BURLINGTON, Mass., May 10 /PRNewswire-FirstCall/ -- Palomar Medical Technologies, Inc. , a leading researcher and developer of light-based systems for cosmetic treatments, today announced that it has opened its first international office in Amsterdam, Holland to be headed by Mr. Robert Fielitz, former Director of European Operations for Lumenis, Ltd. The office will assist in the expansion of Palomar’s distribution in Europe, the Middle East and Africa (EMEA). Robert Fielitz has joined Palomar’s management team as the Managing Director of European Operations to oversee sales in the EMEA. Mr. Fielitz will support Palomar’s efforts in gaining market share and oversee Palomar’s sales, service and marketing throughout the EMEA. To support this European drive, Palomar is creating an international marketing team which will focus marketing and communications efforts specifically geared toward Europe and in turn, enhance Palomar’s growth across the EMEA.
Regarding Mr. Fielitz, Mr. Caruso commented, “I am pleased to welcome Robert to our team. His strong background in sales and marketing makes him uniquely qualified for his new responsibilities. Robert’s demonstrated experience in Europe, the Middle East and Africa will enhance our current business model by capitalizing on the explosive trend in aesthetic procedures in these large, under penetrated markets. Robert’s powerful combination of leadership and regional knowledge, in addition to the proficiency of his team, will be an asset to Palomar as we continue to deliver innovative products that meet the needs of our global customers.”
Mr. Caruso continued, “We continue to move forward with our plans to expand and strengthen our distribution channels. We have already made a significant impact in North America and are now looking to further develop overseas. Our expansion plan will take time to execute, but will enable Palomar to capitalize on existing vendor relationships and to promote our technology throughout the world.”
Mr. Fielitz commented, “I am excited about joining Palomar, a company known for its superior products, unrivaled commitment to research and development, and bringing the best technology to the aesthetic market place. There is incredible growth potential that lies ahead of Palomar outside North America, and I am proud to be part of the team that will foster the expansion. The fact that Palomar continues to be on the leading edge of technology, combined with the ability for a practice to grow on a single platform-based system, offers endless possibilities. My team and I will work hard to support our current distribution channels and foster new ones for complete coverage throughout the EMEA to drive the growth of the cosmetic light-based market overseas.”
About Palomar Medical Technologies Inc: Palomar is a leading researcher and developer of light-based systems for cosmetic treatments. Palomar pioneered the optical hair removal field, when, in 1997, it introduced the first high-powered laser hair removal system. Since then, many of the major advances in light-based hair removal have been based on Palomar technology. In December 2006, Palomar became the first company to receive a 510(k) over-the-counter (OTC) clearance from the United States Food and Drug Administration (FDA) for a new, patented, home use, light-based hair removal device. OTC clearance allows the product to be marketed and sold directly to consumers without a prescription. There are now millions of light-based cosmetic procedures performed around the world every year in physician offices, clinics, spas and salons. Palomar is testing many new and exciting applications to further advance the hair removal market and other cosmetic applications. Palomar is focused on developing proprietary light-based technology for introduction to the mass markets. Palomar has an agreement with The Gillette Company to develop and potentially commercialize a patented home-use, light-based hair removal device for women. Palomar also has an agreement with Johnson & Johnson Consumer Companies to develop and potentially commercialize home-use, light-based devices for reducing or reshaping body fat including cellulite, reducing the appearance of skin aging, and reducing or preventing acne.
For more information on Palomar and its products, visit Palomar’s website at http://www.palomarmedical.com. To continue receiving the most up-to-date information and latest news on Palomar as it happens, sign up to receive automatic e-mail alerts by going to the Investor Relations’ section of the website.
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements, including but not limited to statements relating to new markets, future royalty amounts due from third parties, development and introduction of new products, and financial and operating projections (including future tax benefit from the Company’s NOLs and future effective tax rates). These forward-looking statements are neither promises nor guarantees, but involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements. These risk factors include, but are not limited to, results of future operations, technological difficulties in developing or introducing new products, the results of future research, lack of product demand and market acceptance for current and future products, the effect of economic conditions, challenges in managing joint ventures and research with third parties and government contracts, the impact of competitive products and pricing, governmental regulations with respect to medical devices, including whether FDA clearance will be obtained for future products and additional applications, the results of litigation, difficulties in collecting royalties, potential infringement of third-party intellectual property rights, factors affecting the Company’s future income and resulting ability to utilize its NOLs, and/or other factors, which are detailed from time to time in the Company’s SEC reports, including the report on Form 10-K for the year ended December 31, 2006 and the Company’s quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contacts: Kayla Castle Investor Relations Manager Palomar Medical Technologies, Inc. 781-993-2411 ir@palomarmedical.com
Palomar Medical Technologies, Inc.
CONTACT: Kayla Castle, Investor Relations Manager of Palomar MedicalTechnologies, Inc., +1-781-993-2411, ir@palomarmedical.com
Web site: http://www.palomarmedical.com/
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