11.28.05
BriteSmile Agrees to Sell its Whitening Centers Business
BriteSmile Agrees to Sell its Whitening Centers Business
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.