SHOPPING CARTBriteSmile, Inc. Completes 15:1 Reverse Stock Split; Announces Transfer to Nasdaq Smallcap Market
WALNUT CREEK, Calif., Jan. 24 /PRNewswire-FirstCall/ -- BriteSmile, Inc. (Nasdaq: BSML), the leading international provider of a new state-of-the-art teeth-whitening system, today announced that a 15 to 1 reverse split of its common stock has been approved by its shareholders and will take effect at the commencement of trading on Monday, January 27, 2003. From January 27, 2003 to February 24, 2003, BriteSmile's common stock will trade under the symbol "BSMLD." Thereafter, it will trade under the symbol "BSML." The previously announced reverse stock split ratio of 20 to 1 was adjusted by company directors to 15 to 1, prior to submission to shareholders for approval.
The Company also announced that effective at the opening of the market on Tuesday, January 28, 2002, the listing of BriteSmile's common stock will transfer from the Nasdaq National Market, Inc. to the Nasdaq SmallCap Market. The company applied for SmallCap Market listing when notified that it was not in compliance with certain listing maintenance requirements of the Nasdaq National Market.
About BriteSmile
BriteSmile has developed and manufactures the most advanced teeth whitening technology available, as well as manages state-of-the-art BriteSmile Professional Teeth Whitening Centers. BriteSmile Centers are currently operating in Beverly Hills, Irvine, Palo Alto, Walnut Creek and La Jolla, CA; Honolulu, HI; Houston, TX; Denver, CO; Boston, MA; Boca Raton, FL; Atlanta, GA; New York, NY; Chicago, IL; and, Phoenix, AZ. In addition to BriteSmile Centers, the Company has contracted with independent dentists to perform whitening procedures at more than 4,200 Associated Centers. Of the BriteSmile Associated Centers, 1,000 are located outside of the United States, in 40 countries. For more information about BriteSmile's procedure, call 800-BRITESMILE or visit the Company's Website at http://www.britesmile.com
This release, other than historical information, consists of forward-looking statements that involve risks and uncertainties such as the Company's ability to continue to establish Associated Centers and Professional Teeth Whitening Centers, the ability of those Centers to attract clients, the development and introduction of new products, acceptance of those new products in the marketplace and development of new strategic and marketing relationships in the United States and internationally. Readers are referred to the documents filed by BriteSmile with the Securities and Exchange Commission, specifically the Company's most recent reports on Forms 10-K and 10-Q, that identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements. BriteSmile and its affiliates disclaim any intent or obligation to update these forward-looking statements. SOURCE BriteSmile, Inc.
-0- 01/24/2003
/CONTACT: Investors - John C. Dong, Chief Financial Officer, BriteSmile, Inc., +1-925-941-6260; Media - Kelly Sullivan, Chlopak, Leonard Schechter & Assoc., +1-212-515-1908, for BriteSmile, Inc./
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