BriteSmile Agrees to Sell its Whitening Centers Business
November 21 2005 - 5:15PM
PR Newswire (US)
WALNUT CREEK, Calif., Nov. 21 /PRNewswire-FirstCall/ -- BriteSmile,
Inc. (NASDAQ:BSML), a leading international provider of
state-of-the-art teeth- whitening systems, announced that the
Company has entered into a binding Letter of Intent with Dental
Spas, LLC ("Dental Spas") for the sale of the Company's business
consisting of its BriteSmile Teeth Whitening Centers (the "Centers
Business"). Dental Spas will have the right to operate BriteSmile
branded centers worldwide and, in addition, the world-wide
distribution rights in the retail field to BriteSmile's after-care
retail products including but not limited to the BriteSmile-To-Go
whitening pen. Dental Spas has agreed to pay $20,000,000 in cash
for the Centers Business plus assume approximately $1,500,000 in
Center Business debt. The proceeds will be used to repay debt and
for working capital. The Company is also in discussions concerning
a possible sale of its Associated Center business, wherein teeth
whitening procedures are performed by more than 5,000 independent
dentists (Associated Centers) located in the United States and in
more than 75 countries worldwide. There can be no assurances that
such discussions will lead to a definitive agreement of any kind.
BriteSmile has developed and markets 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, San Francisco and La Jolla, CA; Houston, TX; Denver, CO;
Boston, MA; McLean, VA; Atlanta, GA; New York, NY; Chicago and
Schaumburg, IL; and, Phoenix, AZ. In addition to BriteSmile
Centers, the Company has established more than 5,000 Associated
Centers. Of the BriteSmile Associated Centers, more than 2000 are
located outside of the United States, in more than 75 countries.
For more information about BriteSmile's procedure, call
1-800-BRITESMILE or visit the Company's Website at
http://www.britesmile.com/. DATASOURCE: BriteSmile, Inc. CONTACT:
investors, Kenneth A. Czaja, CFO, +1-925-941-6260, or media, Chris
Edwards, +1-925-279-2926, both of BriteSmile, Inc. Web site:
http://www.britesmile.com/
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