SAN CLEMENTE — Laser Medical Technology Inc., a maker of medical laser products, said Monday that it has completed its yearlong restructuring after its founders sold their stock to long-term investors and severed their relationships with the company.
The San Clemente company, which has seen its work force shrink from 77 to 22 in the last two years, said the completion of the restructuring will probably give it a gain of $400,000, or 6 cents a share, for the first quarter. Last year, the company lost $1.59 million, or 9 cents a share, for the first quarter.
Guy Levy and his son Francois sold 1.2 million shares to unidentified investors. Another son, Philip, previously had sold his stock on the open market. The sale by the Levy family was important, the company said, because the family had been "the only important suppliers of stock in the marketplace, particularly in the past few months." Terms were not disclosed.
As a sale condition, Guy Levy sold back to the company his patent royalty agreement for $100,000 plus 50,000 shares of restricted stock and an option to buy three lasers. The royalty agreement, which expires in 2010, had been worth $84,000 annually plus a cost of living adjustment.