Mehl/Biophile to terminate venture

17 Jun 2002

Mehl/Biophile (Gainesville, FL) has taken action to terminate a joint venture between Laser Industries (Tel Aviv, Israel) and Mehl/Biophile's wholly owned subsidiary Classy Lady by Mehl (Puerto Rico). The venture was formed in December 1995 when Laser Industries and Classy Lady by Mehl entered into an agreement to exploit patented laser hair-removal technology exclusively licensed to Classy Lady. The resulting company, Sharplan 2000, is 50%-owned by Classy Lady and 50% by Laser Industries and is managed exclusively by Laser Industries.

Mehl/Biophile is disputing the nature of technological and financial contributions to be made to the joint venture by Laser Industries and whether Laser Industries utilized technology within the joint venture that was developed by SLS Wales Ltd., a Welsh laser company in which Mehl acquired 81% interest in June 1996. SLS has commenced a separate action in England against Laser Industries and SLS's manufacturer to prevent Laser Industries from using SLS technology and to stop SLS's manufacturer from supplying SLS technology to Laser Industries.Courtesy of Laser Focus World