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STAAR Surgical Announces Extended Credit Agreement

  • 2002-04-16
  • Press release
MONROVIA, Calif., Apr 16, 2002 /PRNewswire-FirstCall via COMTEX/ -- STAAR Surgical Company (Nasdaq: STAA) announced today that it has completed an agreement with Wells Fargo Bank for an one-year extension and restructuring of its $7 million line of credit.

"This new agreement gives us the financial flexibility we need to continue to pursue our growth and profitability initiatives," STAAR Surgical President and CEO David Bailey said. "I am pleased that we will be able to continue our relationship with Wells Fargo on a mutually satisfactory basis."

The new agreement maintains the company's $7.0 million revolving line of credit with Wells Fargo through March 31, 2003. As of March 29, 2002, STAAR Surgical had an outstanding balance of $4.8 million under the prior Revolving Line Of Credit Note.

Founded in 1982, STAAR Surgical Company develops, manufactures and globally distributes medical devices for use in refractive, cataract and glaucoma surgery. The Company's five product lines include silicone and Collamer(TM) foldable intraocular lenses and the Sonic WAVE(TM) phacoemulsification system, all of which are used during cataract surgery, the ICL(TM) (implantable contact lens) which is a refractive lens for the treatment of near- and far-sightedness and the AquaFlow(TM) Collagen Glaucoma Drainage Device. Regulatory approvals vary from market to market with all products except the Toric ICL(TM) available in Europe and all except the ICL(TM) in the United States.

For additional information, about STAAR Surgical, visit the Company's web site at or . You may wish to contact David Bailey, President, STAAR Surgical, or John Bily, Chief Financial Officer, STAAR Surgical, at (626) 303-7902. To contact Bill Roberts, President, CTC, Inc., or Wayne Buckhout, CTC Inc., please call (937) 434-2700

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SOURCE STAAR Surgical Company

CONTACT:          David Bailey, President, or John Bily, Chief Financial Officer,
                  both of STAAR Surgical, +1-626-303-7902; or Bill Roberts, President, or Wayne
                  Buckhout of CTC Inc., +1-937-434-2700

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