IRVINE, CA--(Marketwire - March 06, 2013) -
BIOLASE, Inc. (NASDAQ: BIOL
), the world's leading dental laser manufacturer and distributor, announced today that Chief Executive Officer Federico Pignatelli will continue at a symbolic annual cash salary of $1.00 for the year ending December 31, 2013.
Pignatelli stated, "In my continuing effort to align management's interest with the interests of our shareholders, as it should be for every listed Company, and so for BIOLASE, the Board of Directors has accepted my offer to continue to serve as the CEO for a symbolic annual cash salary of $1.00 for 2013. To reiterate what I have said in the past, it simply makes sense to align my interest as a shareholder with that of all shareholders, the ultimate owners of BIOLASE. My goal is for BIOLASE to generate continued growth and improved financial performance. As the Chairman and CEO, I will not benefit unless our shareholders benefit. It remains my firm belief that a CEO's compensation should be tied only to the financial performance of the companies they lead and I invite others to follow my example."
As of December 31, 2012, Pignatelli owned approximately 4.8% of BIOLASE's common shares outstanding on a diluted basis, the vast majority of which he purchased in the open market over time.
About BIOLASE, Inc.
BIOLASE, Inc. is a biomedical 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 approximately 314 patented and patent-pending technologies designed to provide biologically 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 22,000 lasers worldwide. Other products under development address ophthalmology and other medical and consumer markets.
For updates and information on WaterLase and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolaseinc, Twitter at twitter.com/biolaseinc, and YouTube at www.youtube.com/biolasevideos.