Exhibit 99.1
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NEWS RELEASE VISX CONTACT:
For Immediate Distribution Lola Wood: (408) 733-2020
E-Mail: ir@visx.com
Web: http://www.visx.com
MEDJET CONTACT:
Eugene I. Gordon: (732) 738-3990
Email: egordon@medjetinc.com
Web: http://www.medjetinc.com
VISX AND MEDJET ANNOUNCE R&D AGREEMENT AND MERGER OPTION
SANTA CLARA, CALIFORNIA, AUGUST 20, 2001 --- VISX, Incorporated (NYSE
Symbol: EYE) and Medjet Inc. (OTC BB Symbol: MDJT.OB) today announced that they
have signed a one-year research and development agreement under which VISX will
provide funding to Medjet to pursue new ophthalmic technologies and products.
VISX and Medjet have also signed an agreement that provides VISX with a one-year
option to acquire all outstanding Medjet common stock in a merger transaction
that would pay $2.00 per share in cash.
Commenting on the agreement, Liz Davila, Chief Executive Officer of
VISX, said, "As the technology leader, we are always looking ahead and
evaluating promising opportunities. Medjet's waterjet technology not only has
the potential to benefit the field of ophthalmology, but may also have
applications within other medical specialties."
Dr. Eugene I. Gordon, founder and Chief Executive Officer of Medjet,
noted, "I am elated at the implications for Medjet. The combination of the VISX
and Medjet technology augurs well for ophthalmology."
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TERMS OF THE POTENTIAL MERGER TRANSACTION
The closing of the potential merger is subject to Medjet's shareholder
approval and is subject to other customary conditions to closing. VISX has also
purchased from a third party all outstanding shares of Medjet's Series B
Convertible Preferred Stock, which are entitled to votes equivalent to 1,040,000
shares of common stock and vote together with the common stock. These shares
represent 21% of Medjet's voting stock.
VISX and Dr. Gordon have also entered into a voting agreement under
which Dr. Gordon has agreed to vote all of his shares of common stock in favor
of the merger, and has agreed to sell all of his stock to VISX in the event that
VISX offers to complete the merger. Dr. Gordon currently holds 1,596,787 shares,
representing 32% of Medjet's voting stock.
SAFE HARBOR
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements represent
VISX's and Medjet's expectations or beliefs concerning future events and include
statements, among others, concerning VISX's option to close the Merger, and the
development of ophthalmic technologies and products. Actual results may differ
significantly from the results discussed in the forward-looking statements.
Factors that might cause such differences include, but are not limited to,
difficulties that may be encountered during research and development. In
addition, please see the companies' most recent reports on Forms 10-K and 10-Q
and Forms 10-KSB and 10-QSB for other risks that may affect the business of VISX
or Medjet.
WHERE TO FIND MORE INFORMATION
Investors and stockholders are urged to read the proxy statement
regarding the potential merger that will be filed by Medjet with the Securities
and Exchange Commission. The proxy statement will contain important information
that stockholders should consider before making any decision regarding the
proposed merger. Investors and stockholders may obtain a free copy
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of the proxy statement (when it is available) and other documents filed by
Medjet at the Commission's web site at www.sec.gov. In addition to the proxy
statement, Medjet files annual, quarterly and special reports, proxy statements
and other information with the Commission. You may read and copy any reports,
statements and other information filed by Medjet at the Commission's public
reference room at 450 Fifth Street, N.W. Washington, D.C. 20549 or at the
Commission's other public reference rooms in New York, New York and Chicago,
Illinois. Please call the Commission at 800-SEC-0330 for further information on
public reference rooms. The proxy statement and these other documents may also
be obtained for free from Medjet.
INFORMATION CONCERNING PARTICIPANTS
VISX, Medjet and their respective directors and executive officers may
be deemed to be participants in the solicitation of proxies from the
stockholders of Medjet in favor of the merger. Stockholders of Medjet may obtain
additional information regarding the interests of the foregoing people by
reading the proxy statement when it becomes available.
ABOUT VISX
VISX is the worldwide leader in the development of refractive laser
technology. VISX systems are commercially available in the United States and
markets throughout the world.
ABOUT MEDJET
Medjet has been engaged in the research and development of microjet
technology, with an emphasis on ophthalmic surgical technology and equipment.
Medjet currently has seven issued U.S. patents (and six corresponding foreign
patents issued) with additional U.S. and foreign patents pending.
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