SOURCE: VisiJet, Inc.

July 20, 2005 16:49 ET

VisiJet, Inc. Reports Results of June 2005 Shareholder Meeting

SAN CLEMENTE, CA -- (MARKET WIRE) -- July 20, 2005 -- With approval of the Board of Directors, VisiJet Inc. (OTC BB: VJET), dba Advanced Refractive Technologies, issued today the following open letter to shareholders regarding the company's recent activities. The letter appears in its entirety.

Dear Shareholders

We are pleased to provide the following results of our shareholders meeting, which was held on June 30, 2005. In the absence of our Chairman, Dr. Keates, Mr. Randal Bailey, CEO, conducted this year's assembly. Per Delaware law, voting was conducted either in person or via shareholder proxy. There were three items on the agenda, all of which passed by a majority shareholder vote:

1.  Approval of an amendment to the Company's restated Certificate
    of Incorporation, changing the Company's
    name to Advanced Refractive Technologies Inc.

2.  Approval of the 2005 Stock Option Plan.

3.  The election of a slate of Directors:

    Richard H. Keates, M.D., Chairman
    Randal A. Bailey
    Adam Krupp
    Laurence M. Schreiber
    Norman A. Schwartz

Upon adoption of the new name, shareholders will be made aware of any changes in the status of the stock. At this point no action is required on the part of shareholders.

In addition to the shareholder vote, the Chief Executive Officer provided a summary of the Company's position and progress. Highlights of the summary are included below.

Current State of EpiLift Sales:

Sales have taken off slower than first expected. Reasons for this include the fact that "Missionary sales require conversion of non-believers." That is to say that initial orders for a relatively new technology require overcoming certain objections, as well as built-in resistance to the technology, the company and the sales force representing the technology. People are resistant to change, thus change happens slowly.

To overcome this challenge, the sales and marketing team have established relationships with centers of influence who, in turn, act as product champions and are key to conversion of the early adopters. Naturally, the wellbeing of patients is a priority for our physicians who perceive the safety profile of this new procedure. In addition to our own efforts, our product champions are validating the safety profile of the EpiLift procedure. One result is that sales have been slowly increasing as awareness of benefits and safety improves.

Status of Pulsatome:

Pulsatome, our cataract pulsed waterjet device, is waiting for proper funding to complete prototypes, three of which are almost ready for laboratory study. After funding, the plan is to send two prototypes to a laboratory at the University of Utah. There they will undergo approximately two months of study. Data obtained from the study will help determine a final design, which will be submitted to the FDA. Once adequate funding is obtained, we expect a 90-day FDA approval. Based on our best information, approval is expected in late First Quarter 2006.

Other Comments:

The company, in order to provide future revenue streams, has several other new product ideas under consideration.

Following the summary, Mr. Bailey entertained questions and with the conclusion of the meeting, then conducted a tour of the facilities for the benefit of attending shareholders.

For further information, please contact investor relations.


Randal A. Bailey
Chief Executive Officer,
Advanced Refractive Technologies, Inc.

This release contains forward-looking statements that reflect the company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company's quarterly, annual and other regular filings.

Contact Information

  • Contact:
    Advanced Refractive Technologies
    Norman Schwartz
    949 940 1300 ext. 326
    Email Contact


    Equitilink LLC
    Investor Relations
    877-788-1940 toll-free
    858-824-1940 local or intl.