BIOLASE CEO to Continue at Symbolic Annual Cash Salary of $1.00
IRVINE, CA -- (Marketwired) -- 03/05/14 -- BIOLASE, Inc. (NASDAQ: BIOL), the world's leading manufacturer and distributor of dental lasers, including the Company's proprietary WaterLase®, and a pioneer in laser surgery in other medical specialties, as well as a distributor of digital radiography, intra oral scanners, and chair-side milling machines and 3-D printers for dentistry, announced today that Chairman and Chief Executive Officer Federico Pignatelli will continue at a symbolic annual cash salary of $1.00 for the year ending December 31, 2014.
Pignatelli stated, "In my continuing effort to align the interest of management with the interests of our stakeholders, I have again requested, and the Board of Directors has again accepted, my offer to serve as the CEO for a symbolic annual cash salary of $1.00 for 2014. This simply provides the best possible set of incentives for me to align my interest with that of all shareholders, the owners of BIOLASE. If it were this way for every listed Company, I believe that the stock market would be safer for all investors."
"Furthermore, it is my firm belief that a CEO's compensation should be tied to the financial performance of the company he or she leads. The 2013 financial performance of BIOLASE did not meet my expectations, which has further reinforced my firm decision to work without a material salary in 2014. My primary goal for 2014, one to which I am highly committed, is to resume revenue growth and bring BIOLASE® to profitability. We have invested a significant amount of capital in the last year in order to significantly expand our product offerings and become the premier Total Technology Solution™ provider in dentistry. While we expect this strategic shift to provide significant benefits in the future, it consumed a substantial amount of our resources in 2013. We believe that these investments are fundamental drivers for future growth and that we are now poised to grow into an industry leading high-tech, multi-product manufacturer and distributor. With my compensation tied to the performance of BIOLASE, I will not benefit unless our shareholders benefit," concluded Pignatelli.
As of December 31, 2013, Pignatelli owned approximately 4.16% of BIOLASE's common shares outstanding on a diluted basis, the vast majority of which he purchased in the open market over time.
About BIOLASE, Inc.
BIOLASE, Inc. is a biomedical company that develops, manufactures, and markets innovative lasers in dentistry and medicine and also markets and distributes high-end 2D and 3D digital imaging equipment, CAD/CAM intraoral scanners, and in-office milling machines and 3D printers; products that are focused on technologies that advance the practice of dentistry and medicine. The Company's proprietary laser products incorporate approximately 300 patented and patent-pending technologies designed to provide biologically clinically superior performance with less pain and faster recovery times. Its innovative products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE's principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. BIOLASE has sold more than 25,000 lasers. Other laser products under development address ophthalmology and other medical and consumer markets.
For updates and information on WaterLase and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc, Pinterest at www.pinterest.com/biolase, LinkedIn at www.linkedin.com/company/biolase, Google+ at www.google.com/+BIOLASEIrvine, Instagram at www.instagram.com/biolaseinc, and YouTube at www.youtube.com/biolasevideos.
BIOLASE®, WaterLase®, and Total Technology Solution™ are registered trademarks or trademarks of BIOLASE, Inc.
For further information, please contact:
Michael Porter
Porter, LeVay & Rose, Inc.
212-564-4700
Source: BIOLASE, Inc.
Released March 5, 2014
