SAN CLEMENTE, Calif., May 21 /PRNewswire-FirstCall/ -- BIOLASE Technology, Inc. , a medical technology company that develops, manufactures and markets lasers and related products focused on improving dental procedures, announced today Institutional Shareholder Services (ISS) has recommended that BIOLASE shareholders vote to elect BIOLASE's director nominees to the company's Board of Directors at its Annual Shareholders Meeting to be held on May 26, 2004.
Institutional Shareholder Services, based in Rockville, MD, is the world's largest provider of proxy voting and corporate governance services. It serves more than 700 institutional and corporate clients throughout North America and Europe. ISS analyzes proxy proposals and issues vote recommendations for more than 10,000 U.S. and 10,000 non-U.S. shareholder meetings each year.
In addition to ISS's recommendation in favor of BIOLASE's Board Nominees, ISS has recommended that BIOLASE shareholders vote in favor of the company's proposal to amend the 2002 Stock Incentive Plan. The Plan is being amended to reserve one million additional shares. In making its recommendation, ISS stated, "Based on ISS analysis, the total cost of the company's plan is 13.72%, which is within the allowable cap for this company of 19.99%."
Jeffrey W. Jones, CEO and President, stated, "We are very pleased that ISS, a highly respected independent adviser, supports BIOLASE's Director Nominees as well as our motion to amend our stock incentive plan. We believe that its recommendation reaffirms our position that we have the right strategy, along with a strong management team and Board, to deliver results and to create shareholder value."
According to ISS, BIOLASE's corporate governance policies ranks higher than 93% of companies in the CGQ (Corporate Governance Quotient) universe and 80% of the companies in the Health Care Equipment and Services group.
BIOLASE urges shareholders to sign, date and return the WHITE proxy card voting for BIOLASE's proposals.
About BIOLASE
BIOLASE Technology, Inc. (http://www.biolase.com/) is a medical technology company that designs, manufacturers and markets proprietary dental laser systems that allow dentists, oral surgeons and other specialists to perform a broad range of common dental procedures, including cosmetic applications. The company's products incorporate patented and patent pending technologies focused on reducing pain and improving clinical results. Its primary product, the Waterlase(R) system, is the best selling dental laser system. The Waterlase system uses a patented combination of water and laser to precisely cut hard tissue, such as bone and teeth, and soft tissue, such as gums, with minimal or no damage to surrounding tissue. The company also offers the LaserSmile(TM) system, which uses a laser to perform soft tissue and cosmetic procedures, including tooth whitening.
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company's critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
For further information, please contact: Jeffrey W. Jones, President & CEO, jjones@biolase.com, Robert Grant, COO, rgrant@biolase.com, Scott Jorgensen, Director of Finance & Investor Relations, sjorgensen@biolase.com, of BIOLASE Technology, Inc., +1-949-361-1200
BIOLASE Technology, Inc.
Institutional Shareholder Services, based in Rockville, MD, is the world's largest provider of proxy voting and corporate governance services. It serves more than 700 institutional and corporate clients throughout North America and Europe. ISS analyzes proxy proposals and issues vote recommendations for more than 10,000 U.S. and 10,000 non-U.S. shareholder meetings each year.
In addition to ISS's recommendation in favor of BIOLASE's Board Nominees, ISS has recommended that BIOLASE shareholders vote in favor of the company's proposal to amend the 2002 Stock Incentive Plan. The Plan is being amended to reserve one million additional shares. In making its recommendation, ISS stated, "Based on ISS analysis, the total cost of the company's plan is 13.72%, which is within the allowable cap for this company of 19.99%."
Jeffrey W. Jones, CEO and President, stated, "We are very pleased that ISS, a highly respected independent adviser, supports BIOLASE's Director Nominees as well as our motion to amend our stock incentive plan. We believe that its recommendation reaffirms our position that we have the right strategy, along with a strong management team and Board, to deliver results and to create shareholder value."
According to ISS, BIOLASE's corporate governance policies ranks higher than 93% of companies in the CGQ (Corporate Governance Quotient) universe and 80% of the companies in the Health Care Equipment and Services group.
BIOLASE urges shareholders to sign, date and return the WHITE proxy card voting for BIOLASE's proposals.
About BIOLASE
BIOLASE Technology, Inc. (http://www.biolase.com/) is a medical technology company that designs, manufacturers and markets proprietary dental laser systems that allow dentists, oral surgeons and other specialists to perform a broad range of common dental procedures, including cosmetic applications. The company's products incorporate patented and patent pending technologies focused on reducing pain and improving clinical results. Its primary product, the Waterlase(R) system, is the best selling dental laser system. The Waterlase system uses a patented combination of water and laser to precisely cut hard tissue, such as bone and teeth, and soft tissue, such as gums, with minimal or no damage to surrounding tissue. The company also offers the LaserSmile(TM) system, which uses a laser to perform soft tissue and cosmetic procedures, including tooth whitening.
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company's critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
For further information, please contact: Jeffrey W. Jones, President & CEO, jjones@biolase.com, Robert Grant, COO, rgrant@biolase.com, Scott Jorgensen, Director of Finance & Investor Relations, sjorgensen@biolase.com, of BIOLASE Technology, Inc., +1-949-361-1200
BIOLASE Technology, Inc.
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