The innovative Israeli developer and supplier of lens manufacturing, finishing and inspection equipment has concluded a worldwide distribution agreement with Loh Optical Machinery of Germany for its own industrial product range. The deal, which excludes some strategic clients that deal directly with Pro-Laser already, calls for a minimum purchase quota of $32 million over the next 3 years, including $8 million in 2000.
Meanwhile, Pro-Laser has obtained a listing on the European EASDAQ stock exchange following successful completion of a new secondary offering of shares worth e60 million, including e10 million in existing shares. The offering has diluted to 32 percent the shareholding of Ronnie Jaegerman, the company's CEO, while raising the proportion held by the public from 32 to 51 percent. Rodenstock, which sold Weco and Rodenstock Instrumente to Pro-Laser last year, remains with a 5.9 percent stake.
In 1999, Pro-Laser had a net loss of e2,898,000 on sales of e15,925,000, mainly due to the consolidation of Rodenstock's firms, the start-up of sales subsidiaries in North America and a delay in the launch of its Verifier-Pro system.
Pro-Laser plans to start up new sales subsidiaries in Italy and the UK by the end of this year. Last March 7, the group sold its PDA Advanced Optical Technologies operation, which is developing a pupillary distance analyzer, for $300,000 to one of its shareholders.
Pro-Laser, which has changed its group name to The Eye Science Company, has established a new subsidiary in Delaware, Pro-Laser Medical Systems, to promote, sell and produce the Rodenstock DTK refractive laser system, which is already CE approved. Following encouraging results in Europe, Pro-Laser has decided to apply for FDA approval of the diode-based system, inherited through Rodenstock Instrumente.