BURLINGTON, Mass., May 10 /PRNewswire-FirstCall/ -- Palomar Medical
Technologies, Inc. (Nasdaq: PMTI), a leading researcher and developer of
light-based systems for cosmetic treatments, today announced that it has
opened its first international office in Amsterdam, Holland to be headed by
Mr. Robert Fielitz, former Director of European Operations for Lumenis,
Ltd. The office will assist in the expansion of Palomar's distribution in
Europe, the Middle East and Africa (EMEA). Robert Fielitz has joined
Palomar's management team as the Managing Director of European Operations
to oversee sales in the EMEA. Mr. Fielitz will support Palomar's efforts in
gaining market share and oversee Palomar's sales, service and marketing
throughout the EMEA. To support this European drive, Palomar is creating an
international marketing team which will focus marketing and communications
efforts specifically geared toward Europe and in turn, enhance Palomar's
growth across the EMEA.
Regarding Mr. Fielitz, Mr. Caruso commented, "I am pleased to welcome
Robert to our team. His strong background in sales and marketing makes him
uniquely qualified for his new responsibilities. Robert's demonstrated
experience in Europe, the Middle East and Africa will enhance our current
business model by capitalizing on the explosive trend in aesthetic
procedures in these large, under penetrated markets. Robert's powerful
combination of leadership and regional knowledge, in addition to the
proficiency of his team, will be an asset to Palomar as we continue to
deliver innovative products that meet the needs of our global customers."
Mr. Caruso continued, "We continue to move forward with our plans to
expand and strengthen our distribution channels. We have already made a
significant impact in North America and are now looking to further develop
overseas. Our expansion plan will take time to execute, but will enable
Palomar to capitalize on existing vendor relationships and to promote our
technology throughout the world."
Mr. Fielitz commented, "I am excited about joining Palomar, a company
known for its superior products, unrivaled commitment to research and
development, and bringing the best technology to the aesthetic market
place. There is incredible growth potential that lies ahead of Palomar
outside North America, and I am proud to be part of the team that will
foster the expansion. The fact that Palomar continues to be on the leading
edge of technology, combined with the ability for a practice to grow on a
single platform-based system, offers endless possibilities. My team and I
will work hard to support our current distribution channels and foster new
ones for complete coverage throughout the EMEA to drive the growth of the
cosmetic light-based market overseas."
About Palomar Medical Technologies Inc: Palomar is a leading researcher
and developer of light-based systems for cosmetic treatments. Palomar
pioneered the optical hair removal field, when, in 1997, it introduced the
first high-powered laser hair removal system. Since then, many of the major
advances in light-based hair removal have been based on Palomar technology.
In December 2006, Palomar became the first company to receive a 510(k)
over-the-counter (OTC) clearance from the United States Food and Drug
Administration (FDA) for a new, patented, home use, light-based hair
removal device. OTC clearance allows the product to be marketed and sold
directly to consumers without a prescription. There are now millions of
light-based cosmetic procedures performed around the world every year in
physician offices, clinics, spas and salons. Palomar is testing many new
and exciting applications to further advance the hair removal market and
other cosmetic applications. Palomar is focused on developing proprietary
light-based technology for introduction to the mass markets. Palomar has an
agreement with The Gillette Company to develop and potentially
commercialize a patented home-use, light-based hair removal device for
women. Palomar also has an agreement with Johnson & Johnson Consumer
Companies to develop and potentially commercialize home-use, light-based
devices for reducing or reshaping body fat including cellulite, reducing
the appearance of skin aging, and reducing or preventing acne.
For more information on Palomar and its products, visit Palomar's
website at http://www.palomarmedical.com. To continue receiving the most
up-to-date information and latest news on Palomar as it happens, sign up to
receive automatic e-mail alerts by going to the Investor Relations' section
of the website.
With the exception of the historical information contained in this
release, the matters described herein contain forward-looking statements,
including but not limited to statements relating to new markets, future
royalty amounts due from third parties, development and introduction of new
products, and financial and operating projections (including future tax
benefit from the Company's NOLs and future effective tax rates). These
forward-looking statements are neither promises nor guarantees, but involve
risk and uncertainties that may individually or mutually impact the matters
herein, and cause actual results, events and performance to differ
materially from such forward-looking statements. These risk factors
include, but are not limited to, results of future operations,
technological difficulties in developing or introducing new products, the
results of future research, lack of product demand and market acceptance
for current and future products, the effect of economic conditions,
challenges in managing joint ventures and research with third parties and
government contracts, the impact of competitive products and pricing,
governmental regulations with respect to medical devices, including whether
FDA clearance will be obtained for future products and additional
applications, the results of litigation, difficulties in collecting
royalties, potential infringement of third-party intellectual property
rights, factors affecting the Company's future income and resulting ability
to utilize its NOLs, and/or other factors, which are detailed from time to
time in the Company's SEC reports, including the report on Form 10-K for
the year ended December 31, 2006 and the Company's quarterly reports on
Form 10-Q. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. The
Company undertakes no obligation to release publicly the result of any
revisions to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence
of unanticipated events.
Contacts: Kayla Castle
Investor Relations Manager
Palomar Medical Technologies, Inc.
781-993-2411
ir@palomarmedical.com
SOURCE Palomar Medical Technologies, Inc.
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Related links:
http://www.palomarmedical.com
http://www.prnewswire.com/comp/107555.html /
CONTACT:
Kayla Castle, Investor Relations Manager of
Palomar Medical Technologies, Inc., +1-781-993-2411,
ir@palomarmedical.com
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