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| 8-K - RAPTOR RESOURCES HOLDINGS INC. | v188387_8k.htm |
Exhibit
99.1
Lantis
Laser Signs Letter of Intent To Merge With Perio-Imaging Inc.
The
Perio-Imager, An Ultrasound Periodontal Pocket Measuring And Profiling Modality,
Expected to Significantly Enhance Lantis’ Product Portfolio and Financial
Profile
DENVILLE,
N.J., June 16, 2010 – Lantis Laser Inc. (LLSR:BB - News)
(http://www.lantislaser.com), announced today that it has signed a
Letter of Intent to merge with Perio-Imaging Inc., a private New York based
company. The merger would be an all stock transaction and closing,
among other conditions, would be subject to raising the required funding to
complete the proposed merged company’s product development
program. The name of the new merged company will be announced upon
closing.
The
combined company expects to generate higher overall revenues, which will now
include a substantial recurring component. In total, management
believes that the combined company will represent a significantly more
attractive investment opportunity, in terms of its technological and financial
characteristics as well as the large market its products pipeline
addresses.
On the
basis of a merged company, management will seek investment options to raise the
necessary capital to advance its product portfolio to
commercialization.
Lantis
Laser has licensed rights to optical coherence tomography (“OCT”) and near
infrared transillumination imaging technology for applications in the dental
field. Its product focus is on detection of early, later and hidden
decay and microstructural defects in teeth. Both modalities are
light-based and therefore do not emit potentially harmful
radiation. OCT has been successfully used in ophthalmology for many
years and recently FDA clearance for cardiovascular imaging was granted to a
Lantis Laser licensor.
Perio
Imaging Inc. has developed a novel ultrasound periodontal imaging device, the
Perio-Imager, for the early detection of periodontal disease and establishing a
patient’s periodontal condition. Periodontal disease is not only a
major cause of tooth loss but has been linked to other systemic diseases such as
diabetes, cardiovascular disease and pancreatic cancer. Detecting,
quantifying and tracking a patient’s periodontal condition are important aspects
of modern dentistry and disease prevention. The Perio-Imager provides
a quick, easy to use, inexpensive and accurate method of detecting early stage
periodontal disease as compared to the traditional sharp pointed manual
probe. Management believes that this provides tremendous revenue
generating potential for the dental office by enabling general dentists to treat
patients who would ordinarily be referred to a periodontist. The
Perio-Imager is intended to be a non-contact, painless, accurate modality that
provides an objective, accurate measurement of periodontal pockets depths, the
early sign of periodontal disease.
The
Perio-Imager is in the final stages of development and would be offered at a
relatively modest price point to the dentist, currently estimated at less than
$3,000, making it, in management’s view, affordable for all dental
offices. Perio’s revenue model also incorporates a significant
recurring revenue component with a usage fee for each patient exam.
Stan
Baron, President and CEO of Lantis, said “We firmly believe that there are
strong synergies between the respective companies’ technologies which could be
sold in an integrated chairside platform or as standalone
devices. With this combination, we expect that the new merged company
would become a key leader not only in the area of early detection of decay but
also of periodontal disease. Despite advances in dental health, these
diseases are still very prevalent and trends towards early detection and
minimally invasive treatment require a level of diagnostic capabilities not
currently available.” He went on to add that the new company will
also benefit from synergies in senior management, operations and marketing, as
well as access to a highly regarded Dental Advisory Board.
“We are
excited about the merger with Lantis as this creates a company with what we
believe are the best solutions to enhance the dentists’ ability to make earlier,
more accurate diagnoses, better treatment plans and enhanced
outcomes. Most critically, we believe that the combined company will
offer a very attractive business model with a diverse set of technologies and
quicker time to market” said Barry J. Berman, President and CEO of
Perio-Imaging.
About
Lantis Laser Inc.
Lantis was formed to commercialize the
application of novel technologies in the dental industry. The criteria for selected products
include competitive edge, exclusivity and large market potential. Lantis has rights to the application of
OCT technology in the field of dentistry under its license Agreements with
Lawrence Livermore National Laboratory (exclusive) and LightLab Imaging
(non-exclusive). Lantis also has exclusive rights to MEMS scanning
technology from the University of Florida. The Company has exclusive licences with
The Regents of the University of California for the Near-Infrared Imaging Technology. OCT was invented in the early 1990's at
the Massachusetts Institute of Technology and is currently being commercialized
in ophthalmology, cardiovascular imaging and other bio-medical applications
including optical biopsies and cancer detection. Lantis’ products cannot be
sold until FDA clearance for marketing is obtained.
To find
out more about Lantis Laser (LLSR: BB), visit our website at
www.lantislaser.com
About
Perio-Imaging Inc.
Perio-Imaging
Inc. was formed to commercially exploit an ultrasonographic periodontal probe
system it developed (the “Perio-Imager”). Development of the
Perio-Imager (including its hardware, software and proprietary hand piece) took
three years to complete. The Company has filed three U.S. patents and one
international patent on its technology. Beta systems have been
completed and final preparation for clinical deployment needs to be undertaken
prior to generation of data to support submission for FDA clearance to market
the product.
To find
out more about Perio-Imager Inc. visit our website
at www.perio-imaging.com
Safe Harbor: Statements
regarding financial matters in this press release other than historical facts
are "forward-looking statements" within the meaning of section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and
as that term is defined in the Private Securities Litigation Reform Act of
1995. Lantis Laser (the "Company") intends that such statements about
the Company's future expectations, including future revenues and earnings,
technology efficacy and all other forward-looking statements be subject to the
safe harbors created thereby. The Company is a development stage
company which continues to be dependent upon outside capital to sustain its
operations. Since these statements (future operational results and
sales) involve risks and uncertainties and are subject to change at any time,
the Company's actual results may differ materially from expected
results.
CONTACT
INFORMATION
Corporate
Inquiries:
Stan
Baron, President & CEO
Telephone:
(203) 300-7622
sbaron@lantislaser.com
For more
news on OCT in Dentistry visit:
www.octnews.org