SOURCE: BIOLASE Technology, Inc.

BIOLASE Technology, Inc.

July 13, 2010 06:30 ET

BIOLASE Announces Additional Cost Cutting Measures; Management Changes

IRVINE, CA--(Marketwire - July 13, 2010) -  BIOLASE Technology, Inc. (NASDAQ: BLTI), the world's leading dental laser company, today announced that it has eliminated 20 positions and has made additional cost-cutting measures across the organization, in order to better position the Company for future profitability. In connection with the corporate restructuring activities came the departure of Chief Financial Officer Brett L. Scott. Scott's responsibilities will be taken on, for an interim period, by Chairman and Chief Executive Officer David M. Mulder and by BIOLASE's Corporate Controller.

Mulder commented, "As previously discussed, the top-line performance of the Company in the first half of the year was expected to be impaired by the challenging economic times and the recent change in our commercial business model. That said, we see many reasons to be positive about the future of the business, and we remain fully committed to ongoing vigilance on our cost-controls and improving our balance sheet. We would like to thank Brett for his service as a member of our executive team and, along with all of the employees impacted by this round of cost-cutting measures, we wish them the very best in their future endeavors."

The reduction in headcount along with additional expense reduction activities are expected to reduce corporate expenses by approximately $3 million on an annual basis. The Company is expected to incur approximately $70,000 in charges in the second quarter of 2010 related to severance and other non-recurring expenses related to the restructuring.

About BIOLASE Technology, Inc.
BIOLASE Technology, Inc. (http://www.biolase.com), the world's leading dental laser company, develops, manufactures and markets Waterlase technology and lasers and related products that advance the practice of dentistry and medicine. The Company's products incorporate patented and patent pending technologies designed to provide clinically superior performance with reduced pain, and faster biological recovery times. BIOLASE's principal products are dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications. Other products under development address ophthalmology, pain management and other medical and consumer markets.

This press release may contain forward-looking statements within the meaning of safe harbor provided by the Securities Reform Act of 1995 that are based on the current expectations and estimates by our management. These forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," and variations of these words or similar expressions. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks, uncertainties and other factors which may cause the Company's actual results to differ materially from the statements contained herein, and are described in the Company's reports it files with the Securities and Exchange Commission, including its annual and quarterly reports. No undue reliance should be placed on forward-looking statements. Such information is subject to change, and we undertake no obligation to update such statements.

Contact Information

  • For further information, please contact:
    Jill Bertotti
    Allen & Caron
    +1-949-474-4300