SOURCE: BIOLASE Technology, Inc.

BIOLASE Technology, Inc.

March 08, 2012 16:04 ET

BIOLASE Chief Executive Officer to Continue at Rate of $1.00 Annual Salary

IRVINE, CA--(Marketwire - Mar 8, 2012) - BIOLASE Technology, Inc. (NASDAQ: BLTI), the World's leading dental laser manufacturer and distributor, today announced that Chief Executive Officer Federico Pignatelli will continue at an annual salary compensation of $1.00 only.

Pignatelli stated, "In my continuing effort to align the actions and policies of BIOLASE with the interests of its shareholders, the Board of Directors has accepted my offer to continue to serve as the CEO with only a nominal cash consideration. As I have said in the past, my plan is to generate continued growth and improved financial performance and, therefore, I am committed to drive growing value in BIOLASE Common Stock, and so align my own interest to the interest of the shareholder, the ultimate owners. It is my firm belief that a CEO's compensation should be tied only to the financial performance of the company he leads, and not to arbitrary, extravagant and exorbitant numbers decided by an irresponsible and friendly Board of Directors.

"I invite the many other CEOs of American companies to follow my example, and I extend the invitation also to the politicians of our Country that have brought the U.S. to this unsustainable level of debt and economic under performance," Pignatelli concluded.

About BIOLASE Technology, Inc.
BIOLASE Technology, Inc., the World's leading Dental Laser Company, is a medical technology company that develops, manufactures and markets dental lasers and also distributes and markets dental imaging equipment, products that are focused on technologies that advance the practice of dentistry and medicine. The Company's laser products incorporate 284 patented and patent pending technologies designed to provide clinically superior performance with less pain and faster recovery times. Its imaging products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE's principal products are dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. BIOLASE has sold more than 19,000 lasers among 16,000 customers. Other products under development address ophthalmology and other medical and consumer markets.

For updates and information on laser and Waterlase dentistry, find BIOLASE at http://www.biolase.com, Twitter at http://twitter.com/GoWaterlase, and YouTube at http://www.youtube.com/user/Rossca08.

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
    of Allen & Caron
    +1-949-474-4300