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Date Announced: 13 Jul 2010
Dental laser specialist cuts 20 staff positions; CFO departs
IRVINE, CA, Jul 13, 2010 (MARKETWIRE via COMTEX) -- BIOLASE Technology, Inc. (NASDAQ: BLTI), the world's leading dental laser company, today announced that it has eliminated 20 positions and has made additional cost-cutting measures across the organization, in order to better position the Company for future profitability.
In connection with the corporate restructuring activities came the departure of Chief Financial Officer Brett L. Scott. Scott's responsibilities will be taken on, for an interim period, by Chairman and Chief Executive Officer David M. Mulder and by BIOLASE's Corporate Controller.
Mulder commented, "As previously discussed, the top-line performance of the Company in the first half of the year was expected to be impaired by the challenging economic times and the recent change in our commercial business model. That said, we see many reasons to be positive about the future of the business, and we remain fully committed to ongoing vigilance on our cost-controls and improving our balance sheet."
"We would like to thank Brett for his service as a member of our executive team and, along with all of the employees impacted by this round of cost-cutting measures, we wish them the very best in their future endeavors."
The reduction in headcount along with additional expense reduction activities are expected to reduce corporate expenses by approximately $3 million on an annual basis. The Company is expected to incur approximately $70,000 in charges in the second quarter of 2010 related to severance and other non-recurring expenses related to the restructuring.
E-mail: jill@allencaron.com
Web Site: www.biolase.com
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