price. Premier plans to use $4.3 mil. of the proceeds from the offering to pay off bridge notes, "other liabilities," and notes pertaining to the management buyout of Pfizer Laser Systems in 1991, which led to the creation of Premier ("The Gray Sheet" Jan. 24, I&W-2). Remaining proceeds are allocated to the expansion of marketing and distribution capability and working capital.

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