BIOLASE Board Of Directors Asks Chairman Jonathan T. Lord, M.D. To Take On Expanded Leadership Role And Explore Strategic Options
IRVINE, Calif., April 11, 2018 /PRNewswire/ -- BIOLASE, Inc. (NASDAQ:BIOL), the world's leading manufacturer and distributor of dental lasers and a pioneer in laser surgery in other medical specialties, today announced that its Board of Directors ("Board") has asked Jonathan T. Lord, M.D., Chairman of the Board of BIOLASE, to lead the Company's exploration of a wide range of strategic alternatives, as well as the implementation of the recent Southern California initiatives to significantly enhance the region's oral health and dental care by increasing awareness and education in laser dentistry. The Board has also appointed Chief Financial Officer John R. Beaver as Interim Chief Executive Officer to focus on business performance improvement and continuing operational efficiencies. Mr. Beaver replaces Harold C. Flynn, Jr., who has resigned from his positions as President, Chief Executive Officer and Director of the Company to pursue other interests.
Dr. Lord said, "I would like to thank Harold for the leadership and commitment he has demonstrated over the last three years. We are grateful for his contributions to product quality and for his steadfast dedication to BIOLASE. We thank him for his continued support and wish him all the best in this new phase of his professional career."
Mr. Beaver will assume his duties as interim CEO immediately. Mr. Beaver has experience in finance and business management in both public and private companies. "We are pleased to have John take on this interim role," said Dr. Lord. "Since joining BIOLASE, he has become an integral part of the team and has demonstrated his leadership skills by improving our cash position and securing a firm financial footing for BIOLASE."
The Board of Directors of BIOLASE, supported by its management team, has commenced a process to explore strategic alternatives focused on enhancing shareholder value. Strategic alternatives to be considered may include a commercial agreement - such as a licensing, joint venture or partnership - with another company, a merger or other business combination with another party, or a specific action approved by the Board that warrants an announcement. The company does not intend to discuss the process or comment unless and until the Board believes disclosure is appropriate or has approved an action. There can be no assurance that the contemplated exploration of strategic alternatives will result in any transaction. The Board will continue to aggressively pursue the current business plan, which includes successfully implementing innovative sales, marketing and customer support efforts.
"BIOLASE has been and continues to be the leader in all-tissue lasers in the U.S. and outside the U.S. - our award winning Waterlase® platform has set the bar high in the dental field," said Dr. Lord. "The utility of lasers in dentistry continues to expand as evidenced by success in treating implant periodontitis with our proprietary Side Firing TipTM.
"On behalf of the Board, I would like to take the opportunity to thank all of our stakeholders - our customers, employees and shareholders for all of the loyalty they have shown through the years and for their belief in our goal to change the face of dentistry," Dr. Lord added.
About BIOLASE, Inc.
BIOLASE, Inc. is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine and also markets, sells, and distributes dental imaging equipment, including three-dimensional CAD/CAM intra-oral scanners and digital dentistry software. BIOLASE's products advance the practice of dentistry and medicine for patients and healthcare professionals. BIOLASE's proprietary laser products incorporate approximately 220 patented and 95 patent-pending technologies designed to provide biologically clinically superior performance with less pain and faster recovery times. BIOLASE's innovative products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE's principal products are revolutionary 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 over 36,200 laser systems to date in over 90 countries around the world. Laser products under development address BIOLASE's core dental market and other adjacent medical and consumer markets.
For updates and information on Waterlase® iPlus™, Waterlase Express™, and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc and LinkedIn at www.linkedin.com/company/biolase.
BIOLASE®, Waterlase® and Waterlase iPlus® are registered trademarks of BIOLASE, Inc.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements regarding BIOLASE's strategy. Forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," and variations of these words or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE's current expectations and speak only as of the date of this release. Actual results may differ materially from BIOLASE's current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described, from time-to-time, in the "Risk Factors" section of BIOLASE's annual and quarterly reports filed with the Securities and Exchange Commission. Except as required by law, BIOLASE does not undertake any responsibility to revise or update any forward-looking statements.
CONTACT: BIOLASE, Inc., John R. Beaver, Interim Chief Executive Officer, email@example.com, 888-424-6527, OR DresnerAllenCaron, Rene Caron (Investors), firstname.lastname@example.org, 949-474-4300 (office), 949-813-6945 (mobile), OR Len Hall (Financial Media), email@example.com, 949-474-4300 (office), 949-280-0413 (mobile)
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SOURCE BIOLASE, Inc.