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OptiCare Eyes Stock Offering
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Business New Haven
2/21/2000
By: Kristine Hansen
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WATERBURY - OptiCare Health Systems Inc. announced January 20 an agreement to sell 3,571,429 registered shares of common stock at $3.50 per share in order to generate approximately $12.5 million. Proceeds will be used to pay down indebtedness, including cancellation of a $2 million note previously issued by the company. OptiCare hopes to expand its laser vision correction and professional-services divisions. “The completion of this offering represents a strong vote of confidence by these investors in our strategic plan,” said OptiCare President, Chairman and CEO Dean J. Yimoyines, M.D. “This financing will provide us with the additional working capital necessary to strengthen our business model as we continue to solidify our position as a leading eye-care services organization providing a strategic link between ophthalmology, optometry, opticianry and other integrated eye-health services.”
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