STAAR to buy out Canon Staar

STAAR Surgical has entered into an agreement to acquire the interests of all other shareholders in Canon Staar, a joint venture that was formed by STAAR, Canon and Canon Marketing Japan.

Canon Staar was created to develop, manufacture and sell in Japan, products using STAAR's technology. At closing, STAAR will pay to the Canon companies $4 million in cash and $1.7 million newly issued shares of Series A Convertible Preferred Stock. This stock will be convertible into common stock at a one-to-one ratio and, under certain circumstances, will be redeemable for cash at $4 per share.

Canon Staar currently manufactures and sells the Preloaded Injector, a silicone or acrylic intraocular lens packaged and shipped in a pre-sterilized, disposable injector ready for use in cataract surgery.

On closing, the company will be renamed STAAR Japan and will become a wholly-owned subsidiary of STAAR.