SHOPPING CARTBriteSmile Board of Directors Authorizes Reverse Stock Split
WALNUT CREEK, Calif., Dec. 18 /PRNewswire-FirstCall/ -- BriteSmile, Inc. (Nasdaq: BSML), the leading international provider of a new state-of-the-art teeth-whitening system, today announced that its board of directors has authorized a reverse stock split, to be effected at a ratio of one-for-twenty (1:20), subject to approval by the Company's stockholders. The record date for determination of stockholders entitled to vote on the reverse split is December 24, 2002. On a pre-split basis, BriteSmile current has approximately 36.4 million common shares outstanding.
"The reverse stock split will allow us to maintain our listing on the Nasdaq, which is a top priority for BriteSmile and our stockholders," stated John Reed, chief executive officer. "Given our current stock price and after reviewing several options, we believe that our current capital structure justifies a reverse stock split at this time."
The board of directors intends to ask several affiliates, which collectively own more than 50% of the Company's issued and outstanding common stock, to sign a consent resolution authorizing the reverse split. The board anticipates that the affiliates will authorize the reverse split, which would reduce the cost and time required to conduct a shareholder meeting to approve the reverse split. If the affiliates approve the reverse split, the Company will file an Information Statement with the Securities and Exchange Commission describing the reverse split and its effects and then provide a copy of the Information Statement to all shareholders at least 20 days before the reverse split occurs.
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.
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SOURCE BriteSmile, Inc.
/CONTACT: Investors: John C. Dong, Chief Financial Officer, of BriteSmile, Inc., +1-925-941-6260; or Media: Kelly Sullivan, +1-212-515-1908, for BriteSmile, Inc./
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